rebel, thanks for that. I went to my first house auction a couple of weeks ago, and couldn't understand why, having offered it to the floor at $450k and got no response, he then went away for a couple of minutes "to confer with the vendors" and then returned to say there was a vendor bid at $500k. At the time it seemed insane to offer it at $500k when no-one would bid at $450k - you've explained the method in their madness.
