bying a house prior to auction
Sat May 03, 2014 7:23 am
anyone bid on a house prior to auction should i bid
below asking price or asking price was up for 45k
then 40k now its starting at 25k
below asking price or asking price was up for 45k
then 40k now its starting at 25k
Re: bying a house prior to auction
Sat May 03, 2014 10:41 am
dabo blue wrote:anyone bid on a house prior to auction should i bid
below asking price or asking price was up for 45k
then 40k now its starting at 25k
bid a little above 25k.......and you know you got a bargain....ive only been to auctions.....if you bid before they normally ask you to be a cash buyer ...no mortgage...
Re: bying a house prior to auction
Mon May 05, 2014 10:42 am
cheers mate 
Re: bying a house prior to auction
Mon May 05, 2014 1:15 pm
Be vary, very careful if your bidding at auction as something happened to me a few years ago that I would never have believed could be allowed to happen.
I was left a Cardiff property in poor repair in a will - tried to sell on the open market but no takers - it ended up becoming a liability, so I thought "shit or bust" I will put it on with a well known auction company from south wales (a seagoing mammal, that eats fish and you sometimes see in the zoo performing tricks & Co - sorry cryptic clue).
I had set the reserve at xxxxxxx - I was there at the auction. The bids went right up to about 8% below the reserve price.
Straight after the auction, I approached the auctioneer to let him know that I was willing to accept the lower bid price.
He informed me that he could not have accepted the offer as nobody was bidding??? I asked what he meant and he said that the auctioneer sometimes uses ghost bidders (when there is nobody interested in bidding) to pretend that there is interested people bidding as it may spur others on to bid.
I was in shock, i can tell you, and I would never have believed that could happen in this Country?
So be aware - my advise is to stand at the front facing the bidders and watch like a hawk !!!
Hope this helps, its very true mate.
Bloobirds forever !! 
I was left a Cardiff property in poor repair in a will - tried to sell on the open market but no takers - it ended up becoming a liability, so I thought "shit or bust" I will put it on with a well known auction company from south wales (a seagoing mammal, that eats fish and you sometimes see in the zoo performing tricks & Co - sorry cryptic clue).
I had set the reserve at xxxxxxx - I was there at the auction. The bids went right up to about 8% below the reserve price.
Straight after the auction, I approached the auctioneer to let him know that I was willing to accept the lower bid price.
He informed me that he could not have accepted the offer as nobody was bidding??? I asked what he meant and he said that the auctioneer sometimes uses ghost bidders (when there is nobody interested in bidding) to pretend that there is interested people bidding as it may spur others on to bid.
I was in shock, i can tell you, and I would never have believed that could happen in this Country?
So be aware - my advise is to stand at the front facing the bidders and watch like a hawk !!!
Hope this helps, its very true mate.
Bloobirds forever !!
Re: bying a house prior to auction
Mon May 05, 2014 2:22 pm
It is quite legal for an auctioneer to bid up to the reserve price, on any item.
Doesn't quite seem right, but it is most definitely legal, and is normal practice.
Doesn't quite seem right, but it is most definitely legal, and is normal practice.