My auction experience
In 2006 my home was bought by a guy deep into what I have come to call the gold rush, 2002-2007. This guy landed up paying $385K for the same P.U.D. that I later bought for $167K plus buyers premium. So on to my story and experience. I had been looking for a home for the sole purpose of buying and then selling.
The auctioneers and potential buyers met at one of the addresses of the homes to be auctioned off that day in October of 2008. I was waiting for a plain townhouse to come up, it was a 3 bedroom 2.5 bath 1500 sqft unit. As most auctions go it was predictable, the price started low but jumped up rather fast. It was between myself and anther bidder or two, but I wasn't caught up in the emotion or noise of the moment. My theory is don't buy a home you want, buy a home you have to buy because it's too good of a deal. Well my top ceiling offer was , I had at that moment enough of the bidding game and said, "That's It, I'm Out". My cousin/realtors jaw was agape, I am not kidding you. He was standing there with his jaw nearly on his chest.
Now comes the interesting part, the auctioneer basically starts begging me to get back into the action, well if you don't want to bid $5000, how about $4000, NO I'M OUT, well how about $3000 NO I'M OUT, come on..$2500, just $2500, well I must have of been feeling like a pigeon waiting to be plucked so I agreed. The bid was in, and it seemed the auctioneer did not attempt to cajole the other bidder. Going once, going twice, going three times..sold (in my mind I was thinking ) to the squab with the butter sauce.
My actions should have of told the other bidders that all they would have of had to do is up the bid a small amount and the home would have of been theirs, but this did not happen. My cousin/realtor was able to pick up his jaw and I had my first house. I have thought off and on that some of the bidders may have of been shills. What do you think?
By the way I did get an okay deal in the end, NOT a great deal just an okay deal. Some times you have to settle for okay.