Jul 25 2013, 09:21 AM
QUOTE(chulk @ Jul 24 2013, 09:41 AM)
this is what happened for most hot properties auction.
1. 60% chances of the auction will called off.
2. if not, you will see about 50-150 peoples ( at least ) try to bid the same properties with you
3. if reserve price 570K, usually auctioneer will start the bidding with higher price, let say 650K
4. most likely you wont have chance to raise your hand unless you are super rich
5. 99% chances of the deal closed at 5-15% above market value.
6. and you go back home with a good lesson, cancel the banker cheque, and swear no more next time
Went to one auction and did not get any because price is higher than what i could find in paper. Many years back try on OUG 2sty it went to as high as 315k the bidder seems still blur blur dont know what price they calling, just raise their hand lol... I give up and found one at 310k.1. 60% chances of the auction will called off.
2. if not, you will see about 50-150 peoples ( at least ) try to bid the same properties with you
3. if reserve price 570K, usually auctioneer will start the bidding with higher price, let say 650K
4. most likely you wont have chance to raise your hand unless you are super rich
5. 99% chances of the deal closed at 5-15% above market value.
6. and you go back home with a good lesson, cancel the banker cheque, and swear no more next time
In auction, many people cari makan when they know is hot property they will enter not wantign to win the bid for the property. Just to ask kopi money few hundred bucks so they wont raise hand to jack up price. if too many serious buyers than no choice cannot kawtim let it free run.
Thats my experience
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