Should you bid first at auction?

Should you bid first at auction?

What about making the first bid? "In most cases it doesn't matter if you open the bidding, but what is inadvisable is to make a high first offer," he said. "Some people might say it's a good strategy to scare other bidders away, but it could also cost you a lot of money if you were going to be the only bidder."

Is it better to bid early or late?

Never early-bid. Another reason why no serious bidder bids early is that once you've placed your bid, you're obligated if it wins. If you place an early bid today, and tomorrow you find a better item, you're still stuck with the first item if you win.

How much under asking price should you offer?

Many people put their first offer in at 5% to 10% below the asking price as a lot of sellers will price their houses above the actual valuation, to make room for negotiations. Don't go in too low or too high for your opening bid. If you make an offer that's way below the asking price, you won't be taken seriously.

Can the seller see my highest bid?

The seller cannot see anything more about the amount of the bids than everyone else can in the Bid History. If a bid is outbid or if the winning/leading bid is less than a full bid increment over the underbidder's highest bid everyone can see the amount.