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Heading to auction today... any tips?
Comments
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Doozergirl wrote: »Stand right at the back or at the side against the wall so you can see everybody.
I always leave bidding until the last possible opportunity. Sometimes I've never get to stick my hand up even but if you watch the bidding it's clear to see whether they are 'bidding off the wall' or whether you have genuine competition. Then step in once it's slowed down. It may never work but if your competition is genuinely wavering at that point, coming in as a surpise can sometimes puts them off going much higher than their top price. On the other hand, you might just find that the competition just keep going. Be confident with each bid.
The last house we bought they bid it off the wall to £175,000. The auctioneer eventually told us what the reserve was because he couldn't sell it to the non-existant bidder at £175k! We didn't even put our hand up until he told us the actual reserve price which was well within budget - would have been pretty rubbish if we'd been bidding higher against someone who didn't exist! They do try to bid them up towards the reserve if there isn't much interest initially and you can end up paying too much so watch very carefully. If there are two of you, one bid and one watch intently! If there isn't too much interest, there is the potential that it doesn't sell. Don't worry, you can approach later and negotiate the deal.
Just wondering how do you know there is an non-existant bidder?0 -
Just wondering how do you know there is an non-existant bidder?
If you're in a position where you can see the room, you can see people's faces, hands etc. What you find after a few bids that most people can find where the bid is coming from, even if the person bidding is quite discreet, because you look at the people in that area and where people are looking to.
Rather than watching the bidders, you find people just end up looking at each other. You get a lot of blank faces and people start looking at each other knowingly when a bid is coming of the wall.Everything that is supposed to be in heaven is already here on earth.
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