Auction Power Guide

There is a home I’m intersted in purchasing and it goes up for auction tomorrow 2/5/13. However, the residents are still living in the house. How long can they live there after the auction? When can I get in to look at the house?

the only way you would be able to get into the house to look at the house is if the current owners would allow you into the property.

Until after the foreclosure sale, the current owners are still the owners.

Once the auction is complete the property then would become the highest bidders property or if there is no higher bidder then the bank would take the property as collateral or a Real Estate On Hand (REO) of the bank.

Even with the property changing hands at the auction, it would take several business days before the proper deeds to be signed and recorded at the county recorder’s office where the property is located, before the new owner would have legal ownership of the property.

It would be difficult to determine when the property would be assigned to a real estate agency for sale. Each mortgage lender have their own procedures as to when they would assign their REO property to a real estate firm.

You might consider going to the auction and making the opening bid. Keep in mind that the lowest bid would be balance of the mortgage loan as well as any and all foreclosure fees. This bid might be more than the value of the property.

You could find out the mortgage lender and address that own the property at the foreclosure bid from the auctioneer.

You could send a bid along with a check for a deposit. At times the mortgage lender might accept this type offer.

Failure of the mortgage lender to accept your mail in offer, you would be required to wait until the property is placed for sale through a local real estate firm, who will eventually place a for sale sign on the property.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

Ebay’s new policy changes have resulted in a huge drop in sales – the biggest I’ve seen in my 10 years of selling on there. Many sellers speak of selling on other sites, but the few that I can find seem to not be worth the time.
What are these sites? Does anyone else sell online?
I sell antique jewelry…

Sales may be down but it could very well be due, in great part, to the economy. This may be especially true if you are selling high-end jewelry. Regardless, people who have been affected by the economy will forgo jewelry to buy necessities.

However, before you jump ship, consider your potential market. How many members does the new auction site have compared to tens of millions of members at ebay? You may be saving money on fees or paying no fees at all but any new auction site will have a small fraction of the members that ebay has. You may sell an item for $10 at another auction site with far, fewer members that would likely sell for substantially more at ebay with its much, much greater membership. This is a classic example of “stepping over a dollar to pick up a penny.”

These smaller auction sites are good for buyers for the same reason that they are bad for sellers:

fewer bidders = less competition = lower closing prices.

These bidders/buyers are smart and have been taking advantage of those sellers who have left ebay.

Ebay is the largest auction site on the web with the most members. There isn’t another auction site that is remotely close, and I do mean remotely close, to having the number of members that ebay has.

Regardless of the fees, I suggest you stick with ebay:

The most members = maximum competition -= higher closing prices

There isn’t another auction site on the web that can hold a candle to ebay and the millions and millions of members it has. Many have tried and many have failed and yet, many are still trying. Ebay has a virtual lock on this business. This is where you want to sell as ebay has the largest potential market. A basic business tenet is ‘The greater the potential market, the greater the potential for maximum profits.’ My advice: Don’t be penny wise and pound-foolish. But the final choice is yours.

Tips to maximize profits:

Do not limit your auctions to one country. SELL WORLDWIDE. The reason is simple. You now have access to the largest market ebay has to offer. Limiting your auctions to only one country also limits your potential market. To maximize profits, sell worldwide. But do say that PayPal is the only form of payment you will accept from overseas bidders

Do not limit your payment options – Offer all of them. Sellers who offer only PayPal or only money orders or money orders and checks are further limiting their potential market and reducing their potential to maximize profits. Some people will not bid on items that do not have PayPal as an option. Then you have a smaller percentage who refuse to use PayPal and prefer to pay by check only or money order only. For checks, the buyer should have at least 25 positive feedbacks and a 100% feedback rating.

