09/24/2013 05:55 EDT | Updated 11/24/2013 05:12 EST

Be Bold, It's Sold: The Rules Of The Game (Part Two)

After fifteen years on the auction circuit, we know how to turn a single night of work into thousands of dollars in profit. In fact, we've bankrolled family vacations, our daughter's tuition and a complete home reno with auction earnings alone. And we just keep coming back for more.

This world is not for the faint at heart, as big risks reap big rewards! But, there's ALWAYS money to be made, and that's what matters.

A lot of the responsibility lies on the buyer to make sure they know the rules and know their items. Way back in the day I remember we bought 2 sealed computer programs. We assumed the much needed product key numbers were inside the sealed packages... they weren't. We bought them for $550 each. This was a grey area and when mentioning to the auctioneer, it was "too bad" because he had mentioned when the items came up for sale that it was an "as is" item. It was a BUST for us!!!!!

Attending and bidding at an auction can be intimidating for a newbie. Auctions open their doors about 2 hours before it begins, so that people can preview the items up for sale.

So here are a few common rules to follow as you enter the auction house and get in on the game!

Don't piss off the auctioneer

Ultimately, the auctioneer decides when the gavel drops, so it's in your best interest to stay on his/her good side. Whistling is considered extremely rude. If he/she can't see your bids, MOVE! You had better get in the auctioneers' eye line or you could miss out on the item you want. There are usually a few spotters (auction house employees) on the floor that can shout out your bid to the auctioneer but you still need to have the auctioneer catch your bid, not anyone else -- the buck stops with the auctioneer, period.

• Never move an item from one spot of the auction to another, this totally pisses off the auction owner

• Be patient, as the auctioneer will get to your item soon enough.

• Use your bidding card to get the auctioneers attention when bidding, if they can't see your card they probably will miss your bid.

Paws off

• Opening sealed boxes and trying to peek in packages is a one-way ticket out the door. Resist the urge.

No warranties

• Everything at the auction is sold as-is. Take your time during the auction preview to ensure an item is up to snuff.

• There are no refunds or exchanges. The auctioneer (or caller) usually explains what each item is before bidding starts; but again listen to the house rules of the auction house, these rules are either mentioned by the auctioneer prior to the sale starting, on the back of your bidding card or posted at the front of the auction house where you register.

• During the preview of the sale if you have questions about something either its condition, parts missing or whatever this is your time to ask the auction house employees about any item you have doubts about.

• Don't be a poor looser sour puss, if you win the bid on an item and then realize it isn't what you thought it was... that's too bad; it's now yours!

So now you have a very basic idea of auction rules 101. Get out there and do your research, preview the sale and have some fun and hopefully make a good profit in the end. I challenge you! Hey, you've got to start somewhere.

Watch Mr. & Mrs. Hollywood (Robbie and Kathleen Baggio) on their new auction hunting series Lost & Sold every Monday with back-to-back episodes starting at 10PM ET on Slice.