Ah, eBay. The home of both the soon to be rich and the soon to be duped. You may have heard some really great stories about how they bought on thing at a low-low price over at eBay. You may have heard some poor bastard weep for paying for a pricey piece of junk without even receiving the item in the mail.

So what do you have to do to land that item? Read on.

Even if you’re not an eBay seller, eBay is still a great place to shop. Well, sans all of the dangers, that is. The secret in coming up with a great deal on eBay is knowing when to bid and when not to.

Here are some hints on when you shouldn’t even bother with something:

• Fictional items - Google for the exact item and model, if you couldn’t find it, it probably doesn’t exist
• Absurd shipping costs - Check UPS or FedEx for the standard shipping costs. You don’t want to be killed with shipping costs
• Listing and descriptions that don’t match - Better make sure that what’s listed and the descriptions match. You don’t want to be suckered in clicking for a 2GB RAM stick and finally get a 1GB RAM. You don’t know what come-on-getter titles they put up
• Atarting bids and buy-now prices higher than actual market price - Better buy elsewhere or in your trusted regular store.

And when you’ve finally assured yourself that everything about the item’s all okay, here are some steps on landing that darned item.

Decide on a Product
Just like buying in an actual store you better compare prices. Better check on the actual market prices too.There will be some common item listings of the same product there and it’s better scope up that better buck-per-bang deal.

Decide on a Seller
A product could be sold by several sellers. But you really have to check feedback. It’s best to buy from a 100% positive seller or those who score the very high 90s. Check out if other buyers also bought similar items like the one you’re buying. There’s nothing like a peer feedback to assure you that you’ll be doing okay with that seller.

Check the Bid Time Remaining
Knowing the bid time would give you an idea how to sort out your bidding schedule. You might want to keep yourself free when the closing bell finally rings just to make sure you’re still on top.

Scout Out the Competition
Before you enter the bidding process, scope out if you’ve got some competition. It’s a bidding If the seller has multiple listings of the same product, better queue on one that has no competition. Knowing who you’re bidding with by checking their feedback rating would also give you a hint if it’s a sealed deal or not. Experienced eBayers might just snipe you up on the last minute.

Continuously Check the Item
This is an auction. You don’t want to be left behind with the going-going-gone process. Stop bidding if you are going beyond the market price. It’s not worth it.

Cap Your Autobid
If you’ll be away and wouldn’t be able to check the item on the last minute, better set an autobid. But remember to put a cap to it. Make sure you never go beyond the market price (including the shipping). Some hardcore eBayers use autobid software that busts you with a last-minute bid. If you happen to be outbid, better try your luck next time. Remember, if you didn’t get it, then it’s not meant for you (Assure yourself, “I’m not a sore loser…” :p) .

Contact the Seller
Once you receive notification that you won the item, contact the seller for further details.

Settle the Payment
Sort out the payment details. It’s always best to use the gold standard of eBay transactions - PayPal. Be wary of other payment methods. Make sure that the payment service is a known one (Western Union, Xoom, eGold…). Make sure you keep track of all the tracking numbers of both payment and shipping.

Wait for the Shipment
It might take 2-3 business days but you’ve got to wait before getting your hands on a price catch. It would also be worthwhile to check the shipment (with the shipping company using the tracking number) if the package is in transit just to make sure you aren’t duped. You might be waiting for something that wouldn’t even come.

Confirm Receipt with Seller
Once you receive the item, check it out for any anomalies, discrepancies, damage and what have you. Test the item if it’s 100%. If it’s working, then send your seller an e-mail confirming receipt.

Leave a Feedback
If the transaction went well, put in a good word for your seller. He’d put in a good one for you too. And on eBay, good karma counts. Once you’ve established that you’re a great buyer, it’d be a breeze buying other stuff too.

So with those tips, I hope that you’d be a better eBayer now. Learn from experience and enjoy. Who know, you might score some great deals on a fusion reactor somewhere.