I am interested in a property at Auction.com. It opened up for Bid today and i went ahead and put in for their minimum bid. I noticed that
right away, the system countered bidded against me and raised the price. I guess if i keep bidding it will keep raising till we get to the reserve.
What do you all suggest i do? Keep bidding till i get to my number? Or wait now till its really close to when the bid will end that way I
have a chance of getting at a lower price? I think i know what the reserve is or around, but i dont want to bid up since no one has bidded but me.
The properties I have bought, I put in just short of what I was willing to pay. If the auction was coming to an end, and the ending price was over, but close, I went a head and bid over it.
If you don't get to the reserve price, then don't worry about it - it will be re-listed with a lower reserve until it's sold....this process could take months.
Decide on what you are willing to pay for the property first. If you know that and are willing to pay that, than you can play the game until you hit your high. Then, just become a bystander and watch.
If you have the opportunity to place a bid early, set your max bid and walk away. Let the system do what it is going to do.
Remember what they say...Most will make $ in RE on the purchase, not on the sale.
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