Bid History
Property ID 734178
Loading bid history...
Live Foreclosure Sales
Berks County, Reading, PA 19604
Property ID 734178
Watch Map
Notes and Disclaimers
-
PROPERTY MAY BE OCCUPIED
Please note that it is unlawful to trespass on this property. Do not disturb tenant.
Contingencies/Terms Offered
RBI is providing this information as a marketing service only and will not be conducting the foreclosure sale.
One-Year Forecast
| Property | - 7.19% |
| ZIP | - 7.34% |
| Metro | - 0.58% |
Property Insights
House Ranking: 6
49% of houses depreciate more than 2.29% in this ZIP Code
49% of houses are forecast to depreciate more than 7.19% in this ZIP Code
Historical Growth
| Last Year | 10 Year | |
| Property | - 2.29% | + 58.60% |
| ZIP | - 0.36% | +61.85% |
| Metro | - 0.20% | +61.77% |
Index Tools - Valuation Changes
Below is a line graph of the indexes for this property, its ZIP Code area, and its Metropolitan Statistical Area (MSA). The graph tracks the movement of the property's value, values in the property's ZIP Code area, and values in the property's MSA over time due to market conditions.
Note: The property index does NOT represent the value of the subject home but instead represents the relative value of the home compared to other points in time.
Property Changes
ZIP Code Changes
Metro Changes
View Market Changes By House Using Dynamic Heat Maps
Our heat maps illustrate historic and predicted value trends in the property's ZIP Code area and metro area. Heat maps reveal and forewarn of trends in markets, often showing waves of value changes moving across a geographic area.Each dot represents a home, and its color indicates whether the home is appreciating or depreciating at the time indicated on the map, with green indicating appreciation and red indicating depreciation.
Click the Play button to watch trends unfold over time and into the future.
ZIP Code Area
Metro Area
ValPro - Property Value and Comps
Watch "How-To" Video
| Use interactive ValPro to create your own comps to: | |
|
|
Properties in color below indicate comps selected.
- Click on a black circle below to add it as a selected comp.
- Click on a colored circle below to remove it as a selected comp.
The confidence score listed below will range between 50 and 100. This calculation is based on how similar the selected comps are to the subject property. The higher the score, the higher the confidence in the estimated valuation.
ZIP Market Segments Analysis
The homes within this ZIP Code have been sorted into four tiers based on the attribute displayed on the selected tab. For example, if the Value tab is selected, the homes are sorted into a low-end tier, a mid-low-end tier, a mid-high-end tier, and a high-end tier. Each tier features a quarter of the homes located within the ZIP Code.
- Square Footage
- Value
- Year Built
Tier 1
1,146 Sq Ft and less
Tier 2
1,146 - 1,362 Sq Ft
Tier 3
1,362 - 1,620 Sq Ft
Tier 4
1,620 Sq Ft and greater
Tier Comparison By Value Tier
The bar chart below compares the average percentage change in value over the last year and the average forecast percentage change in value for the coming year for the four different comparison tiers.
Last Year Change
Forecast
| Last Year | 1-Year Forecast | % Rising | |
| Tier 1 | + 2.66% | - 6.07% | + 1.12% |
| Tier 2 | + 2.42% | - 6.35% | + 1.58% |
| Tier 3 | + 2.20% | - 6.73% | + 0.83% |
| Tier 4 | + 2.25% | - 6.71% | + 0.60% |
Percentage Of Homes Rising By Value Tier
The below pie charts compare the percentage of Homes Rising (defined as the percent of homes with value appreciating at a rate faster than 1.5% per year during the most recent month) within the four different tiers of homes.
