Taken 2 other properties to Auction this year (other than the one mentioned above).
Property #1: 10:00am, cold morning. Too early for spectators. Auctioneer steps out into the cold...... to an empty street. Ok, that was quick. Passed in. Let's go and get some coffee......
Property #2: 12:00pm - different weekend, beautiful weather. Big crowd. Brief auctioneer. "I am going to be optimistic. I want you to go for $400k" (feedback during inspections had been mid threes). "Gee you are being optimistic" says the Auctioneer, but goes forth.
Opening bid - vendor bid at $300,000
Vendor bid $310,000
Bid from crowd at $320,000
silence there after.
Auctioneer comes in for instructions.
Not sure what to do.
After 5 minutes of wondering what to do, Auctioneer suggests another vendor bid at $350,000 and pass in.
Relieved that he had a decent idea, we agree.
Vendor bid $350,000. Silence - passed in.
Agents rush to anyone half interested to see if they will make any offer.
No go. Relist poperty for private sale.
That's pretty much how an auction goes behind the scenes....
Cheers,
The Y-man
