New Home Buyers Hot Tips Part 25: Tips to Bidding at Property Auctions:

New Home Buyers Hot Tips:

Part 25: Tips to Bidding at Property Auctions:

L)  Know what a vendors bid is?

 A vendors bid is where the auctioneer actually bids on behalf of the owner especially where the price in the bidding has stalled and the top bid is no where near the reserve price. Some real estate agents do not allow vendors bids to get the bidding close to the reserve price. They use other tactics like putting pressure on the highest bidder to up their own bids to get it closer to the reserve price. Don’t up your bid as you are only bidding against yourself. Watch out though for the vendors bid.