Fix and Flip
Estimated Value Analysis Using Comparable Flipped Properties
This tool estimates the post-repair value for the subject property based on an analysis of properties with similar characteristics that have been recently been bought, repaired and re-sold.
| Square Footage | Bedrooms | Bathrooms | Lot Size | Year Built | After Repair Value | |
|---|---|---|---|---|---|---|
| Median of Fixed & Sold Comps | 1,416 | 3 | 1 | 1,742 Sq Ft | 1905 | $126,500 |
| 506 SPRING VALLEY RD READING PA 19604 | 1,404 | 3 | 1.5 | 18,295 Sq Ft | 1965 | |
| Difference | Smaller | Same amount of Bedrooms | More Bathrooms | Bigger Lot | Newer | |
| Estimated Value using Flips | $211,000 | |||||
Comparables
| Comps Used | Distance | Bedrooms | Baths | Square Footage | Lot Size | Year Built | First Sale Date | First Sale Value | Second Sale Date | Second Sale Value | Valuation |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1039 CULVERT ST READING PA 19602 | 2.1 miles | 5 | 1 | 1,560 Sq Ft | 436 Sq Ft | 1900 | 3/30/2021 | $ 24,000 | 9/13/2021 | $ 84,000 | $ 92,000 |
| 2443 FILBERT AVE READING PA 19606 | 2 miles | 3 | 1 | 1,180 Sq Ft | 7,841 Sq Ft | 1922 | 8/17/2021 | $115,000 | 6/7/2022 | $175,000 | $181,000 |
| 235 MULBERRY ST READING PA 19604 | 2 miles | 4 | 1 | 1,050 Sq Ft | 1,307 Sq Ft | 1900 | 11/22/2021 | $ 18,600 | 6/21/2022 | $ 90,000 | $ 82,000 |
| 1019 WALNUT ST READING PA 19601 | 2 miles | 3 | 1 | 1,752 Sq Ft | 2,178 Sq Ft | 1900 | 8/7/2020 | $ 40,000 | 8/3/2021 | $ 79,999 | $125,000 |
| 235A N 10TH ST READING PA 19601 | 2 miles | 5 | 1 | 1,968 Sq Ft | 1,742 Sq Ft | 1900 | 3/25/2022 | $ 67,000 | 3/28/2022 | $ 87,000 | $118,000 |
| 1129 COTTON ST READING PA 19602 | 2 miles | 5 | 1 | 1,412 Sq Ft | 871 Sq Ft | 1920 | 11/1/2021 | $ 45,000 | 10/24/2022 | $ 92,500 | $ 91,000 |
| 1442 N 10TH ST READING PA 19604 | 1.9 miles | 5 | 1 | 1,826 Sq Ft | 1,307 Sq Ft | 1900 | 10/13/2021 | $ 55,000 | 8/4/2022 | $165,000 | $154,000 |
| 1045 N 10TH ST READING PA 19604 | 1.9 miles | 4 | 1 | 1,599 Sq Ft | 1,307 Sq Ft | 1900 | 3/23/2022 | $ 64,000 | 10/6/2022 | $166,000 | $126,000 |
| 316 S 12TH ST READING PA 19602 | 1.9 miles | 4 | 1 | 1,421 Sq Ft | 1,307 Sq Ft | 1900 | 11/10/2021 | $ 28,000 | 6/14/2022 | $170,000 | $113,000 |
| 1163 COTTON ST READING PA 19602 | 1.9 miles | 3 | 1 | 892 Sq Ft | 871 Sq Ft | 1900 | 3/1/2022 | $ 40,000 | 11/21/2022 | $ 92,000 | $ 63,000 |
| 1152 CHESTNUT ST READING PA 19602 | 1.9 miles | 2 | 1 | 1,194 Sq Ft | 1,742 Sq Ft | 1890 | 3/30/2021 | $ 13,000 | 12/21/2021 | $101,000 | $104,000 |
| 826 MULBERRY ST READING PA 19604 | 1.9 miles | 3 | 1 | 1,046 Sq Ft | 1,307 Sq Ft | 1900 | 11/19/2021 | $ 66,700 | 5/2/2022 | $ 80,000 | $ 93,000 |
