Man bids against himself at auction

Discussion in 'The Buying & Selling Process' started by Cimbom, 16th Jun, 2017.

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  1. Joynz

    Joynz Well-Known Member

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    Could easily be East St Kilda, Melbourne which has a strong orthodox Jewish community. I used to live there and this dress is a common sight.
     
    Joynz, 18th Jun, 2017
    #41
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  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Orthodox conservative hipsters?
     
    Scott No Mates, 18th Jun, 2017
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  3. Bonz

    Bonz Well-Known Member

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    Conservative Orthodox Jewish hipsters, why not? no better or worse than a traditional Aussie bogan hipster, their subcultures of the hipster
     
    Bonz, 18th Jun, 2017
    #43
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Wot? No VN Commodore?

    A began hipster wearing a cap would have the cr@p beat out of them.
     
    Scott No Mates, 18th Jun, 2017
    #44
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  5. Spiderman

    Spiderman Well-Known Member

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    Spiderman, 18th Jun, 2017
    #45
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Scott No Mates, 18th Jun, 2017
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  7. Bran

    Bran Well-Known Member

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    Bran, 20th Jun, 2017
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  8. Sackie

    Sackie Well-Known Member

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    Sackie, 21st Jun, 2017
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  9. 3k_Alan

    3k_Alan Well-Known Member

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    it's stupid to outbid yourself once it has past the reservation price. but even before reservation price. it shows your confidence in the property and that gives confidence to other bidders to bid more.

    In QLD sometimes agents will place in a bid on behalf of the owner and bidders outbid that bid but they are still effectively sometimes are outbidding themselves.

    bidder Joe
    agent's bid
    bidder Joe
     
    3k_Alan, 3rd Jul, 2018
    #49
  10. Air_Bender

    Air_Bender Well-Known Member

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    Are you referring to Vendor bids?

    They're not really unique to QLD. In NSW auctioneers are allowed to make only a single vendor bid whereas down here in VIC there are no limits (as far as I'm aware).
     
    Air_Bender, 3rd Jul, 2018
    #50
  11. 3k_Alan

    3k_Alan Well-Known Member

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    in QLD there is no limit as well, so they really go to town on low IQ real bidders.
     
    3k_Alan, 4th Jul, 2018
    #51
  12. wylie

    wylie Moderator Staff Member

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    How many low IQ bidders do you think would be at any auction?

    I don't really see any issues bidding against yourself in one way. If you bid at $800k and the reserve is $950k then you might have to bid against yourself or have it passed in on a vendor bid.

    If the vendor isn't selling below $950k (and I know nobody really knows their situation), then it won't matter if you are bidding against yourself (or in the old days... against a fence post or potted plant) because you'll miss out unless you get up closer to what they are looking for.
     
    wylie, 4th Jul, 2018
    #52
  13. dabbler

    dabbler Well-Known Member

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    The thing, and only thing, is....

    Do you know what your doing and know what your buying, if yes, carry on, if no, then it may be a problem.

    If your the only interested party, there is little point of buying at auction unless the vendor meets you where your happy to buy at, otherwise a regular sale would be my preference.
     
    dabbler, 4th Jul, 2018
    #53
  14. neK

    neK Well-Known Member

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    It depends on the situation.
    Sometimes it calls for it, sometimes it doesn't.
    Every situation is unique, there may be similarities, but its the subtle differences you need to pay attention to, eg. how people are reacting, what the other bidders are doing, how the agent reacts, is it called on the market, etc.
    Bidding against yourself can work, but with everything its a double edge sword, you need to know when to use otherwise you will hurt yourself.
     
    neK, 4th Jul, 2018
    #54
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