Auction tactics

[Karl_b]

Just go all in first bid.

[WaltonRed]

Live by the sword, die by the sword.

 

Get in early and stamp your authority, its 'your' house now go and get it!

[bri]

i've worked on property auctions before and I've seen people shit bricks and shake like fuck when the bidding starts.

 

Know your budget period. In the UK it's a law abiding agreement once that hammer goes down and you have pay 10% on the spot.

 

So find out the law and know what your getting into.

 

Don't panic, let the auction play out and see who the bidders are, keep cool. If no one is bidding on the property the auctioneer may bounce bids off the wall (fake bidders) to get the bid up to the reserve. Once the reserve is hit he'll slow it right down and see who's in.

 

ive also known people to take fake bids off the phone to drive the price up so in effect you have one person bidding against themselves. It can be a bit of a minefield.

 

Know your budget, don't panic, don't dive straight in and don't show your cards to early.

 

Most importantly do as much research as you can so you know the true value of the property.

[Stu Monty]

Jim, you've some to the right man by asking me. Every year we have a fantasy f**tball auction involving five or six of my mates who all know each other well, you have to develop your skills in that environment. I found that dropping in the odd comment along the lines of "Did you see that thing in the paper about them looking for competition for him/two good years in a row is a real ask/if you bid I'll glass you in the throat" seems to often drive down the price. When the price is rising you could do that teethdrying thing that all workmen do and say "A bit pricey this given the quality still to come on the list...madness".

 

I have many of these ninja-like auction weapons that I could impart to you.

 

For the record I am currently 5th out of 7 in our Fantasy League with injuries everywhere. Follow me and you could end up living in John Utaka; and nobody deserves that.

[Hamma]

Good luck, RiS. Not sure if this is relevant, but with regards to the house did you check if the bank had repossessed it?

 

Should this be the case, it would be a good idea to do checks that there are no lodgements made by the owner(s) of the house. Home owners use this as a tactic to drive away potential bidders and force the bank to negotiate on the loan repayment.

 

The lodgement may impact your ability to secure a loan, meaning that you would have to make a cash purchase. Again, not sure if this is relevant or applicable to Sweden.

[RedinSweden]

Good luck, RiS. Not sure if this is relevant, but with regards to the house did you check if the bank had repossessed it?

 

Should this be the case, it would be a good idea to do checks that there are no lodgements made by the owner(s) of the house. Home owners use this as a tactic to drive away potential bidders and force the bank to negotiate on the loan repayment.

 

The lodgement may impact your ability to secure a loan, meaning that you would have to make a cash purchase. Again, not sure if this is relevant or applicable to Sweden.

 

Not sure if any of that applies in Sweden either, but this is a normal sale. We know people who know the people who live there. they are moving to a brand new house in the next village. Cheers for the advice though.

[Hazel Motes]

Try to get a loan, preferably from Northern rock, then form a company - RiS House Holding - and buy the house. Promise the house and its neighbors that you will buy a new swimming pool within short. After that, refinance the loan, and make sure it's in the houses' own name. Every 18th month, refinance.

 

Sounds like a nice house, and a very cheap one, considering the sick house prizes in Sweden these days (that's how much a nice apartment costs in Stockholm). Good luck!

[RedinSweden]

Try to get a loan, preferably from Northern rock, then form a company - RiS House Holding - and buy the house. Promise the house and its neighbors that you will buy a new swimming pool within short. After that, refinance the loan, and make sure it's in the houses' own name. Every 18th month, refinance.

 

Sounds like a nice house, and a very cheap one, considering the sick house prizes in Sweden these days (that's how much a nice apartment costs in Stockholm). Good luck!

 

It is a good price and prices are becoming more and more "stockholmy" where we live. We expect to have to pay around 2.8 or 2.9, but hopefully we will get it for nearer the asking price.