| 407 N 11TH ST READING PA 19604 | 1.8 miles | 3 | 1 | 1,894 Sq Ft | 2,178 Sq Ft | 1900 | 12/8/2020 | $ 35,000 | 8/2/2021 | $124,000 | $138,000 |
| 330 S 13TH ST READING PA 19602 | 1.8 miles | 5 | 1 | 1,496 Sq Ft | 1,307 Sq Ft | 1900 | 11/17/2020 | $ 37,000 | 10/13/2021 | $ 99,900 | $113,000 |
| 1515 N 10TH ST READING PA 19604 | 1.8 miles | 5 | 1 | 1,495 Sq Ft | 1,307 Sq Ft | 1910 | 3/9/2021 | $ 43,283 | 7/13/2021 | $115,000 | $138,000 |
| 1253 SPRUCE ST READING PA 19602 | 1.8 miles | 2 | 2 | 2,132 Sq Ft | 1,742 Sq Ft | 1900 | 9/1/2022 | $ 60,000 | 9/2/2022 | $ 97,000 | $146,000 |
| 1035 WINDSOR ST READING PA 19604 | 1.8 miles | 5 | 2 | 1,476 Sq Ft | 1,307 Sq Ft | 1880 | 12/30/2021 | $ 70,000 | 6/6/2022 | $127,000 | $141,000 |
| 1036 MULBERRY ST READING PA 19604 | 1.8 miles | 3 | 1 | 1,303 Sq Ft | 1,307 Sq Ft | 1900 | 11/23/2021 | $ 40,000 | 5/9/2022 | $125,000 | $123,000 |
| 3318 ARLINGTON ST READING PA 19605 | 1.7 miles | 3 | 1 | 1,204 Sq Ft | 2,178 Sq Ft | 1930 | 3/8/2021 | $ 60,000 | 6/14/2021 | $150,000 | $160,000 |
| 2818 MOYERS LN READING PA 19605 | 1.7 miles | 2 | 1 | 1,021 Sq Ft | 7,405 Sq Ft | 1910 | 12/2/2020 | $ 62,000 | 8/17/2021 | $160,000 | $167,000 |
| 1350 COTTON ST READING PA 19602 | 1.7 miles | 3 | 1 | 1,028 Sq Ft | 1,307 Sq Ft | 1900 | 6/8/2022 | $ 60,000 | 12/1/2022 | $ 82,500 | $ 81,000 |
| 1127 LOCUST ST READING PA 19604 | 1.6 miles | 2 | 1 | 1,002 Sq Ft | 1,307 Sq Ft | 1900 | 5/4/2022 | $ 58,000 | 11/17/2022 | $130,000 | $135,000 |
| 1217 GREENWICH ST READING PA 19604 | 1.6 miles | 3 | 1 | 1,424 Sq Ft | 1,307 Sq Ft | 1930 | 11/5/2021 | $ 28,200 | 5/13/2022 | $134,000 | $110,000 |
| 307 LOMBARD ST READING PA 19604 | 1.6 miles | 5 | 1 | 2,302 Sq Ft | 4,356 Sq Ft | 1900 | 4/13/2021 | $ 55,000 | 4/11/2022 | $164,900 | $188,000 |
| 1207 OLEY ST READING PA 19604 | 1.6 miles | 4 | 1 | 1,420 Sq Ft | 1,307 Sq Ft | 1897 | 12/10/2020 | $ 54,000 | 9/7/2021 | $107,000 | $121,000 |
| 651 N 12TH ST READING PA 19604 | 1.6 miles | 4 | 1 | 1,858 Sq Ft | 1,307 Sq Ft | 1900 | 4/12/2022 | $ 32,500 | 7/14/2022 | $ 95,000 | $132,000 |
| 2132 GRANDVIEW AVE READING PA 19606 | 1.6 miles | 1 | 1 | 532 Sq Ft | 3,049 Sq Ft | 1940 | 9/1/2022 | $130,000 | 11/23/2022 | $130,000 | $118,000 |
| 1127 WINDSOR ST READING PA 19604 | 1.6 miles | 3 | 1 | 1,260 Sq Ft | 1,307 Sq Ft | 1910 | 4/12/2022 | $ 65,000 | 7/11/2022 | $145,000 | $ 95,000 |
| 749 N 12TH ST READING PA 19604 | 1.5 miles | 4 | 1 | 1,628 Sq Ft | 1,742 Sq Ft | 1916 | 10/23/2020 | $ 45,000 | 7/20/2021 | $126,000 | $143,000 |
| 1629 N 11TH ST READING PA 19604 | 1.5 miles | 4 | 1 | 1,546 Sq Ft | 3,485 Sq Ft | 1930 | 1/31/2022 | $ 92,435 | 7/8/2022 | $185,000 | $172,000 |
