I heard a story recently from some buyers who had made a bid on a property that went nowhere. And then it sold to someone else, which they couldn’t understand as they had been prepared to increase but didn’t know how to progress when the agent clearly didn’t take them seriously. Lazy or disinterested agents are difficult to deal with. Here are some guidelines on how to bid successfully at an auction.
The potential buyers weren’t even sure their offer had been presented to the vendor. Buyers often make a mistake of using the asking price as the starting point for negotiations instead of first working out what the market value of the property is.
If you know what it is worth and make a really low offer that falls flat, you can then have the confidence to increase your offer. But if you have no idea what it is really worth you may fall into the trap of thinking “I don’t want to compete with myself”.
You are not competing with yourself if you are nowhere near market value! The agent and owner will simply wait till another buyer is found who will pay market price. Which is what had happened in this case. Do your research and learn how to bid successfully at an auction.