Went to a local Auction, one dummy bidder, three actual bidders.
Was a mortgagee sale, the dummy went from 350 to 450, but bidding stopped at 470k.
Agent then negotiated a final price of 481k.
He was more interested in whether the couple bidding had a big enough deposit to cover their fees I'm guessing, from watching the discussions.
The winners made a couple of basic mistakes:
The needed to ask whether the reserve was reached, which they didnt, and they should have counter bid the "agents" offered 481k with something just above their 470k.
The price is fair for the area, but they cost themselves a few grand. In the scheme of things they will do OK, except for the royal blue carpet in the 4 bedrooms which really irritated the senses!
Went to a local Auction, one dummy bidder, three actual...
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