| 1049 N 12TH ST READING PA 19604 | 1.5 miles | 3 | 1 | 1,225 Sq Ft | 1,307 Sq Ft | 1920 | 1/15/2021 | $ 83,000 | 8/24/2021 | $120,000 | $115,000 |
| 360 LINDEN ST READING PA 19604 | 1.5 miles | 2 | 1 | 1,080 Sq Ft | 1,307 Sq Ft | 1920 | 4/20/2021 | $ 47,500 | 10/6/2021 | $ 95,000 | $ 96,000 |
| 1523 FAIRVIEW ST READING PA 19606 | 1.5 miles | 3 | 1 | 1,615 Sq Ft | 1,742 Sq Ft | 1900 | 6/4/2021 | $ 37,000 | 9/8/2021 | $ 96,500 | $143,000 |
| 170 CLYMER ST READING PA 19602 | 1.5 miles | 4 | 2 | 2,340 Sq Ft | 1,742 Sq Ft | 1915 | 6/9/2022 | $145,000 | 6/14/2022 | $155,000 | $149,000 |
| 1218 OLEY ST READING PA 19604 | 1.5 miles | 4 | 2 | 1,354 Sq Ft | 1,742 Sq Ft | 1900 | 5/27/2021 | $ 65,000 | 1/4/2022 | $135,000 | $102,000 |
| 539 S 18TH ST READING PA 19606 | 1.4 miles | 3 | 1 | 936 Sq Ft | 1,307 Sq Ft | 1910 | 1/11/2021 | $ 34,000 | 5/24/2021 | $ 80,000 | $109,000 |
| 1515 N 12TH ST READING PA 19604 | 1.4 miles | 3 | 2 | 1,552 Sq Ft | 3,049 Sq Ft | 1920 | 3/14/2022 | $ 82,000 | 5/31/2022 | $125,000 | $183,000 |
| 541 S 16 1/2 ST READING PA 19606 | 1.4 miles | 4 | 1 | 930 Sq Ft | 1,742 Sq Ft | 1900 | 11/4/2021 | $ 42,000 | 8/26/2022 | $112,208 | $110,000 |
| 422 S 16TH ST READING PA 19606 | 1.4 miles | 3 | 1 | 1,080 Sq Ft | 871 Sq Ft | 1900 | 6/8/2022 | $ 72,500 | 12/5/2022 | $ 85,500 | $ 74,000 |
| 3500 MONTROSE AVE READING PA 19605 | 1.4 miles | 2 | 1 | 912 Sq Ft | 5,663 Sq Ft | 1938 | 3/17/2022 | $ 95,000 | 4/22/2022 | $125,000 | $163,000 |
| 3500 MONTROSE AVE READING PA 19605 | 1.4 miles | 2 | 1 | 912 Sq Ft | 5,663 Sq Ft | 1938 | 4/22/2022 | $125,000 | 11/22/2022 | $195,000 | $163,000 |
| 4553 SEFRANKA RD TEMPLE PA 19560 | 1.3 miles | 3 | 1 | 1,120 Sq Ft | 10,019 Sq Ft | 1930 | 11/24/2020 | $ 78,000 | 5/20/2021 | $164,000 | $179,000 |
| 204 HAAG RD READING PA 19606 | 1.3 miles | 4 | 2 | 1,450 Sq Ft | 88,427 Sq Ft | 1985 | 7/29/2022 | $330,000 | 10/18/2022 | $330,000 | $331,000 |
| 1750 HAAK ST READING PA 19602 | 1.3 miles | 3 | 1 | 1,368 Sq Ft | 871 Sq Ft | 1900 | 8/26/2021 | $ 41,748 | 3/22/2022 | $129,900 | $112,000 |
| 1204 HAMPDEN BLVD READING PA 19604 | 1.1 miles | 3 | 1 | 1,452 Sq Ft | 2,614 Sq Ft | 1925 | 3/26/2021 | $ 90,000 | 1/13/2022 | $180,000 | $166,000 |
| 2119 GEORGIA RD TEMPLE PA 19560 | 1 miles | 4 | 3 | 1,576 Sq Ft | 110,207 Sq Ft | 1997 | 1/29/2021 | $122,500 | 5/13/2021 | $260,000 | $308,000 |
| 2307 ALSACE RD READING PA 19604 | 0.6 miles | 3 | 2 | 1,130 Sq Ft | 10,454 Sq Ft | 1960 | 12/14/2020 | $121,500 | 9/8/2021 | $264,000 | $162,000 |
| 1750 HAMPDEN BLVD READING PA 19604 | 0.5 miles | 2 | 2 | 1,720 Sq Ft | 10,454 Sq Ft | 1965 | 12/16/2020 | $196,500 | 11/19/2021 | $224,000 | $247,000 |
