I read your previous blog wherein you suggested the auctioneer was amateurish for accepting such low incremental bids, but then you offered such a bid. Why?

I never wrote that the auctioneer was amateurish.
“I told my investor that we have amateurs who don’t belong in a real estate auction in Las Vegas and “But the poor auctioneer was doing his best to get this crowd going so he played with them”. I don’t know how you infer that the Auctioneer was amateurish, actually he was quite good.

For accepting such low incremental bids, but then you offered such a bid. Why

Please see the bid increments and I wrote that you let one low bid to see how many jump in and want to bid.

What she did was a fatal mistake because if she was the winning bidder, she just told the auctioneer that she can go much higher, now remember this clause
“The seller and the high bidder will meet in private and the seller will accept or reject the high bid”, well she just told the seller she will pay a lot more. On the other hand if she was bidding on behalf of the seller, she just scared us away. What exactly could she have gained from doing it?

You should ask the auctioneer that and in many real estate auctions the sell rate is under 25%. This number will go up appreciably as banks become more realistic. Three properties that I was tracking in REDC auction, all sold.

As for the winning bidder making a “fatal mistake,” I must be misunderstanding that her intent was to post the winning bid, which she did. Is that an incorrect understanding?

I looked at the auctioneers’ Website where he posts the winning bids. This particular unit has a sq. ft. price more than double the next winning bid. What’s the deal with that?

Finally, to your knowledge how many of the auction sales are actually looking to close?