Auctions can be a great way to find bargains and discounts on personal property and real estate. However, it definitely helps to be prepared. We suggest going to a few auctions as an observer, so that you can get a feel for how they are run. The following are several types of auctions that you may come across:

Sealed Bid - Items are sold by sealed bid when the sale items are in scattered locations. For a sealed bid sale, an "Invitation for Bid" or IFB is made available to prospective buyers through the mail, by fax on demand or via the Internet. The IFB contains item descriptions, sale terms and conditions, item locations and inspection times, and a bid form. If you decide to bid, you will complete the bid form and mail it to the address shown in the IFB. Your bid must be received by the opening date and time indicated on the IFB.

Auction - Auctions are held when a large number of items are for sale in one location. Many car and truck sales are auctions. Traditional auction methods are used. Prospective bidders will receive descriptions, bidding instructions, and an opportunity to inspect the merchandise ahead of time or on the day of sale.

Spot Bid - A spot bid sale is similar to a "silent auction," with bids written down rather than voiced. Property is offered item by item and awarded to the highest bidders. Bidders may bid only once per item, unless the item is re-offered.

Fixed-Price Sale - At fixed-price sales, the selling prices are posted on the property and items are sold on a first-come basis.
 

Payment - Acceptable forms of payment generally include cash, money orders, travelers checks, cashier's checks, credit union checks, Government checks, and personal checks accompanied by a bank letter guaranteeing payment. Bravo, VISA, Discover, MasterCard, and other private issue credit cards are also accepted for many sales. There are several lenders listed below that can help you have financing in place before attending an auction.

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