If you’re an investor, you’ll have a good sense of how much to bid; if you’re looking to buy a home for your family, you might overbid because you lack experience or are too swayed by emotion. In Person Or Online? The world of auctions is rich and vast, and if you’ve never been to one, you should check one out in your area. In Person Attending an in-person auction can feel like taking a step back in time. It might take place right outside on the courthouse steps. There are the numbered cards, lifted almost imperceptibly and yet always seen and noted by the fast-talking auctioneer. The bidders wear sunglasses and hats, like high-stakes poker players, to hide any “tells” that might convey emotional responses. If you’re a first-time auction attendee, you might not have a clue about what’s going on. Your best bet is to start attending auctions well before you plan to bid. Collect any sales materials being offered and read up on the rules. Much of this information can also be found on the auctioneer’s website. Get to auctions early or plan to stay after and ask questions of some of the auction house’s employees or other bidders. Pretty soon, you’ll develop an understanding and a feel for the process. Online More and more frequently, the auction process is moving online. This is a boon to first-time bidders, as it is easier to get all the information you need, ask questions, and simply watch and learn. Make sure you study the rules, as each auction site operates according to its own procedures. On most real estate auction websites, you’ll have to preregister and prove that you
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