Silent Auctions and Heat of Market

[Dualitii]

Hi all,

This question was inspired by a current situation I'm having in a Brisbane property that I'm sure many of you have come across; the "one bid wins it" silent auction/multiple offers scenario.

In case someone hasn't come across this before, it's usually on a property that has a "Offers over $xxx,xxx" type of price-tag; you contact REA to purchase, they tell you theres 3/4/x number of people interested so they want you to consider the highest amount you'd be willing to pay, and then write it down as your best offer. Whoever submits the best offer (can be highest, can be the offer with better settlement conditions) as determined by vendor wins.

What kind of offers have you made (either % above stated price or in absolute dollars), against how many supposed other bidders, in what kind of property climate (where/when), and were you successful?

Highest amount you've bid and were unsuccessful?
Lowest amount you've bid and were successful?
Other things you've done to make it successful, besides price?

Would be interesting to see. Cheers

 

[beachgurl]

I secured a property on the north side earlier this year via the 'best and final' method. Property passed in at auction for 580k, then relisted at 'offers over 599k. I offered 608k and got it. The next day one of the under bidders came back with a higher offer but it was too late for them.

Honestly I didn't think that figure would win it for me. I just went with the highest figure that worked fur me feaso. If it wasn't high enough then I was ok to walk away.

 

[Big Will]

Usually the highest bidder will win.

However when I was working as a REA I had a purchaser who was 10k less (about 500k property) and was successful.

Reason being, she it was an unco offer and could settle as soon as 30 days or is okay with 120 days.

The other offer was STF and required at least 60 days to settle as they had to sell their house.

These vendors had their eye on another property that the vendor wanted 30 days settlement but the vendors didn't want to put an offer in until theirs was sold.

So the best offer for them was to take 10k less and avoid the STF but the had the ability to go 30 days to give their offer the best and if they were not successful then could make it 120 days to find their house.