Online auctions are great, because they open up the possibility that you could get items you may need or want, or both, very easily. However, there's also the possibility you could be outbid our enticed to spend more money than you really intended if you have competition from other buyers. This is a very frustrating outcome, but it happens a lot. To help you make sure you win the auctions you enter, we've compiled these tips on how to bid on online auctions and win.

One of the better known auction sites or private sale websites is Sothebys.com.

Bide Your Time

If you're a general contractor who gets a lot of his properties through auction, you know that the last thing you want to seem is too eager early in the game. If you see an item you like where the auction doesn't end for another week, don't put your bid in yet. Instead, place the item on your watch list and regularly check its progress. Let other bidders knock each other out of the running while you bide your time and wait to go toe to toe with the winner.

Bid Late

The trick to winning online auctions is to make your bid at the last minute. While in-person auctions for luxury condos generally keep going until there are no more bids, online auctions have timed expires, which means that if you get the last bid in you win, even if your opponent would have bid more if he had the time. It's a balancing act to make sure you leave enough time for your submission to register but not enough time for him to counteract, and it's not guaranteed if your maximum bid is not higher than his reserve.

Have a Good Record

Even once the auction is over you can still lose the item if you have a bad record or you fail to meet the conditions set out by the seller. If you get busy elsewhere and you forget to send in your payment, the seller may disqualify you and give the item to the next highest bidder. By the same token, you may win an item after the fact from a flaky bidder. So even if you lose out, if the winner's record is less than 90% there's a chance you might still win.

Use Buy It Now

Sometimes online auctions will have a 'Buy it Now' feature which will allow you to get the item for a higher price immediately. If you're desperate and you can afford it, or if you think the bidding will quickly surpass the 'buy it now' price, you should go for it. A special thank you goes to Builder's Choice - air conditioning repair and furnace installation in London, Ontario for their sponsorship contributions.