The annual charity auction of a steak lunch with billionaire investor Warren Buffett, which raised a record $2.11 million last year, is off to a slow start. The high bid was just $70,100 as of Tuesday in the 10th annual fund-raiser, which began Sunday on eBay. The auction ends Friday.

It was unclear how the recession will affect this year's bidding. In previous auctions, a flurry of activity typically drove the winning bid higher in the last couple of hours.

The winner and up to seven friends may dine with the world's second-richest person at New York's Smith & Wollensky steakhouse. The auction benefits San Francisco's Glide Foundation, which offers housing, job training, health and child care, and meals for the poor.

Zhao Danyang, the hedge fund manager who paid more than $2.11 million to have lunch with Buffett last year, said he owed his firm's 600% return over the past six years to lessons he learned from Buffett and his books.

You know the drill. That new special someone comes flying into your life like Dale Earnhardt, Jr., taking the last turn at Daytona and just like that you morph into a love-sick moron. Sappy e-mails and texts, watching shows you’ve never heard of, opening car doors, daily showers and daydreaming ensues. Every broken heart you’ve suffered and restraining order you filed (or disregarded) seem like they never happened.

And then you find out that the love of your life has a few extra details they feel compelled to share.

A couple of kids? OK.
Still live with mom? Yeah, OK.
Escort? Huh?

Buying real estate at auction can be somewhat similar with disclosures that need to be made before the relationship between seller and high bidder can be consummated.

The question is can you handle the truth? Or the terms of sale?

When registering for auctions (online or in person), bidders are typically required to accept terms of sale. This CYA is in place to protect yourself and the seller … alerting everyone to what is expected before the exchange of deed can take place. But as with any legal document, don’t let all the “Hence to Forth …” sap your excitement. Just look up all the big words, read through everything carefully and fully understand how much skin you’re putting in the game.

For instance, during the Live & Absolute Home Auction taking place on June 20, all the properties are being sold by Williams & Williams (in partnership with the Auction Network) “As Is, Where Is” with no financing, approval or other gatekeepers between you and the sale. Confused? Let’s say you want a can of Diet Coke sitting on my desk. Feel free to make me an offer. I can’t guarantee that nobody passed by and spit in it, but then again, it may have just been opened and left there by someone else or it could be filled with mint silver dollars. Sure it’s a little risky, but you can’t pass “Go” and collect $200 in Monopoly without rolling the dice.

Since the majority of these 60 properties ended up in the auction following foreclosure procedures there will more often than not be additional taxes, unpaid utility bills, or other encumbrances associated with each property. These will need to be paid or settled by the high bidders either before a special warranty deed can be issued or after a quit claim deed is issued by the seller.

Prior to the auction of each property, the auctioneer will state the known disclosures that need attention. Keep in mind that W&W has used best efforts to identify all encumbrances for each property using good faith research, but can’t rule out that some tax lien isn’t sitting out there or that a homeowners association doesn’t still think they are owed $100 for a mowing bill that wasn’t paid years ago.

What if a home has a hefty tax bill? You’ll need to add that to the cost. But, remember many things can be negotiated especially these days. Check with the agency that holds the tax bill prior to closing. Perhaps the house’s appraised value declined significantly giving you the argument that the tax bill should be reduced proportionately. You’re the new owner, not the deadbeat who stiffed the bank and the tax office. Try to get them to work with you.

Or maybe the bill was actually paid and not removed from public record.

In advance of bidding on any property do your own research and due diligence.

Each property listed on auctionnetwork.com in the Live & Absolute Home Auction catalog has a link for “property details.” After clicking there, you will see additional images, estimated value calculator, time of auction, descriptions and a list of specific disclosures. Among the disclosures will be any of the encumbrances Williams & Williams were able to verify. Add those debts to what you’re willing to pay, plus estimated costs for repairs. Then compare that total to some of the area comps for similar homes and rent prices in the neighborhood. This should not only provide you some reasonable expectation in terms of the total outlay, but also give you a solid blueprint on which you can fulfill your goal at the auction.