| 2208 N 18TH ST READING PA 19604 | 0.2 miles | 2 | 2 | 1,200 Sq Ft | 8,712 Sq Ft | 1960 | 10/15/2021 | $171,840 | 3/8/2022 | $225,000 | $172,000 |
This property is being sold at a public auction.
Trustee Sale Details
| Date | May 05, 2023 |
| Start Time | 10:00 AM |
| Location | Online sale at https://www.bid4assets.com/berkscountysheriffsales |
Bidding Instructions
All bidders must show proof of identity as well as proof of authority to purchase on behalf of a legal entity.
Property Disclosures
- EPA_LBPPamphlet.pdf
- FedLeadPaintDisclosure.pdf
- PAAddendum.pdf
- written consumer notice.pdf
Contact
Customer Service *Contact Customer Service (877) 518-5700 customerservice@realtybid.com
Foreclosing Attorney
*McCabe, Weisberg & Conway, LLC 215-790-1010
Important: All data on this page and other property pages is provided for informational purposes only. It is each potential buyer’s responsibility to perform their own due diligence prior to placing a bid on a property.
FAQs
How do I participate in an auction? ›
To participate as a Bidder, Registration is a simple process. Go to registration form from Home page. Select "Register as Individual or Company" and fill out all required details. Go through User Agreement & Privacy Policy and click on the 'Register' button.
What is the final bid in an auction? ›Refers to the highest bid accepted and at which a lot is knocked down if it is at or above reserve, but will be unsold if it is not. This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
How do I bid on an online auction? ›- Understand the Auction Rules. ...
- Add Items to a Watchlist. ...
- Know the Bid Clock. ...
- Set a Budget. ...
- Use Automated Bidding. ...
- Research the Item. ...
- Test, Inspect and Compare Items On-Site. ...
- Compare Similar Items.
An auction is a sales event wherein potential buyers place competitive bids on assets or services either in an open or closed format. Auctions are popular because buyers and sellers believe they will get a good deal buying or selling assets.
Can you just turn up at an auction? ›Auctions are open to the public and anyone can attend. Very occasionally, if there are many more buyers than usual, and more than the auctioneer expected, they may ask that space is made available as a priority to those wishing to bid.
What happens if you win a bid and don't pay? ›A seller can refuse to cancel the transaction and insist that you pay for the item. If you fail to do so, eBay can log an "unpaid item" notation on your account. If you accumulate too many of these strikes against yourself, eBay may suspend your trading privileges.
