If you have ever attended a silent auction, then you probably know how the process works. In the case that you have not been to one, then chances are that you may need help to get started. This article will guide you through the basic steps of a silent auction, as well as give you examples of when you would be able to get things cheaply at a silent auction.
If you need an analogous example to silent auctions in a market place, then consider eBay. There is usually a reserve bid at a silent auction which is the minimum that someone must bid to win it. On eBay, you may have a general idea of what the other people's bids are, but similarly to silent auctions, you do not know the exact bids. Additionally, the bidding is much quieter. However, just like on auction sites such as eBay, you must be 18 years old or older. This is due to the fact that you are signing an implied contract each time that you make a bid. The contract is basically that you agree to pay whatever you bid, in case you win. To make a distinction, betting and bidding are two very different things. Betting involves placing money down in the hope of getting more money, but if you lose, you also have a fiscal loss as well. Bidding involves telling the seller the maximum that you are willing to pay. You only pay if you win the item.
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One of the biggest sources of loss in silent auctions are on unpopular items which do not have a reserve bid. These can sometimes be won by placing a surprisingly low bid on an item that nobody else is bidding on. At times, you can even get an item for about five percent of its retail price. However, the minimum auction prices can prohibit this practice. Additionally, you should always check out all auction items before bidding. These can occasionally have something seriously wrong from them that either hinders their use or makes their use either completely impractical or utterly impossible. It is recommended that you always bring a mobile device with mobile Internet with you. The bidding practices differ everywhere. So, be sure to get there early and learn the rules and instructions. Best of luck in your first silent auction!