Live & Absolute Home Auction

When: June 20, 2009
Where: Tulsa, Okla.
Auction Time: 3pE/2pC
What's The Deal?: Over 60 homes will be sold absolute without reserve to the highest bidders during a live, televised auction conducted by Auction Network in partnership with Williams & Williams. Interested buyers from around the globe can bid in person, online or over the telephone on single family homes in Florida, Georgia, Indiana, Michigan, Pennsylvania, Oklahoma and many other states across America. The live event coverage will be broadcast nationally on ION Television Network on Dish Network Ch. 217 and DIRECTV Ch. 347 and on Golden Eagle Broadcasting (GEB) locally (in Tulsa) on KGEB 53, Cox Cable 23 and online at auctionnetwork.com. Buyers planning to bid remotely via the Internet are encouraged to pre-register at auctionnetwork.com. Bids can also be placed over the telephone during the live event by calling 1.866.231.8011. The Live Absolute Home Auctions event presented by Auction Network and Williams & Williams will also take place in front of a live audience at the Golden Eagle Broadcast Center located at 81st and Lewis in Tulsa, Okla. Doors will open at 1p CDT and interested bidders should register on site 30 minutes prior to the start of the auctions. Registration is free.
Register: Click here
View Catalog: Click here      

With low interest rates, a plethora of financing options and companies angling for your business, you too can now relax in your own swimming pool or add one to an investment property.

But before you start slapping yourself on your soon-to-be sunburned back over the good news, you’ll have to decide what shape your water wonderland will take. Not counting kiddie wadding pools there are two basic types: above-ground and in-ground.

Usually costing a third of what an in-ground pool would run, above-ground pools set up on level ground (hence the name) and consist of heavy-duty liners fit over some type of supporting structure made of wood, aluminum or steel. The more popular shapes are round, oval or rectangular. Some, including recent versions constructed of rubber, can be taken down or moved once drained and disassembled. Just like their in-ground cousins, these are fully functioning pools with electricity, pumps and filters.

Before opting for this version, check with your local home-owner’s association covenant, as they are sometimes not allowed in certain neighborhoods. At the same time, above-ground pools are usually not taxed as property improvements. 

There are at least three popular options when it comes to digging a big hole in your property. Ones with vinyl liners are reinforced by a supporting framework that is built into the ground. They are the least expensive version but the liners may need to be replaced within 10 years with good upkeep. Another option is a fiberglass variety that is built off-site and dropped into a hole and then fitted with piping. The most expensive version is a gunite pool in which concrete is sprayed over a basket framework made up of steel rods and wire mesh and then textured with a paintable white plaster.

There’s more to owning a pool than just having a really cool pocket of water to jump in to. Whether you go with an above- or in-ground variety, you will probably need to invest in the following:
    • Filter system and skimmers to keep the water clean
    • Steps or ladders (unless they are built into the design)
    • Heating equipment if you live in a predominately cold climate
    • Decking (either wood for above-ground or concrete/stone for in-ground)
    • Pool cover for retaining heat and keeping out debris
    • Some type of fencing (with latch) to keep children and pets from falling in
    • Housing structure to keep the pumps safe from elements and hazards
    • Hand rails, diving boards and lights, which are not necessary but can add to the look

Live & Absolute Home Auction

When: June 20, 2009
Where: Tulsa, Okla.
Auction Time: 3pE/2pC
What's The Deal?: Over 60 homes will be sold absolute without reserve to the highest bidders during a live, televised auction conducted by Auction Network in partnership with Williams & Williams. Interested buyers from around the globe can bid in person, online or over the telephone on single family homes in Florida, Georgia, Indiana, Michigan, Pennsylvania, Oklahoma and many other states across America. The live event coverage will be broadcast nationally on ION Television Network on Dish Network Ch. 217 and DIRECTV Ch. 347 and on Golden Eagle Broadcasting (GEB) locally (in Tulsa) on KGEB 53, Cox Cable 23 and online at auctionnetwork.com. Buyers planning to bid remotely via the Internet are encouraged to pre-register at auctionnetwork.com. Bids can also be placed over the telephone during the live event by calling 1.866.231.8011. The Live Absolute Home Auctions event presented by Auction Network and Williams & Williams will also take place in front of a live audience at the Golden Eagle Broadcast Center located at 81st and Lewis in Tulsa, Okla. Doors will open at 1p CDT and interested bidders should register on site 30 minutes prior to the start of the auctions. Registration is free.
Register: Click here
View Catalog: Click here      

Let’s be honest, not many of the 60 plus homes available this weekend in the Live & Absolute Auction are ready for immediate move in and house warming party. There’s work to be done first. I mean come on, no matter how bad the economy is you’re not getting a ready-made dream house with no reserve and starting bids of a couple thousand.

And while most of the repairs aren’t going to break the bank, a new roof, if needed is a substantial investment. So here are a few tips if you going to need to price out a new lid for your bargain bungalow.

