Purchaser got a bargain

I went along to an auction yesterday, not to bid, but just to check something out for someone else. They could not purchase this property either as their finance was not in place, but wanted to know the outcome and how competitive the bidding was.

Well, there was only one party registered. A mortgagee sale with a low reserve. It looked like it was going to be passed in for a very low price. The bidder was looking a little too pleased for herself when another person started to make noises about wanting it.

The bidder got quite upset and stated loudly to everyone that people need to be registered AND have money for their deposit with them. They are not allowed to go back to the office to pay the 10%, it all had to be done here and now. This annoyed the auctioneer, who stated several times that anyone is welcome to register and bid up until the fall of the hammer.

As I said, the price was VERY low, so we registered. The bidder was extemely unhappy about this, especially as we bid the price up another $20k. In the end, we let it go, still around $60k under market value.

It was passed in to the other bidder and later when we were talking to the other person that was interested in the property, the agent came and told us that it had sold for just $1k over the final bid.

From talking to the Agent later, it seems that if we hadn't have bid, the purchaser may have got it for less than they did as the vendor (bank) just wanted it off their books as there was heaps of equity in the place.
Good lesson to learn Skater, they are around and the one's worth catching.

Oh, I know they're around. Several of mine have been bought when we were the only bidders. I just wasn't looking and had only been told about it a few days ago, otherwise we might have been more serious with the bidding.
thanks for putting up the price by 20k!!:mad:

heh, just kidding, it wasn't me but if it was the one at 10am on sat, I was going to go to that one but at the very last minute couldn't make it :(. Not as a bidder but curious as to how much it was gonna sell.

what was the final price?