Why people buy from a Las Vegas real estate auction and what could defeat them

What can defeat the bidding process in a real estate auction
Bidding on a Las Vegas home or condo in real estate auctions
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What can defeat the bidding process in a real estate auction

One of the most attractive points of attending an auction is that if no one is willing to bid more than you, you should win. But that is not the way it really works.

Depending on the type of the auction, the auctioneer or his assistants may repeatedly bid against you on behalf of the seller, so you bid again in order to raise the selling price. While you think that you are bidding against other buyers, there are no bids and without having a clue, you are bidding against yourself.

The reason that you want to buy from a real estate auction is defeated.

The following is from Auctiontoday.com terms and conditions of the sale.

"Reserve Price: All Properties have a Reserve Price, meaning the Seller has established an unpublished, minimum selling price. The starting bid is not the Reserve Price. In order to become the Winning Bidder for a Property, a Bidder must meet or exceed the Reserve Price and have the highest bid, and such highest bid must be accepted by the Seller.

Except where prohibited by law, the Auctioneer may open bidding on any Property by placing a bid on behalf of the Seller and may further bid on behalf of the Seller, up to the amount of the Reserve Price, by placing successive or consecutive bids for a Property, or by placing bids in response to other bidders".

SOURCE: Real Estate Disposition Company (REDC) one of the biggest homes, condos and commercial real estate auction companies, with multiple real estate auctions in Las Vegas, Henderson and Clark County, Nevada.

Bidding on a Las Vegas home or condo in real estate auctions

Bidding and buying from an auction requires a set of expertise that can only be gained by experience. Most bidders or real estate agents lack this experience and should approach real estate auctions with great care.

My brother Parviz and I financed our education by working as buyer's agents for auto exporting companies and have bought hundreds of vehicle from the biggest auto auction companies all over the US. We know how these auctions work. Here is a crash course on bidding at a real estate auction:

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