Can a person really buy a car or house for a bargain at police and bank auctions?
I heard a person can buy property for a song at bank and police auctions- is this true, or is it a scam? I’d like to by a recent decent used car, and am toying with the idea of looking at such an auction- are bargains really there?
and please respond in English
January 6th, 2011 at 7:00 am
Auctions can be a lot of fun and a way to get a good deal if you follow some simple guidelines. Don’t get caught up in a "bidding frenzy". This happens when you want something so bad you keep bidding beyond what it is worth. Research the value of the item you are interested in. Set a limit on what you will pay. Some auctions charge a buyers premium which is a precentage paid above the winning bid amount. Sometimes there are Pro’s bidding (people who bid for companies with deep pockets). On occasion there will even be "shill" bidders (people who work for the auction house who artificially drive up the price). You may want to attend an auction just to see how they work. Have fun and good luck!