Auctions

Real estate auctions have become increasingly common over the past few years in Las Vegas. You would think that when you make the highest bid that you will win the property, but that is not always how it works. The auctioneer may be bidding against you on behalf of the seller to raise the selling price to what the seller wants as a reserve price. Sometime when you think you are bidding against other buyers in turn you are really bidding against yourself just so that the seller gets his reserve price. The auctioneer will open the bidding on a property by opening up at the seller’s starting price. If you are bidding online you really have no way of knowing who if anyone you are bidding against. Be educated before going to an auction so you don’t pay more for a home that what you originally wanted.

7 Comments

  1. Starleigh says:

    Haha. I woke up down today. You’ve ceheerd me up!

  2. Indian says:

    Thanks for writing such an easy-to-undesrtnad article on this topic.

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