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Do auctions start below asking price?

Gatica · 2014-06-04 18:41:19

Would love some feedback... Just wondering if a house for auction is advertised at set AMV before an auction, do they start at that AMV at the auction? Or slightly below it? Can we make a private offer without going to the auction? I'd figure the owners may also save a few bob themselves this way...

04-06-2014 6:41pm

#1

Gatica

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Would love some feedback...

Just wondering if a house for auction is advertised at set AMV before an auction, do they start at that AMV at the auction? Or slightly below it?

Can we make a private offer without going to the auction? I'd figure the owners may also save a few bob themselves this way...

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Comments

#2 04-06-2014 7:27pm

L1011

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They'll look for offers starting at an amount below, and going lower till they get a bite.

Its likely that any offers now will only be accepted as commission bids for the auction; they're likely contracted to auction it - or the owners are a bank or similar who do not want to sell by private treaty anyway.

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#3 05-06-2014 7:08am

Gatica

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Thanks for clarifying. Probably should've looked at and attended auctions before we were intending on buying. Really hate feeling out of the loop like that.

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