Im bidding on a Buy to Let property at auction, the price is good but Ive heard that sometimes at auctions the auctioneers throw in false bids to bump the price up. Has anyone ever heard of this happening?
Legally they can take bids ‘off the wall’ up to the reserve price, legally !!
After that they can still do it, it’s just illegal 
What if their false bid were the winning bid. Wouldnt they be caught out? Dont mind if they force me to pay the reserve.
Ah… auctions…
It reminds me of the show on TV3 I think where 2 ladies from Liverpool were bidding on a property at auction.
They got so excited that at one stage they were upping there own bid!
Doesn’t happen too often, but this can be why you hear about properties being sold after auctions have finished with the property unsold. The auctioneer confers with the client & explains what happened & offers to go back to the highest real bidder & haggle.
Then you’re a good example of why EAs love auctions ! 
Auctioneers and false bids? Never happen here.
They told me the reserve was “very competitve” and its low price anyway. Auctioneers seemed confident it coud go for lower than the guide price plus Ive seen places here go for lower than the guide price before. Hope I get it nice and low. Ive told the auctioneers what my max bid is but I might tell them Ive changed my mind and made it lower, maybe that will discourage them from making “Off the Wall” bids.
Where the house your bidding for just in case Im interested in bidding against you 
Is that Yogi the falsebidding auctioneer?
Is that Yogi the falsebidding auctioneer?
Nup, you’ll probably find it’s just a picture of a bear having a poo, sometimes known as a poo bear
bilbot79, do you mind me asking what kind of yield the asking price reflects?
At guide price reflects 12%
Out of curiosity why would you do that???
There was a bidding form to submit with a field “Maximum Bid” but I might tell them Im no longer willing to go that high in case they try to shaft me.
Is this a ‘sealed bid’ auction or a ‘standing in a room with a load of people and and auctioneer’ auction?
Sealed bids are a different thing.
Well a buy to let yielding 12% gross, at a rental of say €800pm (average kinda rent), would suggest a guide of about €120,000. Would that figure be in the ballpark?
Nope
Edit Sorry that guess at a guide price at 12% with a monthly rent of €800 would be €83,000 not €120,000.
Nope
Sorry to be nosy, can you give an indication of the likely monthly or annual rent?
Sorry, for some reason I dont wanna talk too much about something I havent even won. Ill tell ya more later.