Auction Story

Transcript:

My name is Bernard. Scott from Park Real Estate helped me to buy a property.

The reason why I ask Scott to help out was because I think there’s some strategy in auction that I’m not aware of. Everybody does auctions and because they believe that auctions that give them the best price. When one agent was selling his property, they didn’t say how much it was. I asked everyone to give their best shot. I gave Scott an authority to bid up to $2,000,000 because I was prepared to pay for 2 million but any auction thinking the highest bidder. I had the highest so I got it for $1,370,000.

The reason why I didn’t pay for $2,000,000 was because I think there’s a big difference between private sale and auction. What people are prepared to pay for might be much higher than the auction price. If the owner has gone for private sale. I would have paid a lot more.

I save about $600,000 and I think that owner lose about $600,000. Now that I’ve gone through the full auctioning process if I want to sell a house I would consider private sale.