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Many people sell items on the Internet through auctions, classified ads,
news groups, and chat rooms.
Know your seller. If you don't, do some research.
- Check with state and/or local consumer offices.
- Check how the auction works. Can you cancel a bid? Don't assume that
the rules used by one auction site apply to another. Some sites offer step-by-step
instructions that will take you through the bidding process.
- Find out what protections you have. Does the site provide free
insurance or guarantees for items that are not delivered or not what the seller claimed?
- Follow the strategies used in any auction. Learn the value of the
item you are bidding on. Establish your top price and stick to it.
- Don't bid on an item you don't intend to buy. If you're the highest
bidder, you have bought it. Auction companies often bar those who back out of a deal
from future bidding.
- If the seller can't accept payment by credit card, use an escrow service.
Your money is held by a third-party until you get your purchase and approve release
of your payment to the seller. There is a small fee, but the peace of mind is worth
it. Auction company eBay recommends Escrow.com,
which is backed by Fidelity National Financial Corporation.
- Be wary of sellers who insist you use a specific escrow service,
especially if you have never heard of that particular service before. Make sure the escrow service is legitimate before you use it.
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