Public Auction Information
A public auction is a place where bidders go to buy or sell property. An Individual that has defaulted on a property loan may also bid on her merchandise, but the winner is the highest bidder. Public auctions also are offered online.
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Types Of Public Auctions
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There are all types of merchandise sold at a public auction. These include cars, boats, homes, clothing, jewelry, office equipments and machines, televisions and other goods.
Significance
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A public auction typically auctions off goods and merchandise that are in surplus, including items that have been confiscated by authorities or repossessed by creditors.
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Warning
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With public auctions, the bidder should be warned that some property is auctioned off as is. For instance, the General Service Administration allows a bidder to inspect automobiles before bidding, but the car may not be driven, whereas other auctions have a test drive time period before the auction begins.
Benefit
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The auctioneer announces every detail that is known about the vehicle before the bidding begins, whether the details about the merchandise is good or bad.
Time Frame
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When bidding, there is a time frame in which the bidder must claim the merchandise he bid on. Interstateautoauction.com requires a deposit on items the day the bid was placed, and the balance to be paid in full by 5 p.m. the next day.
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