How much should I offer during auction bidding? ›With auctions, bidders are looking for a deal. You should set the starting price below fair market value to show your guests the potential for a great deal. Setting the starting bid around 25-30% of the fair market value gives bidders the chance to win the item well below market value.
Can a seller cancel a bid after auction end? ›As a seller, you can cancel bids on eBay in the following situations: when you agree to a buyer's request, when the item isn't available anymore, if you made an error in the listing, or if you're concerned the bidder might be fraudulent.
Can you cancel an auction after a bid? ›GH Tip: If you've placed a bid then decide you no longer want the item, eBay advises you to contact the seller and ask them to cancel your bid. They are not obliged to do this for you, but be polite and courteous and explain the situation.
Is it better to bid early or late? ›You stand a greater chance of getting the item by placing your highest bid in the closing seconds. If an auction listing has a reserve price, bid up to that amount as early as possible, so other bidders aren't attracted by the low starting price.
How do you bid on a first price auction? ›
A first-price sealed-bid auction (FPSBA) is a common type of auction. It is also known as blind auction. In this type of auction, all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price that was submitted.
What is the best way to win an auction? ›Many experts agree that a good auction bidding strategy that helps you change the pace is by avoiding round numbers. Bidding in odd increments can confuse the competition and throw them off their game. It also slows the momentum of the auction, while the auctioneer adds the numbers up!
What should you not do at an auction? ›- Don't talk to your partner. ...
- Don't phone a friend. ...
- Don't let your body language give you away. ...
- Don't bring the whole family along. ...
- Don't dress up to the nines. ...
- Don't be rude to the auctioneer. ...
- Don't make silly bids.
In auctions, the buyer's premium is a charge in addition to the hammer price (i.e. the winning bid announced) of an auction item, or lot. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer's premium.
What is auction pricing? ›Auction pricing is the price and advertiser pays after participating in an ad auction. The price the advertiser pays for a billboard ad, impressions or ad placement depends on the outcome of the auction.
What is the 3 minute rule at auction? ›This 3 minute trigger will continue until 3 minutes has elapsed without any further competing bids and a winning bid is achieved. If the reserve has not been met, the auctioneer may then invite interested parties to engage in the submission of revised bids and the reserve price may be disclosed at this stage.
What happens if only one bidder? ›If there's only one bidder then the auctioneer is allowed to “run them up” to the reserve price, by bidding against them. However, if their highest bid is still lower than the reserve price then the property will not sell.
Can you negotiate price at auction direct? ›As a “one-price” business model Auction Direct does not negotiate on pricing; as all of our vehicles are priced using highly sophisticated marketing software and as such prices are designed to be as competitive as possible and “Best In-Market”.
How long do you have to pay after bidding? ›Usually a 28-Day Completion Deadline
Traditional auctions then have a standard deadline of 28 days. You'll have to pay the remainder of the funds by this date.
A buyer has two days to pay for an item on eBay from the time of their purchase. After two days, a seller can open an Unpaid Item Case, prompting the buyer to pay or resulting in a loss of buyer privileges if the seller is never able to collect the money. Visit Business Insider's homepage for more stories.
Do you have to pay if you lose a bid? ›
In a standard auction, only the winning bidder would be required to make payment. All losing bidders would be free from financial obligation.
What is a good bid price? ›The best bid is the highest quoted offer price among buyers of a particular security or asset. The best bid represents the highest price a seller could expect to receive from a market order.
Can you ask what the highest offer is on a house? ›A request for the highest and best offer can occur in real estate when a seller receives multiple offers during the sale of their home. The seller might request interested buyers to submit their highest offer with their best terms, allowing them to choose whichever one they like best without engaging in negotiations.
What is the lowest acceptable bid at an auction? ›Common to auctions, a reserve price or a reservation price is the minimum amount that a seller will accept as the winning bid. Alternatively, it is less commonly known as the highest price a buyer is willing to pay for a good or service.
