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Opener's Rebid Situation

#1 User is offline   jdeegan 

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Posted 2012-March-30, 23:43

:huh:
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#2 User is offline   mgoetze 

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Posted 2012-March-31, 05:10

wtf?
"One of the painful things about our time is that those who feel certainty are stupid, and those with any imagination and understanding are filled with doubt and indecision"
    -- Bertrand Russell
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#3 User is offline   Phil 

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Posted 2012-March-31, 09:57

Foreclosure auctions at trustee sales can be difficult to navigate. You generally have an established group of private investors that are protective of each other, because within this group, there are plenty of good deals to go around. These regular investors however do not always do their homework, but can sometimes sense when a good deal is on the block. Otherwise they are quite happy to pick up a deal at or close to the minimum bid price and take their chances.

When an outsider comes to the auction, quite frequently the regulars will sense that the newcomer will have specific knowledge about a property. When this happens, the outsider must be very careful to mask what he is there to purchase.

Therefore, when an outsider makes the mistake of an aggressive opening bid, his rebid is extremely complicated and I agree with :huh:
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