E-Auction is market mechanism by which buyers make bids and sellers place offers through internet. It is characterized by the competitive and dynamic nature by which the final price is reached. E-Auctions can rapidly disposal of items that needs liquidation or a quick sale, they offer trading opportunities for both buyers and sellers that are not available in conventional channels and they ensure cautious execution of contracts. Another advantage is, it is fast and convenience. However, there are also drawback.
Below are some tips on keeping your risk at a minimum or to prevent when purchasing items from an online auction website.
1. Become familiar with the auction website. Look into the websites protection policies. Never assume you are protected from auction fraud.
2. Before placing a bid, learn as much as you can about the seller. If you can’t find anything out about the seller, than avoid doing business with them. Never fall for promises of better deals by moving away from the original auction website.
3. If the seller wants you to use an escrow service you’ve never heard of, look into it. Check out the website. Call up customer support. If you can’t confirm the legitimacy, don’t use it.
4. Never ever give out your social security number, drivers license number, credit card number, or bank account information until you have thoroughly checked out the seller and the escrow service.
5. Always save 100% of the transaction information. You’ll be glad you did in the event your case makes it to court.
6. If after the sale you feel the item/payment should have been delivered already, try to work it out with the seller/buyer. If at that point you feel that fraud is involved, immediately contact your state attorney general’s office.
7. Physical inspection. It can eliminate many problems especially for collectors’ item.
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