While most roof systems are designed to provide adequate service with minor repairs for up to 20 years (some types, such as copper, slate or clay tile may actually last longer), sooner or later you’re going to have to pay for a complete replacement or a re-cover of the existing system. With the steep price tag attached to either service, it’s in your best interest to hire wisely. Before letting the neighborhood handy man climb up on your roof in a pair of spiked golf shoes, bid out the job to at least three qualified contractors.

Things to keep in mind while evaluating each professional roofer are:
• Don’t take a contractor’s word that he carries plenty of insurance. Ask to see a Certificate of Insurance. The policy should provide protection for both liability and workers’ compensation. Make sure that the coverage period extends far enough that your roof will be repaired or replaced before expiration.

• Each state is different (check with your local Department of Professional Regulation) regarding licensing of contractors. If your state requires specific licensing, make sure the contractor is in accordance.

• If possible, select a contractor with a proven track record. Ask for a referral list and call a couple of previous clients for remarks. A good rule of thumb is to contact clients whose work was done at least three years prior. It also can’t hurt to ask about a contractor’s financial situation. Contact the local Better Business Bureau (BBB) for any red flags or complaints. Find out if the contractor belongs to any regional or national industry associations such as the National Roofing Contractors Association (1-800-872-7663).

• Ask how much of the job the contractor will be handling and how much will be subcontracted.

• Get every aspect of the job in writing. The proposal should be detailed and explain what work will be done, how much it will cost, when it will be completed and what warranties are included for the price. Take extra time to read all the provisions of the warranty as some can be voided based on a number of factors. A good warranty should cover any defects in materials on a repair for three years and up to five years on a new system.

• When the project is completed, make sure that, before making the final payment, your contractor will provide you with a lien release. This will cover you if one of the contractor’s subs or vendors claims it wasn’t properly compensated for services or materials.

Live & Absolute Home Auction

When: June 20, 2009
Where: Tulsa, Okla.
Auction Time: 3pE/2pC
What's The Deal?: Over 60 homes will be sold absolute without reserve to the highest bidders during a live, televised auction conducted by Auction Network in partnership with Williams & Williams. Interested buyers from around the globe can bid in person, online or over the telephone on single family homes in Florida, Georgia, Indiana, Michigan, Pennsylvania, Oklahoma and many other states across America. The live event coverage will be broadcast nationally on ION Television Network on Dish Network Ch. 217 and DIRECTV Ch. 347 and on Golden Eagle Broadcasting (GEB) locally (in Tulsa) on KGEB 53, Cox Cable 23 and online at auctionnetwork.com. Buyers planning to bid remotely via the Internet are encouraged to pre-register at auctionnetwork.com. Bids can also be placed over the telephone during the live event by calling 1.866.231.8011. The Live Absolute Home Auctions event presented by Auction Network and Williams & Williams will also take place in front of a live audience at the Golden Eagle Broadcast Center located at 81st and Lewis in Tulsa, Okla. Doors will open at 1p CDT and interested bidders should register on site 30 minutes prior to the start of the auctions. Registration is free.
Register: Click here
View Catalog: Click here      

Christopher Lee's black cape from the 1958 film version of Dracula is expected to fetch up to £30,000. The woollen cape is one of nearly 250 lots of film and TV costumes from the archives of Angels The Costumiers.

Outfits from Blackadder, Doctor Who and the Harry Potter films are also up for sale at the auction, at Bonhams in London on June 16.

Lee's cape is being sold together with a letter signed by the actor confirming the authenticity of the item, as well as a still image of him wearing the cape as Dracula. However, fans with a smaller budget still have the chance to snap up a pair of waistcoats worn by Lee in 1976's Dracula Pere Et Fils and a 1971 production of Sherlock Holmes. They are expected to fetch the more meagre sum of £100-150.

Other items available at the auction include a full-length cloak worn by Omar Sharif in Lawrence of Arabia, two monkey masks from The Mighty Boosh and Halle Berry's wetsuit from James Bond film Die Another Day.
 

A rare leather-bound book that played an influential role in America's early history could bring a windfall for a soldier training for his second tour in Iraq.

Indiana National Guard Capt. Nathan Harlan was a high school junior when he paid $7 for a 1788 first edition of volume one of The Federalist — a two-volume book of essays calling for the ratification of the U.S. Constitution.

Harlan, a 35-year-old from Granger, Ind., said he always thought his find might be worth about $500, not the thousands it could fetch when it's sold online Tuesday by Heritage Auction Galleries of Dallas.

