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I know, hence the reason I haven't been doing B&P for auctions after getting burnt a couple of times. Not a good idea, but I really can't spend 1k every week just for B&P as we do try for 2 or 3 houses everytime.

Thanks. On the other hand, is there something that stops seller from setting ridiculous reserve and decide whether to sell the property on the spot? Like for example setting a reserve that is 50% more then market price. I had this feeling on another auction as the agent was visibly...

If there is some regulations against that, that is probably the answer I am looking for. Sorry that I didn't explain myself very well. I did bid 2 or 3 times after it was on the market. My intention was more of wanting to know if there is anything against bidder colluding to lower the...

So this is how the story goes: I was in an auction last Saturday, with just 2 registered bidder including myself. Bidding war between the two of us went for 10 minutes and from what I gathered from the auctioneer/agent, it is no where near the reserve yet (my estimate - 100k under the...