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kiki_thinking

Bidding at Auction

kiki_thinking
15 years ago

We are going to attend an auction next week, of an older home in a very small community. It's an as-is auction on the lawn of the home. It's an REO property being auctioned by Williams and Williams - I can tell from the online historic bidding info for other homes auctioned in this state by W&W that there will be speculators at the home hoping to buy it for cheap. There may also be other community people wanting to buy the house if it goes cheaply enough. I don't know if any of the creditors for the house would be there to bid or not but Fannie Mae has it now, and we think all the prior liens have been extinguished, so we think probably not.

I'm wondering if any of you seasoned property auction attendee would have advice for us on the actual bidding process. We've never bought at auction before. In another forum Calliope-with-a-halo has already given me some good advice about having a poker face and not letting what other potential buyers say discourage me.

Hopefully we'll have a firm $ amount fixed in our head before we go, but as for bidding up to that point is it better to sit back and say nothing until the bidding slows or jump in and bid determinedly until we hit our max bid so the other buyers know we aren't messing around?

Anyone have any strategy advice?

Thanks!

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