bidding auction can get way better value when selling your house

First there is the greed then there is need.

did it actually work? seller super happy?

I have seen it a couple of times in the Bridal Path area....both times, it did not reach the reserve and was cancelled.

nalababe wrote: ↑I have seen it a couple of times in the Bridal Path area....both times, it did not reach the reserve and was cancelled.

Yeah. Not like an auction is going to drum up a ton of bids for stagnant properties that have been on the market for a while. If someone wanted them, offers would have gone in - auction or no auction.

It's pretty clear that the Bridal Path flip is actually a huge flop.

the house in the OP's picture looks so bland...

It's a risk. When I bought my house, my agent told me that essentially, some houses are listed at significantly lower than a seller's expectations to attract more people to see it. That might incite a bidding war but at the end of the day, an educated buyer will see what market value is (agents will give their clients historical selling prices of houses in the area anyway) and may not really go significantly over what 'fair' market value is. You might get the joe schmoe that falls heads over heels for the place and outbid everybody else for it.

But then again, you know what they say about people that wins auctions/bidding wars: 'the only thing they really win is the right to pay more for something that nobody else was willing to'

auctions are the norm for most residential real estate in australia and new zealand. Its just what they're used to.

Probably more transparent than the current system where buyers can't see each other's bids.

mr_raider wrote: ↑Probably more transparent than the current system where buyers can't see each other's bids.

Not as transparent to the buyer as you might think. The reserve bid is a big secret. Meanwhile all auction bidders must buy the property with no conditions and put up a stated deposit.