Buyer's premium
A percentage fee added to your winning bid, set by the selling agency — so it varies listing to listing. On GovDeals it's commonly in the high single digits to low teens (often ~7.5%–12.5%), sometimes capped. It's part of your landed cost, not an afterthought. More on GovDeals fees →
Landed cost
The total it costs to get an item into your hands, ready to resell: winning bid + buyer's premium + sales tax + shipping or freight (or pickup cost) + any repair/refurb. The single most important number to compute before you bid — you compare it against resale, never against the opening bid.
As-is, where-is
Sold in present condition, with no warranty and no returns, at its current location, with the buyer responsible for removal. Standard on government surplus. It means all condition risk is yours — treat anything not clearly pictured or described as missing or broken.
Reserve price
A minimum price the seller will accept, often hidden. If the highest bid finishes below it, the lot doesn't sell ("reserve not met"). Many surplus lots have a low or no reserve, which is why opening bids can look so cheap.
Sell-through rate
The share of listed lots that actually sell rather than going unsold. Government-surplus auctions run a high sell-through — sellers are liquidating and open low, so most lots clear. We measured ~76% across one week →
Sold comps (comparables)
Recently completed sales of the same or similar item — e.g. eBay sold listings — used to estimate what something actually resells for. Always price off sold comps, never current asking prices, which are what sellers hope for, not what the market paid.
Hammer price (winning bid)
The final accepted bid amount — before the buyer's premium, sales tax, and shipping are added. The hammer price is never your real cost; landed cost is.
Removal deadline
The date by which a winning buyer must collect or arrange removal of a lot, set by the seller (often just a few business days after payment). Miss it and you risk storage fees, forfeiture, and account penalties. Confirm you can meet it before bidding on pickup-only or freight lots.
Pickup-only
A lot that can't ship — you must retrieve it in person within the removal window. This effectively caps your buying radius: a "cheap" lot hundreds of miles away isn't cheap once you add fuel and time. More on shipping & pickup →
LTL freight
"Less-than-truckload" freight — palletized shipping for heavy or oversized items that won't go parcel. Minimums commonly start around a couple hundred dollars, plus accessorial fees (liftgate, residential, limited-access). Budget it before bidding on anything heavy.
Profit gap
Resale value minus landed cost minus resale fees — the actual margin on a flip, and the only number that decides whether a lot is worth bidding on. It's the gap GavelGap computes on every listing. The full flip math →
Friction (flags)
Conditions that quietly reduce value or add cost: untested / for-parts, BIOS- or activation-locked devices, missing titles or keys, and freight-only / pickup-only logistics. Each one is real cost the headline price doesn't show. See the Red Flag Checklist →