"I'm really hoping it goes for $100,000, but I'm not holding my breath," he told The Associated Press.

The divorced father of three was 16 when he bought the 227-page book in 1990 after his mother spotted it among book stacks as they browsed at a South Bend, Ind., flea market.

Harlan's high school history class happened to be discussing The Federalist — also known as The Federalist Papers — that same week, so he knew the book was special.

The two-volume set was published months after the Constitution was drafted in September 1787 in Philadelphia. Its collected essays helped rally support for ratifying the document that provided the federal government's framework, said Mark Dimunation, chief of the rare book and special collections division at The Library of Congress.

The essays were penned by James Madison, Alexander Hamilton and John Jay, all of whom used the same pseudonym to focus attention on their pro-ratification arguments.

"It's one of the great political documents to come out of America," Dimunation said. "And the favorite parlor game of the late 18th century was who wrote which essay."

Convicted "Unabomber" Ted Kaczynski, who terrorized the country with a series of mail bombs over nearly two decades, is fighting to stop a public auction of his diaries and other personal possessions.

But Kaczynski's five-year legal battle will come to an end soon unless he can convince the U.S. Supreme Court to review the case.

"I regard him as the essence of evil. He's evil and amoral. He has no compassion," said Dr. Charles Epstein, who was seriously injured in 1993 when a bomb went off in a piece of mail he opened at his home. The blast destroyed both of Epstein's eardrums, and he lost parts of three of his fingers.

Epstein, 75, is a world-renowned geneticist and retired professor at the University of California at San Francisco. He is one of four victims who are owed $15 million in court-ordered restitution from Kaczynski, and he told CNN the auction was important to victims.

"Who would think that we would still be sitting, this many years later, still having dealings ... with the man who tried to kill us?" Epstein said.

Kaczynski was arrested in 1996, pleaded guilty in 1998 and is currently serving a life term in the federal "Supermax" prison in Florence, Colorado. CNN was given exclusive access to videotape the items that will be up for auction, which were seized from the Montana cabin in which Kaczynski lived for years and held in evidence by the FBI in San Francisco and Washington.

The property includes tools, typewriters, knives and a hatchet; Kaczynski's degrees from Harvard and the University of Michigan; and the glasses and hooded jacket made famous by an artist's rendering of the suspect. But experts say the most valuable items probably will be the 40,000 pages of Kaczynski's diaries and other writings.
 

You can find thousands of items for sale on eBay, from golf clubs to cameras, to cars; even weird stuff like holy toast.

But if you type in listing 150349995516, you'll find Sherry Campbell's photo and resume.
 
"What do you do. You market yourself. You have to be able to sell yourself to be able to sell something for somebody else, so I listed myself on eBay" says Sherry Campbell, who works in Pasco County, Fla.

Campbell is a car salesperson in a tough predicament. Instead of a steady paycheck, she's now struggling on commission only. The breadwinner of her family, with four kids and a disabled husband, she says car sales along U.S. 19 in Port Richey aren't what they used to be.

"I was working six-days a week for the most part and a lot of times, I'd go in at nine in the morning and stay until 11:00 at night," Campbell said. "Now I'm making $7.21-an hour and if i don't sell any cars this week, I have to pay them back."
 

Birney Vanderboegh wanted to show his appreciation to Southwest Michigan's farmers for growing "the best-tasting fruit in the country." So the St. Joseph man bid a record $15,300 for the season's ceremonial first crate of local strawberries at the Benton Harbor Fruit Market's annual charity auction.

"I just appreciate the good fortune I've had to live in this area and enjoy so much of this great-tasting fruit," said Vanderboegh, who owns Best Energy, a wholesale propane distributor. Vanderboegh said the money he bid will be donated to Grace Christian School and Napier Parkview Baptist Church.

In past years the auction's winning bid has often been a combined effort among several buyers. Vanderboegh was part of a group of 32 people who collectively bid $15,200 for the season's first strawberries at last year's auction.
 

From coffee mugs to caskets, the men of Kiss have never been above selling out. But Gene Simmons has upped his game by auctioning off his kidney stone on eBay for a righteous $15,000. "I passed a kidney stone and I put it on eBay for charity," the Kiss bassist told the Today Show. "I got $15 grand."

Host Kathie Lee Gifford then asked Simmons how much he might get for other parts of his body. To which Simmons -- who was plugging his A&E series Gene Simmons Family Jewels -- jokingly snapped, "Settle down."