So i went to a housing auction today… for fun mostly… I already went once w/ a friend.. but took my parents there today… it was somewhat interesting… I like how the workers there are in tuxedos and they are pretty energetic and fun… It actually gets quite hectic once the auction starts… lots of things going on, with the auctioneer talking at 1000 words per minute… and the reps running all over the place yelling. what’s fun about it though is the whole environment is very dynamic.. you got these reps running around the floor, howling and whistling whenever someone makes a bid… they all seem to be having so much fun, more fun than us bidder.. lol… I guess that’s how they keep the aucion less boring. but yeah… even though it’s an auction, the sold price is actually not that cheap.. i’d say about the market price… and there’s the risk of getting it as is… in the booklet they actually told us that the banks that own them actually have a reserved price, if the final bid does not exceed their expectation, they have the right to not sell it. Plus they could have secret agents at the auction bidding against you to drive up the price. I guess the key is set a price that you’re willing to pay, and not let other people’s bidding affect your base line.

About m0untainmist

I'm awesome ;-) j/k...
This entry was posted in English, my events, ramblings. Bookmark the permalink.

One Response to auction

  1. Dennis says:

    this is what’s called the "Winner’s curse" in econ terminology

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