I learnt a real estate agent trick to drum up interest in auctions over the last couple of weeks. While I can say I saw this coming a week ago, to have it confirmed annoyed me. I was looking at property that was advertised as mortgagee in possession. Checked it out during an early open, it was ok. Not really something that i was looking for at the time. A couple of weeks later i get a call from the first agent, says the vendors are desperate for money and just looking for offers. So I make them a really low ball offer. I hear nothing back, and they don't return my calls. I'm ok with this. A few weeks pass, I get another call from agent #2. They say they're really desperate for money and willing to listen to any offer. So I offer another low ball, but $25k more then my last. I hear nothing. A week later, she calls back and says if i'm willing to go unconditional they will consider my last offer. After some thought I think it's worth the risk (approx %7 yield) and make a slightly lower unconditional offer. I sign a contract, send it over and said i need an answer by the next morning at 10am (the next open house was at 11am). So the next morning, i get a text at 8am saying that they are still thinking about it, but want to see what happens at the open house that day. I call back but get no answer. I call about 3 or 4 times over the course of the morning and around 10:30am i sent a sms saying i rescind the offer. About 10 mins later i get a call from the agent saying she's been so busy with other open homes, but asking if i'm really sure i want to rescind? I told her i didn't want my offer being used to fish higher offers, so i said i was sure. I was fretting that for a bit at the time, procrastinated for a while over it. But i thought that no returned calls or sms's for hours was certainly fishy. And if i set a deadline, i have to follow through. I actually went to the open house and no one was there. So i thought that was encouraging and worked in my favor. So the day passes, I call the agent again in the afternoon and said i'm still willing to work out a deal. She said she needed to call people, the vendor, the agent at the open house to follow up any people and get back to me. I hear nothing for a few days and then i get a message saying that they have decided to go to auction. This basically confirmed to me that i got sucked into some game they must play a lot on peole to drum up auction interest. This also annoyed me for the fact that i had another property that i decided not to pursue because i thought i had something promising lined up here. So, today was the auction. I had my top dollar worked out and it worked its way just over this amount (without any bids from me, 1 couple and vendor bids). I'm done i think, but was interested to see what it was for sale for. Final bid was for $285k and the auctioneer checked with the vendor. They declared they would accept nothing less than $318k. No one bid and the property was passed in. I started thinking of all the calls back and forth between the agent and I about what the vendor is saying and how they were considering my offers closely. In reality, i doubt the vendors ever even saw my offers. I question if its really mortgagee in possession. The agents had to know their expectations and just bullshitted me the whole way. I've learnt not to trust anything anyone says, but is this stuff par for the course? I honestly thought I had stuck gold for a day or two.