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INTERNET AUCTIONS WORTH YOUR BID

QUESTION:

I'm aware that Internet auction sites like eBay and Yahoo!Auctions let you bid and sell items online but I have always hesitated to participate. Can you give me some insights as to how good and how safe they really are?

ANSWER:

Participating in an Internet auction can be fun and profitable. As with any endeavor, you'll find that learning the ropes along with some good old common sense will make your online experience a rewarding one. Probably the most important thing to keep in mind is that if something seems too good to be true, it probably is. If for example you see a $1000 computer being offered for $20, chances are you'll get something worth even less than the 20 bucks you shell out. Just because you see a bargain online doesn't mean it's one. And although they can't protect you from everything, reputable Internet auction sites have features and services that assist in making sure you get what you think you're supposed to get.

Yahoo!Auctions assigns a rating system to people who participate in their auctions. As a person begins to successfully sell items, they get points from Yahoo!Auctions. The more they successfully sell, the more points they receive. A seller's rating is posted for all to see. Buyers are also invited to publicly post comments about a seller. These ratings and comments will help you to determine the quality of the items and the honesty of the people with whom you are dealing.

If you have something to sell, Yahoo!Auctions lets you control how you want things to be presented. You start by uploading a picture of the item. You can include links to relevant pages such as a manufacturer's page, set the number of days your item will be available and set a reasonable starting price. You can also set a reserve price which is the minimum amount you will accept. Buyers cannot see your reserve price.

Yahoo!Auctions has several methods of payments that include PayDirect, an online payment service that lets you send and receive payments online. After setting up an account, you can transfer money to and from your online account from a bank account. Credit Card payments may be used as well. Yahoo!Auctions even has an insurance program that offers additional buyer protection.

Bidding can be fast and furious. Buyers bidding on an item must keep watching to see if their bid has been topped by someone else. This competition is the fun and the frustration of an auction. But unlike an in-person auction, an online auction can go on for days. Checking to see if your bid has been outdone can be time consuming. Thankfully, some sites such as Yahoo!Auctions offer a proxy bid ability. This lets you increase your bid without having to constantly monitor the top bid of the moment. You set Yahoo!Auctions with the highest amount you're willing to pay for the item on which you are bidding. After making your bid and if someone else tops it, Yahoo!Auctions will automatically submit a better bid for you and keep doing so until your preset limit is reached. Another feature sends an email when your bid has been topped. Now combine that ability to your web enabled cell phone and it will ring when you need to make another bid. The fun never ceases with online auctions.

The best way to learn about online auctions is to get started. Start by bidding on a few low ticket items. Some sites even offer a practice auction area. Online auctions are truly a wonderful and inexpensive way to buy and sell just about anything on a global scale.

auctions.yahoo.com