Are you new to online auctions? Whether you're looking to buy real estate, equipment, or personal property, online auctions offer a fast, transparent, and competitive way to make purchases. At Coffey Realty & Auction, we strive to make the bidding process seamless and accessible for all buyers. This guide will walk you through everything you need to know as a first-time bidder.
What Is an Online Auction?
An online auction is a competitive sales method where bidders place offers on an item until the auction closes. The highest bidder at the end wins the item, making it a fair and transparent way to buy and sell assets.
Step 1: Registration
Before participating in an auction, you'll need to create an account on our website. This is a simple process that allows you to place bids, track auctions, and receive notifications about upcoming sales. Once registered, you’re ready to start bidding!
Step 2: Inspecting Items
While we provide detailed descriptions and high-quality photos of each item, we encourage bidders to attend in-person previews if available. If you can't inspect an item in person, our team is happy to provide additional details to help you make an informed decision. Keep in mind that all sales are final, and bids are placed as-is.
Step 3: Understanding Auction Terms
Before bidding, review the auction’s terms and conditions. These cover important details such as:
Inspection availability
Bidding procedures
Payment requirements
Item pickup and shipping logistics
By placing a bid, you agree to these terms, so it's essential to read them carefully.
Step 4: How Bidding Works
Each auction has a closing time displayed on the item listing. Here’s what you need to know about the bidding process:
Bid Increments: Bids follow set increments, meaning you can’t place an arbitrary bid amount. The system will guide you through the next allowed bid.
Max Bidding: You can enter a maximum bid amount, and the system will automatically bid on your behalf up to your max bid. This ensures you don’t have to constantly monitor the auction.
Extended Bidding: If a bid is placed just before an item closes, the auction timer resets, allowing more time for competing bids. This prevents last-second sniping and ensures fair competition.
Step 5: Closing Time & Winning an Auction
Once the auction ends, the highest bidder wins the item. You’ll receive an email confirmation along with an invoice for payment. If you’re outbid, you’ll also receive a notification, giving you a chance to increase your bid before the auction closes.
Step 6: Payment & Item Pickup
After the auction ends, invoices are emailed, and the credit card on file will be charged.
Full payment is required before item removal. Failure to pay may result in default penalties or suspension from future auctions.
Pickup and shipping details will be provided, and it’s your responsibility to arrange for timely item retrieval.
Tips for First-Time Bidders
✔️ Check Your Internet Connection – A stable connection ensures you don’t miss out on last-minute bidding opportunities.
✔️ Set Up Alerts – Get notified when an item you’re interested in is about to close.
✔️ Use Max Bidding – Let the system bid for you automatically up to your max limit.
✔️ Familiarize Yourself with the Platform – Explore the auction site in advance to understand how bidding works.
Ready to Bid?
Online auctions are an exciting way to buy real estate, equipment, and personal property at competitive prices. At Coffey Realty & Auction, we’re here to guide you through the process and ensure a smooth experience. Register today and start bidding with confidence!