05-10-2024, 10:41 AM
(04-10-2024, 06:35 PM)Ruairidh Dunford Wrote: In Scotland we have an "offers over" system when buying homes.
The estate agents will often list homes at amounts that are low to attract lots of bids and interest. The sale price often bares no resemblance to the "offers over" price.
20 years ago, in a fit of complete lunacy, we bid £103000.00 over the asking price for a cottage near Aberfoyle - thankfully there were people prepared to offer more and we were spared a life of debt.
The cottage was nice, but not that nice!
In short, the undervaluing of items is a superb strategy to ensure lots of interest and bidding...
Not necessarily so.I put a vintage car though auction after “Being advised to put a low reserve to attract the buyers bull” Which I did for in the auction mine and 2 other vintage cars in it failed to get any where near their reserves ,however unknown to me deep in the terms and conditions they had a lien ? Which allowed them 14 days to find a buyer to pay the in my case very low value of the vehicle.
So if going that route only set a reserve you are totally happy to accept.