Anyone been to an auction where only 0/1 people?

[Property Meister]

well obviously you wouldnt have been there if there was 0 attendants

but have you been to one where you were the only person (not party),

and what different exactly happens?

 

[nkirlew]

I have been to two or three of these in Darwin. A few people but no bids at all.
The property passes in. The vendor pays the costs of holding the auction. This is what happened to us with a block of land a few years back.

As a vendor then your choice is what to do next.

As an interested party you could approach the agent and have a chat ...

 

[Belbo]

I've certainly been to a very lively auction where "1" was the number of unrelated bidding parties!

Oh, for the old days . . . .

 

[The Y-man]

We've had one with 0 attendants on a property we tried to auction some years ago.

The auctioneer pokes his head outside, sees a quiet street and says, "Right, what price shall we reported passed in at?"

The Y-man

 

[HomePage]

I've been to a few in Jerrabomberra, near Queanbeyan, of late where I was the only attendee. And I've been to many that have passed in on ridiculously ambitious vendor bids against one or two real bidders. It's no wonder there've been no auctions held in this area in the last two weeks.

 

[china]

I have regularly been to auctions on the central coast where there are:

1. Attendees but no bidders
2. No attendees on the day and then the auction is cancelled
3. 1 bidder only who does not make a bid
4. The only bid is a vendor bid
5. 1 bidder who kept raising his own bid due to pressure from a squad of rabid agents.
6. The bulk of attendees are often neighbours

I truly believe that on the central coast, auctions are good for buyers and agents. Buyers get a good chance to push the price down in post failed auction negotiations.

The agents get free publicity and a chance to meet other vendors/buyers.

The vendors are the biggest losers in the auction process on the central coast where generally, there is not the sydney style buyer competition for properties.

 

[turk]

Tried to auction a factory and land (2 titles) 3/4 years ago in inner west of Melbourne,
no attendees.

Kept it to sell at a later date.

 

[pennyk]

I think it is really the agents responsibility to cancel the auction a couple of weeks beforehand if its obvious there is not enough serious interest to make it viable.
otherwise, it disadvantages the vendor and makes it less likely to sell for a good price.

 

[boomtown]

I think it is really the agents responsibility to cancel the auction a couple of weeks beforehand if its obvious there is not enough serious interest to make it viable.
otherwise, it disadvantages the vendor and makes it less likely to sell for a good price.

People notice if the auction is cancelled or delayed as well.

 

[BayView]

I have regularly been to auctions on the central coast where there are:

1. Attendees but no bidders
2. No attendees on the day and then the auction is cancelled
3. 1 bidder only who does not make a bid
4. The only bid is a vendor bid
5. 1 bidder who kept raising his own bid due to pressure from a squad of rabid agents.
6. The bulk of attendees are often neighbours

I truly believe that on the central coast, auctions are good for buyers and agents. Buyers get a good chance to push the price down in post failed auction negotiations.

The agents get free publicity and a chance to meet other vendors/buyers.

The vendors are the biggest losers in the auction process on the central coast where generally, there is not the sydney style buyer competition for properties.

You could pull out "Central Coast" and stick in a million other places.

I've only been to a handfull of auctions over the years where the buyer was insane, paid too much and the Vendor was smiling like a fat spider.

The rest of the time it is mostly marketing BS for the agents and an almost guaranteed expedited (poor) result.

 

[china]

You could pull out "Central Coast" and stick in a million other places.

I've only been to a handfull of auctions over the years where the buyer was insane, paid too much and the Vendor was smiling like a fat spider.

The rest of the time it is mostly marketing BS for the agents and an almost guaranteed expedited (poor) result.

I am surprised that so many vendors in non hot spot areas, in a quiet or depressed market, opt to sell their house by auction. In an era of internet access, everyone who is at all interested in a property will know about it. It has nothing to do with an individual agent's marketing skills, unlike the pre-internet era.

The auction process does not reflect true market value as is often touted by agents as interested buyers may not attend or be unable to offer immediate unconditional purchase.

Furthermore, I note that when the auction fails, the agent/auctioneer will often take the opportunity to give the vendor a "reality check" and hammer down the price to achieve a sale.

However, as a buyer, I love attending auctions as this is the only place where I believe that I can bag a bargain and have the opportunity of putting stress on a vendor after a failed auction.

 

[goonandtell]

never been the only person, but more than once have been the only bidder.

 

[Property Meister]

have always wondered if they:

-actually come up to you and do the auction if you are standing miles away
- say the typical "you over there hiding in the corner, fancy a bid?", or "we have the highest bidder at $XXX, another bid of $10k would surely knock this bidder out of the race"

 

[china]

the agents are always working very hard during an auction to bring the bids up and pressuring the vendor to accept a lower bid. the agents really want a sale so that they can collect their commission.

e..g the auctioneer may say we can only accept bids in increments of 1000s - this is rubbish - he can accept any upward bid but his comment may force some unwitting buyers to add extra to their intended bid

e.g. an agent may whisper in your ear, another interested party is about to bid when none exists

e.g. the reserve price may be adjusted as the auction proceeds as with the vendor bid

there are countless real estate agent tricks that i enjoy spotting every time i attend an auction

 

[BayView]

I am surprised that so many vendors in non hot spot areas, in a quiet or depressed market, opt to sell their house by auction. In an era of internet access, everyone who is at all interested in a property will know about it. It has nothing to do with an individual agent's marketing skills, unlike the pre-internet era.

The reality is that most people only sell one or two houses in their lifetime.

Some may only ever buy, and never sell (think; the grandparents who have lived in the same house for 50 years).

Most are not investors, or property savvy like we think.

So, they are not to know that for most properties an auction is not the way to sell. The agents take advantage of their ignorance and talk them into a sale of this type.

 

[Property Meister]

e.g. the reserve price may be adjusted as the auction proceeds as with the vendor bid

there are countless real estate agent tricks that i enjoy spotting every time i attend an auction

is it illegal for the agent to say "we have just reached the reserve" when it hasnt or put in a vendor bid once the reserve has been met if he thingks there is high interest or even say the reserve has been met, then say Ill have to consult with the vendors, and then pass it in?