However, if you wish to limit sales to only one country, such as the USA, never say NO when you receive an email asking if you would ship to Taiwan, Germany, Australia or wherever. The reason is that you have a ‘FISH ON THE HOOK!’ This person will bid! When he or she does, this may force a previous bidder to enter another, higher bid or force later, first time bidders to come in with higher bids. So always say YES to these emails if you want to maximize your profits. But do say that PayPal is the only form of payment you will accept for these overseas bidders.

Several members above mentioned Craigslist. Keep in mind that Craigslist is basically a classified that limits you to a particular geographic region. This drastically limits your potential market. Ebay reaches tens of millions of people. My point is simple. Ask 100 people to name an auction site. What do you think the answer will be 99 to 100 times, Sell-It-Here or eBay? If you want to reach the most people to maximize your profits, ebay is still the way to go despite the economy. Craigslist, for the most part, is for larger and heavier items that are cumbersome to ship easily like furniture, dumbbell sets, cars, swing sets, etc.

I am looking make some extra cash selling on ebay? AN extra £200-300 a month is fine for me.

How can I do that? And what PRODUCTS ARE ON HIGH DEMAND on ebay?
To Daniel D:

selling concert tickets and such. I thought you couldn’t do that anymore? you have to put your names on tickets when pre-ordering, therefore you can’t sell it to someone with a different name.

re: Danilel C
subodh fuck off you cunt!

Let me start by answering your last questions first. Ebay is the place to sell ANYTHING. Ok, so anything means "within reason" as Ebay doesn’t allow guns, animals or human body parts, but services is not outside the norm of Ebay sales.

The thing to remain focused upon is not whether Ebay is the place, but whether the service you want to sell can benefit from a "global" market. Ebay has an audience that covers the globe. it is not uncommon to have bidders from as far away as Europe, Russia and Austrailia. So, to put this in perspective, if you are selling graphics for the web, you have a wider market in Ebay. If, however, you are selling house painting, personal errand assistant or even your knowledge in Law, you must look for a more local or geographicaly close audience. This does not mean you shouldn’t use eBay, it only means that your auction pages should reflect this understanding.

Lastly, What products sell well on ebay and is there a way to get this information on a daily basis? This is a question I get an awful lot, both here on AllExperts and through email. The problem is that there is no cut and dried answer. What sells well for one may be a total disaster for another. In addition, consider this: If there is one item that sells well, and could make someone rich, do you really expect to be handed this information on a silver platter? Of course not – but that doesn’t mean that you can’t find something with which to do well on Ebay.

You can search on ebay for the items you’re selling, and you can find items by the number of bids they receive. Items that receive over a certain number of bids are called "Hot Items" and are marked with a small flame icon. Sort any category by clicking on the top of the bid column, and you instantly know which items in that category are receiving the most bids.

Can you sell the same item and get the same bids? This remains a mystery on Ebay. You should know that it is common for two sellers to list identical items – both of which are hot tickets – only to have one receive many high bids and the other get nothing. What is the difference? As I say, it’s a mystery.

The one thing I can tell new sellers is that you have to sell what you know. If you know a bit about depression glass, then I’d say that’s your area to start. If, however, you don’t know the difference between Mayfair and Cabbage Rose, then you’re going to have trouble with those items. Everyone knows a bit about something. You need to assess your own abilities and your own knowledge areas to find those items with which you will do best.

I listed a laptop for sale on Ebay but the winning bidder lives in Nigeria. I stated in the description that I only ship to the United States so can I just cancel his bids and offer it to the next highest bidder? When I tried to cancel the bid it said that I can’t because the auction all ready ended.
Thanks Renata, thats alot of help. Go shoot yourself.
OH MY GOD DOES ANYONE ON ANSWERS ACTUALLY CONTRIBUTE USEFULL ANSWERS?????????????

You can contact ebay (live help) and explain what is going on with your listing.

Or, you can tell your buyer that you will only accept a international money order payable in U.S. dollars AND that the money order will have to clear your bank before you send out the laptop to them.

Since you stated that you only sell to buyers within the United States, you need to set your prefrences so that only U.S. bidders can bid on your listings.

