Take this scenario
Say the value of the property seems to be $320-330K based on recent comparable sales
A buyer Mr.X has intelligence that the response to the auction is going to be lacklusture. Say 3 parties turn up to the auction. The auction starts with the declaration of the reserve price to be $310K, no one bids. A vendor bid is made at $309K. Now at that instance
1. Shall Mr.X make the first bid for $310K
2. Or simply wait for it to pass in and negotiate it down through private sale
If Mr.X does #1 and no other party bids and it goes sold to him, does it mean Mr.X bought it expensive and could have bought for $295K after passing in.
Say the value of the property seems to be $320-330K based on recent comparable sales
A buyer Mr.X has intelligence that the response to the auction is going to be lacklusture. Say 3 parties turn up to the auction. The auction starts with the declaration of the reserve price to be $310K, no one bids. A vendor bid is made at $309K. Now at that instance
1. Shall Mr.X make the first bid for $310K
2. Or simply wait for it to pass in and negotiate it down through private sale
If Mr.X does #1 and no other party bids and it goes sold to him, does it mean Mr.X bought it expensive and could have bought for $295K after passing in.