Hi T
Auction starts, Hits price range. House gets sold or it doesn’t. And has the ability to go much higher if the buyers are there.
So the seller does not have a reserve price ?
Or the reserve price has to be the very bottom of the range
How wide is the range allowed to be
Would have to be on a $1 mill house about 25%
Does that suit you
eg reserve $1 mil
Range $1 mill to $1.25 mill
Sounds ludicrous to me plus you would have to advertise that it is over $1 mill and cut out most of the buyers
Repeat an Auction is a show --- the idea is to excite the crowd and make the seller more realistic
Result :- the seller takes less than he thought and the buyer pays more than he wanted and there is a successful sale
IMHO you should never buy at auction, go to private treaty and negotiate