To do that, follow the following steps.

Go to "My Ebay", under "My Account", (left hand column), you’ll see "Site Preferences". Click on that.

Under "Selling Preferences", go to the 8th item down, which will say "Buyer requirements". To the right of that, click on "show"

Now you’ll see this:

Block buyers who:
Have received 2 Unpaid Item strike(s) within 1 Month(s).
Are registered in countries to which I don’t ship
Have a feedback score of -1 or lower
Are currently winning or have bought 10 of my items in the last 10 days and have a feedback score of 5 or lower

Click on "edit" and check this box:

Buyers in countries to which I don’t ship
Block buyers who are registered in countries to which I don’t ship.
This requirement can help you avoid buyers who agree to purchase your items without realizing you don’t ship to their location.

Then click on "submit"

You’re done then.

Hope this helps!

I want to start up a type of penny auction site but I don’t know the first thing about doing something like this. What do I need? Who do I need? How much do I need? (not including products!) is there anyone I can talk to directly that can maybe help me out on more of a one on one type thing?

If you are serious about starting a honest penny auction the person you need to talk to is Nick from the forum pennyburners.com. He will be able to answer many questions for you, and walk you through the many difficulties of stepping out into such a high-risk business model.

Also, I would suggest joining thebidlounge.com. Start out joining as a bidder.. There are hundreds of bidders on that site, and you can ask any question and get responses within minutes. It’s essentially a facebook for bidders so that they can chat with sites as well as other addicts. (if you mention this in the news feed I can message you and answer any more questions that you have via messaging).

Just as a warning, the death rate of penny auctions is excruciatingly high… But the bidding communities are always looking for more honest sites, and the talk lately is how few good sites there are these days. Hope this helps!

I sold a phone on ebay and clearly stated no international shipping on my auction. I sold the phone and just received the payment through paypal and found out the person that won my auction is located in the Ukraine. Is there a way I can cancel the auction and relist it for free since ebay let this guy bid on my phone even though I said I wouldnt ship it overseas?

Did you actually specify in the P&P section of your auction which parts of the world you would post to and which you wouldn’t?

Even if you type "no international shipping" in the text of the auction if you offered shipping to Europe or "worldwide" shipping in the postage section then he was entitled to bid. He may not have good English and may not have understood the words you typed in the auction but by seeing a postage rate for his country he assumed he could bid and quite rightly so.

The only way of excluding overseas bidders is specify domestic postage rate only in the P&P section. You can also limit who is allowed to bid on your auctions, ie automatically block bidders from countries to which you don’t ship, new Ebayers with feedback of <5 etc.

He has paid so post him the phone, what have you got to lose? I can’t see what the problem is really?

If you don’t want to ship internationally another time then simply do not offer international postage you can specify "no international postage" quite easily. You must have filled the boxes in for the postage cost to Europe otherwise he would have had to have contacted you to find out how much postage to pay? How did he know how much to pay?

What is the difference between the two ? I just know OpenIPO is just like Dutch auction but I don’t really know the difference. 10 points for best answer. Thank you.

If a company is using a Dutch auction IPO, potential investors enter their bids for the number of shares they want to purchase as well as the price they are willing to pay. For example, an investor may place a bid for 100 shares at $100 while another investor offers $95 for 500 shares.

Once all the bids are submitted, the allotted placement is assigned to the bidders from the highest bids down, until all of the allotted shares are assigned. However, the price that each bidder pays is based on the lowest price of all the allotted bidders, or essentially the last successful bid. Therefore, even if you bid $100 for your 1,000 shares, if the last successful bid is $80, you will only have to pay $80 for your 1,000 shares.

The U.S. Treasury (and other countries) uses a Dutch auction to sell securities. The Dutch auction also provides an alternative bidding process to IPO pricing. When Google launched its public offering, it relied on a Dutch auction to earn a fair price.

