wighty Posted October 22, 2020 Report Share Posted October 22, 2020 Watching this - mostly Liverpool. Many sold prior or withdrawn. Many that are left are being unsold. https://livestream.eigpropertyauctions.co.uk/auction/show/29271 if anyone interested Quote Link to post Share on other sites
markyh Posted October 22, 2020 Report Share Posted October 22, 2020 Watching this - mostly Liverpool. Many sold prior or withdrawn. Many that are left are being unsold. https://livestream.eigpropertyauctions.co.uk/auction/show/29271 if anyone interested how can an auction property be "ubsold" ? i would bid a £1. They all had reserves? Quote Link to post Share on other sites
Roman Roady Posted October 22, 2020 Report Share Posted October 22, 2020 we need a thread to show all forth coming auctions Quote Link to post Share on other sites
sammersmith Posted October 22, 2020 Report Share Posted October 22, 2020 how can an auction property be "ubsold" ? i would bid a £1. They all had reserves? Your bid of £1 would be outbid by the wall until you were just over the reserve price. If only 1 person is interested there's still a 'bidding war'. Seems easier to do now since all auctions are remote, though i've noticed the auctioneers still play a good game and look in the opposite direction for the next 'bid'. Old habits i guess. Quote Link to post Share on other sites
sammersmith Posted October 22, 2020 Report Share Posted October 22, 2020 we need a thread to show all forth coming auctions Essential Information Group seem to host all the auctions i'm aware of, and there's usually a months worth of upcoming auctions on this page https://www.eigpropertyauctions.co.uk/search/live-stream Quote Link to post Share on other sites
markyh Posted October 22, 2020 Report Share Posted October 22, 2020 Your bid of £1 would be outbid by the wall until you were just over the reserve price. If only 1 person is interested there's still a 'bidding war'. Seems easier to do now since all auctions are remote, though i've noticed the auctioneers still play a good game and look in the opposite direction for the next 'bid'. Old habits i guess. Uh-huh. i wouldn't bid more than £1. So like i said the only reason they are unsold is they didnt reach the reserve. If there was no reserve the wall couldn't do this shill bidding, because they would get stuck at some point being the highest bidder and have to Auction house would have to buy the property or admit they were shill bidding. They only way to true price discovery at auction is to have no reserve. Quote Link to post Share on other sites
sammersmith Posted October 22, 2020 Report Share Posted October 22, 2020 admit they were shill bidding They don't call it shill bidding, but it's in most auction T+Cs that they reserve the right to bid on the owners behalf up to the reserve price, which is basically the same thing. It's a right they seem to practice often. Auction house would have to buy the property They'll avoid that eventually by not excising their discretion on the reserve price. You often see: 'Unsold, last bid: £395K available for £400K'. Any auctioneer would have accepted a £395K bid even if the reserve was 400K. The problem is the £395K bid wasn't real. They only way to true price discovery at auction is to have no reserve. The only time i've seen anything without a reserve is weird strips of land that sell for £1 - £5, like this https://auctioneertemplates.eigroup.co.uk/LotDetails.aspx?LotID=989587&a=346&c=fah I don't know who buys this kind of thing but, the buyer fees will be around £2K so it's not something you could just buy as a laugh like the people who own a plot of land on the moon. Quote Link to post Share on other sites
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