Auction tactics

[RedinSweden]

Right, i thought I would tap the wisdom of the GF once more. Next week we will be bidding on a house. In Sweden if there is more than one interested party, it goes to a closed auction. This is pretty normal and we are assuming that this will happen on this one as it is a nice house in a good location.

But, my question is this, what do you think is the best tactic to use when bidding. i will put up a poll with some different examples, but by all means add suggestions.

[mattyq]

You could spread rumous that the house is possessed by an evil spirit and the last inhabitants were brutally murdered by an axe wielding maniac and bring Paddyb along as an example of said fiend

[DJLJ]

Kill other potential bidders, to avoid bidding in the first place?

[RedinSweden]

You could spread rumous that the house is possessed by an evil spirit and the last inhabitants were brutally murdered by an axe wielding maniac and bring Paddyb along as an example of said fiend

 

I'd have to fly him over and paddyb has been hit with a global ban on flying.

[mattyq]

Is he banned on the ferries, too?

[RJ Fan club]

If its two party auction I don't see what option you have except nominal increases till the other party falls away.

 

If its an open auction I would wait till the bidding has slowed then at the last minute put in a bid say twice what the increments where. So if the property is increasing in £1,000 installments put an extra couple of grand on. That may just scare away the other parties enough to secure it, if not stay in till your budget with increases thereafter.

 

If its a family bidding against you, couldn't you get one of us to e-mail the husband and say she is playing away and therefore get them to drop out of the need for a family home.

[RedinSweden]

Is he banned on the ferries, too?

 

he has been for years.

[captainharris]

From my experience (in other words - watching shite like homes under the hammer), the person who always wins the auction is the one who doesn't get involved in a bidding war. Just allows other people to fight it out then nip in at the end.

 

I think its likely that once the winner of the bidding war has won, as soon as someone else pops up with a bid its almost as if they don't want to fight anymore.

[RJ Fan club]

From my experience (in other words - watching shite like homes under the hammer), the person who always wins the auction is the one who doesn't get involved in a bidding war. Just allows other people to fight it out then nip in at the end.

 

I think its likely that once the winner of the bidding war has won, as soon as someone else pops up with a bid its almost as if they don't want to fight anymore.

 

I learned mine from crap in the attic or what ever its called. Oh and from the Duke on Bargain Hunt

[RedinSweden]

From my experience (in other words - watching shite like homes under the hammer), the person who always wins the auction is the one who doesn't get involved in a bidding war. Just allows other people to fight it out then nip in at the end.

 

I think its likely that once the winner of the bidding war has won, as soon as someone else pops up with a bid its almost as if they don't want to fight anymore.

 

I'm leaning towards this tactic I think.

[Sweeney287]

How long do you get to change your offer once you are aware of what the other party has offered?

[G Richards]

There's a lot to be gained from observing and then nipping in. Good luck!

 

PS - as a general purchasing principle, you usually don't get as good of a deal if you can't walk away from something. So, in this instance, if you and your wife have other alternates in mind, it would hopefully stop you overpaying for this.

 

Also, will this house be nearer to Cat in Sweden's new stomping ground?

[RedinSweden]

How long do you get to change your offer once you are aware of what the other party has offered?

 

You are informed of the other bid and can bid again

 

There's a lot to be gained from observing and then nipping in. Good luck!

 

PS - as a general purchasing principle, you usually don't get as good of a deal if you can't walk away from something. So, in this instance, if you and your wife have other alternates in mind, it would hopefully stop you overpaying for this.

 

Also, will this house be nearer to Cat in Sweden's new stomping ground?

 

It is only 3 mins walk away from where we live now, and right next to where he was eventually found, so he obviously likes it there.

 

Here is the house anyway, if the photo works

 

[Tom R]

Always enter the bidding late if possible as the fewer people bidding initially means that the price doesn't get carried away in the frenzy.

 

ONce it has stabalised you can come in with your bid.

 

 

Don't ever go above your agreed limit though.

[RedinSweden]

Always enter the bidding late if possible as the fewer people bidding initially means that the price doesn't get carried away in the frenzy.

 

ONce it has stabalised you can come in with your bid.

 

 

Don't ever go above your agreed limit though.

 

We won't go over our limit, but that is about 40,000 quid more than the asking price, so I doubt that will happen.

[G Richards]

Looks very nice. Best of luck. I think you'll do well. You can obviously afford it, and you've got some good advice on here in terms of not jumping in too soon. Let us know how it pans out.

[RedinSweden]

Looks very nice. Best of luck. I think you'll do well. You can obviously afford it, and you've got some good advice on here in terms of not jumping in too soon. Let us know how it pans out.

 

Will do. It will probably take place next monday or tuesday. I will post live updates on the thread and people can then offer advice. It will be the forum's very first live, interactive house auction.

[RJ Fan club]

Nice garage/shed on the side there James,

 

plenty of oppertunity for power tool tomfoolery I assume?

[Tom R]

What are the house prices like over there anyway mate?

 

Me and the Mrs are putting an offer in on a house this week and it's scarily expensive for a 3/4 bed semi.

[Strontium]

I learned mine from crap in the attic or what ever its called. Oh and from the Duke on Bargain Hunt

 

 

Everything that is worth knowing in this life can be learnt from The Duke.

 

What a Bobby Dazzler.

[RedinSweden]

What are the house prices like over there anyway mate?

 

Me and the Mrs are putting an offer in on a house this week and it's scarily expensive for a 3/4 bed semi.

 

This one has an asking price that converts to about 210,000 quid. It is a popular area though, 30 mins from Stockholm and 10 mins from Uppsala (which is also a pretty decent sized city) means that they are relatively high. in other places you can probably get a 3 bedroom house for about 50,000 quite easily. This one has 5 bedrooms which is why we like it as we have our three kids and lots of guests coming over.

[wiiksie]

Nice house Jim, good luck mate.

[RedinSweden]

Nice house Jim, good luck mate.

 

Cheers. It is acetastic. Right next to the long distance skiing track which doubles as a running track in the spring, summer and autumn. The best thing is it wouldn't disrupt the kids at all as it is so near to where we live now. It has an open fire too and I love fire.

[Strontium]

I love fire.

 

Maybe a home in Wales would be a better buy then?

[RedinSweden]

Maybe a home in Wales would be a better buy then?

 

I now live in fear of the Sons of Odin Glendowersson.