Many people think that there is a correlation between putting a high initial asking price on an advertised property and achieving a high final selling price. There's certainly a link, but it doesn't work the way many people think.

In fact, the opposite is often the case. If a property is really overpriced, purchasers just sit back and wait to see what happens. If they've been looking around long enough to be ready to commit themselves, they've also made themselves very familiar with what they can get for their money.

It is common for inexperienced vendors to overprice their properties…

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The auctioneer waffled for what seemed like half an hour – as auctioneers often do – and he then asked the crowd of people gathered in front of him for an opening bid.

Someone called out, “$650,000.”

Then someone else bid $660,000.

For two more bids, the bidding went up by amounts of ten thousand dollars until it reached $680,000, at which point the auctioneer yelled out, “It’s on the market, it’s going to be sold!”

Clearly, the reserve price was $680,000. The bid slowed to $5,000 amounts and then, when it hit $700,000, it stopped. Silence.


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and how buyers save tens of thousands of dollars!

What you are about to read contains information that should be read by every homeseller contemplating selling by the public auction method. It contains simple and logical mathematical proof that selling by public auction is, by far, the worst way to sell a family home.

Never mind what agents may tell you – that, “auctions are the best way to get the highest price”, this article will show you that not only do auctions not get the highest price, but the very nature of the public auction system – combined with…

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Auctioning a property to achieve the best possible price is a long held myth that does not hold up against reality.

Whenever you have the fortunate situation of more than one buyer trying to buy your home, the worst thing the agent could do is disclose the competing offers to each of the interested buyers – which is exactly what happens at a public auction.

In such circumstances, the respective buyers focus becomes outbidding the competing buyers by $1,000, as opposed to offering their highest price for the property. When you are selling your home, you want the eventual buyer…

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