Bwcc Pros And Cons Of Buying At Auction

Bwcc Pros And Cons Of Buying At Auction



The Pros and​ Cons of​ Auction Sales
In a​ coin collection, the​ most difficult part is​ how to​ find the​ coins for​ the​ collection .​
a​ collector’s main method of​ acquiring coins is​ by buying them .​
The most common alternative in​ acquiring a​ coin is​ through purchase in​ auction sales.
Rare coins and​ those that are of​ high quality are very difficult to​ buy .​
Auction sales whether online or​ at​ auction houses provide coin buyers the​ option to​ acquire these types of​ coins at​ lower prices .​
Online auction sales usually take 3 to​ 4 months to​ process depending on how fast bidders can decide on their bids or​ when the​ bidding process closes.
No matter how popular auction sales have become to​ many collectors, it​ is​ still important to​ know the​ advantages and​ disadvantages they can provide to​ coin collectors .​
Here are some points must to​ be considered before buying in​ auction sales.
Advantages
1. Auction sales provide simpler negotiations, and​ is​ the​ simplest way of​ buying coins for​ a​ collection .​
This is​ because of​ the​ set price that is​ reserved for​ the​ coin .​
It is​ easier to​ weigh options and​ estimate the​ price of​ the​ coin.
2. Auction sales include a​ bidding process .​
Buyers will only need to​ bid to​ the​ price they are willing to​ pay for​ a​ specific coin .​
This means that a​ coin will be acquired within the​ allotted budget of​ the​ buyer .​
If a​ buyer really likes a​ coin, then he can bid a​ higher price so that there is​ a​ higher possibility of​ winning the​ bid.
3. There is​ also a​ chance of​ getting the​ item if​ the​ buyer who won the​ bid was not accepted for​ some reason .​
This may also happen when the​ price that was reserved for​ the​ coin was not met .​
When this happens, the​ item for​ bidding is​ usually passed .​
This means that the​ item will not be sold and​ the​ bidding will be re-opened any time soon.
4. Contracts are involved in​ the​ bidding process .​
Once a​ buyer wins a​ bid for​ a​ specific coin, contracts will be exchanged immediately between the​ successful bidder and​ the​ seller .​
This will ensure that the​ negotiation was completed and​ the​ bid price of​ the​ item is​ confirmed.
5. The person who has the​ highest bid may be allowed to​ make a​ deposit payment .​
This will ensure that the​ item will be reserved for​ the​ person who won the​ bid .​
Deposits may be a​ fraction of​ the​ whole amount of​ the​ coin.
Disadvantages
1. When buying in​ online auction sales, there is​ a​ higher chance of​ fraud .​
This is​ because the​ negotiation is​ done online .​
The buyer does not see the​ person who is​ selling the​ item or​ know if​ the​ other bidders are real people who are actually bidding for​ the​ item.
2. There also times when the​ item that was displayed on the​ website before the​ bid is​ not the​ same item as​ the​ one that was delivered to​ the​ person who won the​ bid .​
It is​ recommended that the​ buyer should ensure that the​ very same item that he bid for​ is​ the​ one that will be delivered to​ him.
3. The reserved price of​ the​ item may also cause some disadvantages .​
There are times when the​ reserved price that was set on the​ item is​ higher than what the​ buyer expected .​
This will force the​ buyer to​ bid higher and​ exceed the​ budget they have allotted for​ the​ item .​

4. Online auctions cannot ensure the​ buyers that what they are bidding for​ a​ genuine item .​
The buyers will only be able to​ inspect the​ coin once they have won the​ bid and​ the​ item is​ delivered to​ him .​
This may lead to​ fraud and​ the​ buyer ends up regretting that he bid for​ the​ item.
Auction sales may be popular but it​ is​ still strongly but be advised that buyers need to​ be aware of​ the​ pros and​ cons of​ this option .​
Buyers also must be familiar with their rights as​ consumers and​ buyers .​
Other options may also be considered before choosing the​ auction sale option in​ acquiring coins for​ collection .​
Collectors may consider buying from friends or​ agents that they know but if​ they still would like to​ buy in​ auction sales, they need to​ make sure that the​ website or​ the​ auction house has no record of​ illegal activities .​
Buyers should also spend some time reading reviews about the​ sellers to​ make certain that they are dealing with credible people.




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