Some caveats before delving into the world of online auctions; know whom you are buying from, and understand the risks inherent in buying goods unseen from strangers. If dealing with auction sites that are direct sellers (several to follow), the degree of risk is small because you would be dealing with an established entity that is easy to check out and verify, and that will likely make good on any problems that may arise. If dealing with auction sites (such as Ebay and Yahoo) that merely act as conduits between buyers and sellers, and that do not actually own the goods listed, then a successful transaction depends on the integrity of the seller, and the policies of the auction site. Despite the millions of buyers and sellers, Ebay claims that only a small fraction of 1% of auctions have significant problems. The major auction sites have a strong incentive to make sure that auctions go smoothly for all involved, because in this business, reputation is everything. Another caveat is to never pay with a money order, check, bank transfer, or debit card; only pay with a credit card that offers online fraud protection (most do), or use one of the usually reliable online payment services, such as Ebays PayPal. Almost all auction sites that have third party sellers have some type of rating system to indicate the experience and reputation of the sellers and buyers. When buying online also be absolutely sure to consider and include in your final cost calculations any shipping or delivery charges, and in many cases, sales tax, such that you will not overpay.
Most Ebay (www.ebay.com) auctions are listed for about a week, but some are as short a few days, and some are up to 10 days or longer. As a near-monopoly, Ebay is by far the dominant player in the market. In addition to the millions of individuals who are listed as sellers, there are also many brick and mortar stores that sell new first-line, surplus, refurbished, or used items on Ebay. Over the past few years governmental bodies have heavily used the ease of Ebays mass market appeal to dispose of surplus or confiscated goods. These governmental sellers range from small towns like Beaumont (Ebay seller name beaumonttxsurplus), to the states of Texas (Ebay username tx.unclaimed.property and Pennsylvania (Ebay treasurerhafer), as well as many others.
An example of some of the bargains available is the recent Ebay listing from Beaumont which said You are bidding on jewelry confiscated by the Beaumont Police Department One (1) Ladies ring manufactured in yellow metal tested 18k weighing 7.7 grams set with one (1) 11 x 9mm oval turquoise cabochon surrounded by twelve (12) 2.5mm round brilliant cut diamonds and six (6) baquette cut diamonds SI2 clarity, I color totaling approximately .90 cts. Wholesale Value $600.00. The buyer won this on Ebay for the bargain price of only $200.
In addition to Ebay, there are many other online auctioneers. Local stores that have online auctions include Sams Club (auctions.samsclub.com, membership required), and Goodwill (shopgoodwill.com). Sams, which auctions its surplus inventory of mostly new items, also occasionally has some items that are clearly marked as refurbished. Some advantages of Sams auctions are the reliability of the seller, and the willingness to take back merchandise (read and follow the directions carefully). Sams auctions are mostly short duration, one to three days, and have some very fast lunchtime auctions every Tuesday and Thursday. For those interested in buying items in quantity, either for resale or for gifts, Sams also has their Business to Business (B2B) auctions where items are often available in bulk. I have purchased dozens of items on Sams, and all were exactly as described and delivered promptly. Two of my out-of-town daughters have homes heavily furnished in the motif Sams Auctions. Unlike Ebay, where auctions typically end at a fixed time, Sams Auctions have a provision for popcorn bidding which negates a popular practice on Ebay of posting a bid with only a few seconds left, inadequate time for another bidder to raise that bid. Popcorn bidding provides that any bid within the final 10 minutes of an auction automatically extends the auction for an additional 10 minutes, until there are no more bids placed in the final 10 minutes. Sams also has Dutch Auctions where a quantity of an item is listed, and the final selling price for all bidders is the lowest successful bid at the close of the auction.
With all auctions, be very aware of what the item is selling for in the store, as I have seen many items sell at Sams Auctions for more then the price it is available for in the store.
Some of the other popular online auction sites, often selling both their own inventory as well as merchandise from individuals are auctions.overstock.com, auctions.amazon.com, and auctions.yahoo.com.
Caveat Emptor.
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