request:hints and tips for biddng if buyer's advocate is also bidding?

[lilac]

Are there any hints and tips for bidding at an auction when one of the bidders is a buyers advocate?

what tricks/methods do they use to psyche out other bidders? ( if thats what they do?)

a friend of mine was the losing bidder(first time bidding) at an auction for a ppor and was not aware until after auction the winning bidder was an advocate.
I dont know if it made any difference to the final outcome as the person with the most money would probably be the buyer , but is there any info to tell them if/when they next bid at an auction....thanks very much.

 

[andrew_de_a]

What difference does it make who you are bidding against? Know your budget and bid strong and confidently.

 

[lilac]

thanks, a very sensible answer.....seriously..

 

[Propertunity]

Of course buyers agents (BAs) use all sorts of tactics at their disposal. These seem to work because most (not all obviously) of the other buyers at an auction are novices and therefore often nervous (whereas a BA does it regularly and it becomes 2nd nature).

Nervous novices can be manipulated to do i.e. overpay, or not do i.e. not bid because they become intimidated, things. BAs like to be loud, confident, unemotional, etc etc this can put others off. Or they can come in on the 3rd and final call with a knock-out bid. There are lots and lots of strategies.

What is really interesting is when there is an auction with 2 x BAs representing 2 x different clients. It really then does ultimately come down to "the person with the most money wins" irrespective of all the clever strategies one might use.

 

[WinstonWolfe]

1. do whatever you need to do to be confident of the value of the property to you. this is the most important thing about bidding at auction.

2. don't worry about BAs. Most of their clients are investors, and looking to buy below market value. I'd argue you'll never pay too much by outbidding a BA by 1k, as long as you also abide by point 1.

 

[marg4000]

Whoever is prepared to pay the most will win the auction.
It is the auctioneer's job to get the price as high as possible.
So do your homework, set your limit and bid up to it.
All the "tricks" in the world won't help if there is someone else prepared to pay more money.
Marg