An OpenIPO is essentially the same, a modified Dutch auction (which is usually only for a single item) which allows many shares of an initial public offering to be allocated in an impartial way. All successful bidders pay the same price per share. It is the lowest price at which all shares offered are subscribed to.

There is some confusion over terminology: some financial commentators and some third-party auction sites use the term Dutch auction to refer to second-price auctions, which are totally different from Dutch auctions: in a second-price auction, the winner pays the amount bid either by the lowest winning bidder or by the highest losing bidder.

Read more: http://www.investopedia.com/terms/d/dutchauction.asp#ixzz2F9TaSbdb
http://financial-dictionary.thefreedictionary.com/dutch+auction
http://en.wikipedia.org/wiki/Dutch_auction
http://en.wikipedia.org/wiki/OpenIPO

I’m looking mainly to sell on ebay through paypal, but I don’t fully understand it. Do I need a personal or a premier paypal account? Will it link directly to my bank account?
Any other tips/advice would also be appreciated.

If you plan to sell on eBay then you need more than a personal account. Otherwise PayPal will limit what you can do.

You can link your bank to it but any money you get from sales will go to your PayPal account and you will have to log in to transfer it to your bank.

ALWAYS get on line tracking, (Delivery Confirmation, etc.), to stay safe. If you don’t the buyer can claim they never got the item you sent and get their money back from you.

ALWAYS take good pictures and describe anything wrong with your item you are selling. Even a tiny scratch or stain. Bidders don’t like getting surprised. Communicate with your buyers quickly and fully when the auction ends. Pay attention to your buyers feedback they have left for others.

I strongly suggest you get a simple digital weight scale for shipping. This will save you a lot of time and trouble. eBay will soon be charging their final value fee based on both the price the auction ended at and the shipping charge so make sure shipping costs are accurate to save money.

As we all know, online penny auction has become more and more popular throughout the world with an increasing number of followers. But there are also some bad comments about it. Should I believe in this kind of online auction?

It is a scam. Here’s a good tip: anytime it occurs to you to ask whether something is a scam or not, it’s a scam.

Here’s how penny auctions work: A seller lists a valuable item for the unbelievably low price of a penny. Then, bidders compete with one another to win the auction, with each bid only increasing the cost by one penny. At the end, someone wins a sports car or similar for $118.96. Sounds amazing, right?

Wrong. To use these sites, you have to BUY bids. Each bid that you place costs you an exorbitant amount–something like ten bucks. "Okay," you might be telling yourself, "Ten bucks plus $118.96 is $128.96. That’s a steal for a sports car!" It’s not that simple. For EACH bid, someone paid $10, which means that car went for $11,896 worth of bid fees, plus the winning amount of $118.96, for a total of $12,014.96 to the seller.

All you do when you bid on those sites is pay $10 toward an item that somebody else will win. If you’re the final bidder, that’s great, but the auctions extend for 10 minutes every time somebody bids. You and ONE other person could be bidding on the same item for hours or days, and at the end, you’ve both spent thousands of dollars on bids for something that only one of you will win.

It’s a scam, plain and simple. Things that seem too good to be true ARE too good to be true.

I want to sell an Wallabies Jersey on eBay with a reserve price of $20,000 but i dont want people to see that the reserve is this much. Is there any way i can do this?

Bidders will see that there is reserve pricem but will never see what that price is. Sometimes you will get an email from a potential buyer asking what the reserve price is. It is completely up to you if you want to reveal that info. I have been in this situation both as a buyer and seller.

As you are making your way through listing your item for sale, you will get to the pricing details about 2/3 of the way down the first page. You will be asked about what opening bid you want to set, whether you want to use Buy It Now or an open auction, etc.

Where you are asked set the opening bid, you will see an option to type in your Reserve Price. Just type $20,000 in that box.

I have never sold anything so expensive (unfortunately). Please have a great photo and item description with all info that applies, eg, brand new, excellent condition, etc.

It might be easier to follow the link that the other answerer gave you:
http://pages.ebay.co.uk/help/sell/reserve.html