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But it is absolutely essential to know what you are doing, as once the hammer falls your offer is final. Its figures show the number of lots sold at auction sales down 18% from 2007 to 2010.

In fact, a decent property can go for more than it would do in the estate agent's window if a number of buyers start bidding it up.If you are considering buying or selling at auction for the first time get a feel for the experience by visiting some auctions, they are free to attend.The big auction houses can be found with a quick internet search.If you like the look of a property, you should arrange a visit to see it.If you still like it then you will need to contact a chartered surveyor to have a homebuyers' report carried out.Preparation By contacting auction houses and asking to be put on to mailing lists.You should then be sent details of different auctions and the properties for sale.The auctioneer may demand a 'buyer's premium' equivalent to 1.5% of the sale price.There is also an administration fee, typically £150, paid to the auctioneer.This is vital, as it will advise on the condition and value of the property.You will also need a solicitor to carry out local and national searches and check the title deeds for any convenants or restrictions on the property.


  1. Interestingly, a feature of actual auctions is that the reserve price often is not announced er ante, even when it would. is described by the standard second-price, common-value auction model. As has been shown. distribution for the value of the object that updates the prior probability distribution Fv on the basis of the.

  2. The Review of Economic Studies Limited. Empirical Implications of. Equilibrium Bidding in Firs t-Price. Symmetric, Common Value. Auctions. KENNETH. is not worth paying the reserve price, r, and choose not to bid. reserve price is binding, the condition required for monotonicity is more likely to hold, and we.

  3. Question Can changing the reserve prices based on the previous bids improve the revenue of the auction, taking into account the long-term. 1992 determine reserve prices in common value settings. note that the auctioneer commits beforehand to a reserve update rule Ω cf. Devanur et al. 2014. An important.

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