Good Buy Auction _VERIFIED_

Be sure to look for a public auction, since some are for dealers only. These days you can also find many auctions online, but photos can often be deceptive, so if you're shopping for a used vehicle at an auction, it's a best practice to go in person, especially if you're new to the process.

good buy auction

Additionally, at some auctions, you can only pay in cash. Also, be sure to check the guarantees, if any, since most auction vehicles are sold as-is. Most auctions allow you to see what's up for sale beforehand, make sure you go in with a plan, and only bid on vehicles that you truly want.

If the auction process seems like a bit much but you still want to save money by getting the cheapest car you can, we want to help. An auto loan may be right up your alley if you know how to save. Here are a few tips to getting the most affordable loan payments for you:

Put down as much as possible. If you had a lump sum of money set aside for a vehicle at auction, you can use this as a down payment, or part of one. Remember that the more money you put down the less money you have to borrow, and lower your payments will be on an auto loan, and the less you pay in interest charges.

Stick to a budget. If you were planning to spend a certain amount at auction that you know is too low for the car lot, find something as close to that budget as possible and make a large down payment.

If you need to find a car loan and decide an auction isn't the place for you, but you don't know where to turn, let us help. At The Car Connection, we work with a nationwide network of special finance dealerships that are signed up with subprime lenders. These lenders know how to work with borrowers in many unique credit situations. Let us connect you with a local dealer, simply fill out our fast, free auto loan request form.

But there are other ways that homes are sold, and auctions are one of them. There are two main ways that a house ends up at auction: through foreclosure due to missed payments or defaulting on tax payments.

Foreclosed properties are sold at auction. These homes are seized by a mortgage lender after a borrower fails to make mortgage payments for a set period of time. This process begins after several months of missed payments. Before a servicer can proceed with the foreclosure process, the loan must be at least 120 days delinquent, with some exceptions. Servicers are required to make efforts to contact the borrower with alternatives to foreclosure to help them stay in their house if possible.

Absolute auctions attract the most bidders because there is no minimum. This is also the preferred method of most lenders and government agencies. All sales are final, meaning there is no room for the seller to back out in the face of a too-low bid.

In an open auction, bidders know the amount of any other bids that have been made. Bidders like open bids, because they can see what the competition is doing and raise their bid gradually, as needed. If there is no competition, a lowball bid might just win. On the other hand, open bidding can result in bidding wars, and sometimes sellers reap a windfall.

Why? Because in the auction process, the lender is looking to cut their losses by recouping the balance due on the mortgage and their costs to foreclose. The same is true for municipalities with a tax lien in place. Their interest is in coming as close as possible to having the tax bill paid and their costs recouped.

In the vast majority of real estate transactions, home buyers are legally offered consumer protections, lenders are required to make disclosures, and real estate agents must advise you as they would advise themselves. In the auction situation, none of that applies. In addition to having little or no access to the home you wish to buy before you bid, you are responsible for doing your due diligence to make sure the title is held free and clear.

Even if you win at auction, you can still lose the house. If the owner is suddenly able to bring their mortgage current, work out a forbearance plan with the lender, or negotiate a short sale, you will walk away empty handed. Until you receive the title with your name on it, which usually takes about 10 days after the auction ends, you have no guarantees.

These are loans that are high interest and short term, and generally unsuitable for auction bidders who plan to live in the home. These loans make sense for property flippers, whose business it is to fix up and sell their auction buys as quickly as possible, paying off the loan, and pocketing their profits.

In a delayed financing loan, you pay for your home upfront, as in the case of an auction purchase, and then immediately refinance the home to take the equity back out, presumably to buy more houses. It could also work if you borrowed money from friends or family to make the initial purchase of an auction property and need to repay those loans.

Figure out what you must pay for an auction property to make it worth your while, either as a homeowner or an investor. It can be difficult to stick to, especially in the case of a bidding war, when emotions run high. But if you know exactly when to walk away, you will avoid overpaying for an auction property.

All risks are on the buyer in the auction situation, so there is no one to look to for financial assistance should the problems in a home, or in its legal status, be greater than you thought they might be. Even the best-kept home can harbor serious problems within its walls.

All over the U.S., you can find car dealer auctions open to the public. That means buying cars at auction prices is an option for just about anyone, even if you don't have a dealer's license. If you're interested in buying cars at wholesale prices, take a look at our car auction guide to find out how to buy the car you want at auction, just like a dealer.

Car dealer auctions are open only to those with a dealer license issued by the state. You can get your own dealer license if you wish, but the process can be long and difficult. Each state has its own set of requirements for car dealer licensing, usually with a set number of cars you must buy and sell each year to qualify.

Buying, modifying and reselling cars bought at car dealer auctions can turn you a tidy profit. But if you only plan on buying cars for yourself, it's probably best to buy from auctions that are open to the public instead.

With the right preparation and a discerning eye, you could drive home in the best steal of your life. Just be aware that for all the deals available at car auctions open to the public, many lemons could be lurking as well. So, make sure you're covered with an affordable car insurance policy.

Reverse auctions can create the opposite of the collaborative supplier-customer partnerships held up as a best practice by many today. Forming such partnerships requires a more thoughtful process, one that allows buyers and sellers to exchange information and work toward an outcome that delivers the maximum value to both. In short, it requires a negotiation.

Auction theory predicts that the final price in an auction will be the second-highest valuation plus a little bit more. This will be a pretty good deal for the seller if the top two valuations are close, because the winning bidder will come in almost at his or her price limit. But if the top two valuations are far apart, then the seller will leave money on the table by holding an auction.

When choosing between an auction and a negotiation, buyers should take into account three aspects of the asset they intend to purchase: whether they can create precise specifications for it, the potential for value creation, and whether service or relationships are an important element of the deal.

The problem was that there are at least 100,000 kinds of mortgage-related securities, with different vintages, maturities, interest rates, geographic locations, payment histories, and FICO scores. Even if the government specified the asset for each auction on the basis of just the most important features, there would be tension between creating precise enough specifications and getting a reasonable number of bidders to show up. In part for this reason, the Treasury ditched the plan a little more than a month after TARP had been established.

And so in October 2008 the U.S. government proposed to auction when auctions were not appropriate; and in 2009 the U.S. government chose private negotiations when auctions were quite appropriate. The two vignettes illustrate the importance of careful deal process design.

This description is not exactly conducive to a creative collaboration between the customer and the supplier, but it is just the sort of exercise managers get into when they attempt to prepare complex products and services for bidding. It also drives home the point that although auctions do a great job of boiling everything down to price, boiling everything down to price is often at odds with identifying valuable opportunities.

Consider the case of a privately held dot-com that was contemplating a buyout of its minority shareholders in 2008. Another Harvard Business School professor and I were asked to advise the company on how to execute this so-called freeze-out transaction. One proposal was to hold a reverse auction, in which minority shareholders would name the price at which they would be willing to sell, and the company would buy back the shares from the lowest price to the highest until its buyback funds ran out.

Broad-based processes like auctions are difficult to keep secret. Even if you require bidders to sign confidentiality agreements, the chance of a leak increases with the number of people in the process. So if secrecy is important, you should consider negotiating privately with one or more buyers. Concerns about confidentiality often come up in M&A deals. If it becomes known that the company is for sale, employees start looking for new jobs, and the value of the company deteriorates while it is on the block. In my research I regularly find boards that resist a broader-based search for acquirers, because of this very reason. 041b061a72