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Reserves are set by the seller in conjunction with the auctioneer and the latter will not allow reserves to be set too high.If you are a seller with a decent property though, the auctioneer will recognise this and let you put a good reserve on.This paper explores, through a series of experiments, the effect of shill bidding upon revenues and prices in auctions.
Those buying a home will find themselves able to target properties priced to sell rather than sit in estate agents windows for months on end.
Meanwhile, committed sellers who price their property well should see it sold and may also benefit from competition bidding up its value.
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.
Preparation By contacting auction houses and asking to be put on to mailing lists.