I have read the thread about bidding in general, and understand the way auctions work. However this will be my first time to bid at an online auction.
I'm moving to a different part of the country soon and have seen a property I really like being sold by Bidx1. I've had a walk around look at it, though not viewed it inside or had it surveyed yet, but I understand it is in good order.
It is being sold by a bank/mortgage holder. It was a buy to let (not currently tenanted) and via a bit of local knowledge I know pretty much how much is owed on it. I realise that the AMV is a number off the top of someone's head, but this one seems very low indeed, though it would cover the lender comfortably. I'd certainly be prepared to pay a good bit more than the AMV.
A big part of me hates benefiting from someone else's trouble, and I am not really sure if I even want to go there on one level. But on another level I realise it's going be sold to someone one way or another and that someone might as well be me.
Are there any stats or results on what prices BidX1 properties sell at - on average - in comparison to the AMV? Is the reserve anything similar to the AMV or is the same as a standard auction where it can be wildly different?
Also, is it a good idea to do an automated bid - entering a top price you'll pay? I'm suspicious of this - it seems like giving the auctioneer a target and who know's who (if anyone) is actually bidding online.
I know in a live auction that sometimes a sudden big jump in bid can fend other bidders off sometimes, but my hunch is that here it might be better to creep it up - am I thinking about this right? Is there a strategy (aside from bidding this highest price!) that you'd recommend?
I'm moving to a different part of the country soon and have seen a property I really like being sold by Bidx1. I've had a walk around look at it, though not viewed it inside or had it surveyed yet, but I understand it is in good order.
It is being sold by a bank/mortgage holder. It was a buy to let (not currently tenanted) and via a bit of local knowledge I know pretty much how much is owed on it. I realise that the AMV is a number off the top of someone's head, but this one seems very low indeed, though it would cover the lender comfortably. I'd certainly be prepared to pay a good bit more than the AMV.
A big part of me hates benefiting from someone else's trouble, and I am not really sure if I even want to go there on one level. But on another level I realise it's going be sold to someone one way or another and that someone might as well be me.
Are there any stats or results on what prices BidX1 properties sell at - on average - in comparison to the AMV? Is the reserve anything similar to the AMV or is the same as a standard auction where it can be wildly different?
Also, is it a good idea to do an automated bid - entering a top price you'll pay? I'm suspicious of this - it seems like giving the auctioneer a target and who know's who (if anyone) is actually bidding online.
I know in a live auction that sometimes a sudden big jump in bid can fend other bidders off sometimes, but my hunch is that here it might be better to creep it up - am I thinking about this right? Is there a strategy (aside from bidding this highest price!) that you'd recommend?