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Offline jwfarms

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Online auctions - the fine print
« on: September 22, 2016, 01:26:22 PM »
If you actually study the fine print it gives the auction company the right to bid up auctions to minimum thresholds, a reserve without the appearance of a reserve.

It shouldn't effect you, if you have a set price that you are going to pay, if you stick to that price than you can't be influenced.  The problem is that psychologically, it hard not to bid just a little more than you wanted to pay trying to outbid the other bidder.

It is not illegal in some states, but has to be disclosed.  Thoughts?

Offline BroncoFan

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Re: Online auctions - the fine print
« Reply #1 on: September 22, 2016, 03:11:33 PM »
Careful!  You could be opening a can of worms or maybe two cans of worms. 
Kurt Fuller 406 680-7162

Offline jwfarms

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Re: Online auctions - the fine print
« Reply #2 on: September 22, 2016, 08:53:17 PM »
Yep.  Just frustrating, hard to tell what actually sells and what is just bid up.

Offline BroncoFan

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Re: Online auctions - the fine print
« Reply #3 on: September 22, 2016, 09:59:55 PM »
Yep. I understand both sides of the coin. With heifers, we've had the mindset that if they don't bring a certain price then they'll be worth more to us as a cow. Our kids aren't old enough to show yet. Steers on the other hand, if we don't get them sold then what are we going to do with them. I believe it's very important to be disciplined when buying. I've seen people that overspend when buying a calf and then they don't have the budget to feed correctly.
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Offline DSC

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Re: Online auctions - the fine print
« Reply #4 on: September 23, 2016, 10:28:10 AM »
It is the same things as a live auction. Most of the time you have no idea what is actually being sold and what is being bought back. More times than not at a live auction there are phantom bidders in the crowd. This has been the practice for years now just because it is on the internet it is a big deal....??

Offline Simbeef10

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Re: Online auctions - the fine print
« Reply #5 on: September 23, 2016, 10:14:50 PM »
If you do your homework and set your price - do not go over it.  If they are bidding it up, but it is still less than your top price you will win, if not - it was not meant to be and just remember that you were able to enjoy the bidding war.  I was outbid on some embryos earlier this year, but I had talked with the breeder before the auction and we were using that to have an idea on the price - they went $ 50 over my max, but the winning bidder picked a different combination than I wanted.  Ended up buying the genetic I wanted at my price after the auction.

 

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