Can I end auction early to highest bidder? ›Can the listing be ended early? Yes, but you must sell the item to the high bidder.
What happens if your auction ends? ›When the auction ends, you sell to the highest bidder.
Can you accept offer before auction ends? ›Yes you can. Ebay offers that facility and you will see it on the item you see a bid on. I have offered as estimated top price and the seller has accepted it. Sometimes they can let the auction run its course.
What happens if you accidentally bid at an auction? ›A bid is a binding contract that's active until an auction-style listing ends or you're outbid. You can only retract a bid if the seller significantly changed the description of the item, or if you accidentally bid the wrong amount. Retracting a bid for any other reason is considered an invalid bid retraction.
What happens if seller cancels auction? ›Notwithstanding, some sellers can cancel a bid if they think the item is worth more. Some might even cancel on the instance that the intended buyer is no longer interested in the item. If a seller cancels a transaction without the buyer's consent, the buyer can report to the customer service for necessary actions.
How do I cancel a bid or buy? ›We are unable to turn off an automatic bid. You may contact the seller via the Q&A function and advise him/her that you made an error and that you would like your bid to be deleted. Once this has been done you may re-bid on the item.
Do sellers always go with the highest bid? ›
No, the seller is under no obligation to accept any offer. And if the market is a strong seller's market, they are likely to wait for offers that are above asking price. Can a seller counter a “highest and best” offer? Yes, the seller can counter at any time during the negotiation process.
How long should a bid be good for? ›For small procurements, the bid validity period may be 30 to 60 days. For more complex procurements, it can be 90 days or more, depending on how long it is estimated to take from the bid opening date until the contract is signed.
Is the lowest bidder always the best choice? ›Although the most affordable no doubt, the lowest bidder isn't always the right choice. Sure the price might be low, but this could potentially have severe repercussions on the job and the job schedule once work begins. The most common truths behind a low bid are fairly obvious.
Does the second-highest bidder win? ›The highest bidder wins but the price paid is the second-highest bid.
What is the winner curse in negotiation? ›The winner's curse is a tendency for the winning bid in an auction to exceed the intrinsic value or true worth of an item. The gap in auctioned versus intrinsic value can typically be attributed to incomplete information, emotions, or a variety of other subjective factors that may influence bidders.
Why is second-price auction better than first price? ›A second-price auction reduces the risk of overspending which can lower the demand for a publisher's inventory. A second-price auction eliminates the risk overestimation of the value of the impression. Since buyers don't overspend, there is a higher demand for the publisher's inventory.
What sells most in an auction? ›- Precious Gems and Jewelry. Jewelry and precious gems also tend to see high sale prices at auctions. ...
- Sports Memorabilia. Any sports memorabilia, mainly if a star autographs it, is likely to do well at auction. ...
- Toys & Comic Books. ...
- Antique Timepieces. ...
- Fine Art.
Holding an auction on a Saturday
Whether it is a Saturday or Sunday, the fact that over 90 per cent of auctions are held on the weekend is easy to understand: the majority of prospective buyers are at work during the week, while on the weekend they and any children are free to attend inspections and auctions.
This is where the psychology comes in. The difference between the morning and afternoon auctions can be the time it gives buyers to think and doubt. It doesn't mean that all auctions in the afternoon are doomed. The clearance rate from auctions held at 2.30-4.00pm are still an impressive 72%.
What are the disadvantages of auctions? ›- There is no guarantee your property will sell successfully at auction. ...
- The market value of your property is decided on the spot. ...
- Marketing costs tend to be higher.
- Auctions concentrate the buying process into a short period of time.
What are the disadvantages of buying a house on auction? ›
- Houses Are Sold As-Is. Homes at auction are sold as is. ...
- You Must Have Cash To Make The Purchase. Most auctions have very strict rules about how you can pay for your purchase, and they almost always involve cashier's checks or cash. ...
- You'll Forgo Common Protections.
