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Hi Kristine, The circumstances we've been in is at auction with an agent who we knew well (& who I didn't trust for a second!) and the auction had nearly stalled, we had not placed a bid, but it was pretty much at our max. There were still a couple of parties slogging it out, so I didn't...

also, I don't see the so-called 'knockout' bid being an effective tactic at all. I think it has the opposite effect, that the bidder putting a large bid out there is most likely really close to their limit...I smell blood!

In terms of bidding early, I don't see any benefit. I always thought there's no point of bidding until it's on the market, or to counter a bid. One of the hopes is if they can't get a single bid in the initial 'round', they may lower their reserve price when they go inside to get 'vendors...