Buying at auction is not a daunting experience when you are educated in the process and follow a bidding strategy.
Vendor bidding is one aspect that scares some people and the myth that vendor bids are used to push the price up is still a perception in the market that is misleading and incorrect.
Some buyers feel that vendor bids create a situation where they are bidding against themselves which is also incorrect.
Property owners will always set a reserve price where they are comfortable to sell their property at and vendor bids are only used to assist a buyer into a position where the auction is paused and negotiations continue between the highest bidder and the seller.
At an EVES auction, vendor bids are used if there is only one bidder participating in the auction below the vendor’s reserve and will be to a level where the owners are prepared to continue discussions.
These bids are only exercised by the Auctioneer and are clearly announced.
Once negotiations are completed any amendments to the bidding will be announced and the auction will be resumed until sold or if agreement on price is not reached the auction will be closed.