Basically, auctioneers receive a commission (a certain percentage of the sale price, typically between 1.5% and 2.0%) and an entry fee (usually between $300 and $750). Agreed upon prior to the auction, the commission and fees are listed in the auction contract.
How do you calculate auction price? ›Auction Cost Formula
To calculate auction cost, multiply the sell price by the auction fee percentage over 100.
Simply stated, it is adding the sales commission as an obligation to the buyer after the bid. For example, if the bid is $100 and the buyer's premium is 10 percent, the invoice to the buyer would be $110.
What are the two types of auction pricing? ›- Increasing-price auction (English auction). In this type of auction, a good or commodity is offered at increasing prices. ...
- Sealed-bid auctions. In this type of auction, each party sends a sealed bid to an auctioneer who opens all bids. ...
- Decreasing-price auction (Dutch auction).
The National Association of Realtors agrees that auctions can accelerate a sale, in addition to offering these key benefits for sellers: Higher visibility among pre-qualified, prepared buyers who are ready to buy. Greater competition among buyers, which can lead to a sale price higher than market value.
Do bidders see the reserve price? ›A reserve price is the lowest price you're willing to sell an item for. Bidders can't see the reserve price, but they'll see whether it has been met.
How do you buy items at an auction? ›- Arrive early. It's important to inspect the items offered for auction. ...
- Be prepared to buy. ...
- Be sure you have a buyer's number. ...
- Understand the terms of the auction. ...
- Bid with confidence. ...
- Know what you're buying. ...
- Listen to the auctioneer. ...
- Know your rights.
There are two types of participants: a buyer and a seller. A buyer pays to acquire a certain good or service, while a seller offers goods or services for money or barter exchange. There can be single or multiple buyers and single or multiple sellers in an auction.
What is the process of an auction? ›Once an item is placed for sale, the auctioneer will start at a relatively low price to attract a large number of bidders. The price increases each time someone makes a new, higher bid until finally, no other bidders are willing to offer more than the most recent bid, and the highest bidder takes the item.
How many items do you need for an auction? ›
A good rule of thumb is to provide 1 or 2 auction items for every bidder or spender at your event. For a guest list of 100 people (roughly 50 couples who'll be bidding and spending together), approximately 25-35 items would create an effective market that's competitive but not overwhelming.
How many items are usually in an auction? ›Most traditional auction fundraising events, like galas and dinners, include 7 to 12 items. That said, there's plenty of nuance to the best number for your event.
What does F mean in an auction? ›We may also include the letters “A/F” in a catalogue listing which means “As found”. Bid Increment. The amount by which the auctioneer increases the bidding.
What are the 4 types of auctions? ›He established four major (one-sided) auction types: (1) the ascending-bid (open, oral, or English) auction; (2) the descending-bid (Dutch) auction; (3) the first-price, sealed-bid auction; and (4) the second-price, sealed-bid (Vickrey) auction.
What are the three stages of auction? ›...
Stages in an Auction.
| # | Stages | Who does it |
|---|---|---|
| 1 | Create an auction. | Buyer Application Manager |
| 2 | Place bids. | Supplier users |
| 3 | Monitor the auction. | Members of buyer organization |
How Long Will It Take To Prepare For An Auction? In most cases 4 to 8 weeks are needed. When Will I Get My Money If I Sell At Auction? This is determined in the auction listing contract but it will typically be 2 to 4 weeks after your auction sale.
What are the benefits of auction? ›Auction produces fair market value through competitive bidding, allowing you, the buyer, to make a smart buying decision with a seller that is committed to sell. Buyers determine the market value. Auctions provide for a timely purchase and eliminate long negotiation periods.
How much should you bid in an auction? ›With auctions, bidders are looking for a deal. You should set the starting price below fair market value to show your guests the potential for a great deal. Setting the starting bid around 25-30% of the fair market value gives bidders the chance to win the item well below market value.
Who does bidding in auction? ›Auction: An auction is arranged by an auctioneer to get the highest bids for the goods and services that he has put up for sale in an auction.