How Does an Online Auction Work ?

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You can purchase or sell just about anything in an online auction but using it for the first time can be daunting.

Although different auctions have different rules the basics of an online auction are the same as a normal auction.

The goods will be displayed on the auction site with the latest bids highlighted and a time until the auction for that good ends. The time period will probably run into hours or days. At the end of the auction the sale will go to the highest bidder.

Payment is then arranged between the buyer and the seller with the auction site normally taking a percentage.

As mentioned above different online auctions may have different rules so make sure you read the guidlines for new users when you first enter an auction site.

If you are bidding or selling an item some auction sites may keep you updated with the latest bids by email. Some auctions allow you to put a reserve price on the item you are selling and some auctions give you the option to sell or buy more quickly by stating a price that will be accepted immediately.

Happy Online 14th July 2003

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