Girls from second series of "How to Be a Property Developer" showing us exactly what NOT to do when bidding at auction! "It's like watching a car crash!" Presented by Gary McCausland.
I was at a charity auction years ago. I wanted a gingerbread house when it came up there were maybe 2 bidders. One dropped out and if it hadn't been for a guy I was visiting with telling me to stop I would have bid against myself.
Nice quick tutorial on how not to bid indeed! Eyeopening to an invisible/fictitous buyer Never heard of that tactic before and watching that popular home buying program can now see why the camera sometimes DOESNT ZOOM in on bidders!! Means camera man in on it too?
Hey's the guy talking on the video...the host of the show...the guy in the gray jacket and pink shirt. That's Gary. He also has a show called Property Developing Abroad.
It's good I stumbled unto the video. I would have placed the first bid if no one was bidding and I was after that lot. It's good to know that I can make a lower offer if the house isn't sold. Thumbs up who to ever made this video.
I was actually there that day and was after this lot. It had severe structural cracks from ground floor to top floor you could fit your hand into the cracks. My max bid was passed in seconds.
@TheDreamtimezzz It is illegal, in the United States, however in the Commonwealth countries like Canada and Australia you are as, an auctioneer are obligated by the state to protect the seller, as they are the ones who hired you. You are allowed to bid against the customer. It is unethical to not inform the people they are being bid against, but you are allowed. I am a 3rd generation auctioneer in Canada.
UK auction law. Auctioneer will always aim for the highest price because that means the greatest commision. To get to that highest price can be based on whats called the auctioneers discresion (he judges how much buyers might be prepared to pay) or a reserve price. Usually the seller will just leave it to auctioneer even if it means reentering the item because it hasnt hit a particular price target. Its the easiest thing to spend money, but not to get it back
@SNESosT They stopped the house from being withdrawn which would have been able to buy the house for much lower and the object of the show I believe is to purchase a house, remodel it and probably resell it. Could be wrong I haven't really seen much of this one at all.
Exacty and thats the logical observation. But the facts are people take comfort in thinking it must be worth roughly the price paid because someone else bid it up - but no not when the auctioneer is running you up and looking like there is an underbidder. Also there is such a thing as auction fever plus you took a lot of time, effort and emotion in viewing, planning and preparing. The auctioneers are the only no risk clear winners, but they suck up to the winning mugs
If there is a single bidder then the auctioneer must take bids 'off the wall' in order to get the price up to either the reserve or the bidder drops out. This is completely legal. Without this process, how can a single bidder, willing to pay the reserve value, ever buy the item? What is illegal, is taking bids off the wall when above the reserve. This is risky for the auctioneer as he could get left with a no-sale at a figure above the reserve.
I met one of these girls after the programme was made but before it was broadcast. She was launching a property career (eg working as a viewer, for Venmores). Clueless. I also looked at buying this property as an investment and had a max price of about 90k (accounting for the severe structural issues - underpinning etc). The girls also went overboard on the redevelopment and built an extension. They sold it for 20k loss and the buyer sold it exactly 2 months later for 20k more than he paid.
@SNESosT Then they started bidding against each other for some reason, after which the auctioneer realized how dumb they were and pretended to be getting bids from someone else in the room until they got to a price that was high enough to not have to withdraw the lot and sell at a lower price afterwards.
whats wrong with bidding to meet the reserve ? Its not wrong or illegal, as long as they don't fake-bid at or beyond the reserve price. what does it matter, it can not sell if it doesn't meet the minimum anyway
Many times I see auctioneer who know the potential buyers likes and tastes and whether they are prepared to bid high to get what they want. So when they start bidding the price is artificial pushed up by the auctioneer until it reaches what he thinks is towards the top end. If you watch Bargain Hunt, you see UK auctioneers trying to push prices up in the room by using genuine bids left by outsiders and by internet bidders. they often tell the room that one more bid will beat the commision bid
The auctioneer can take 'imaginary' bids up to the reserve price (minimum price that the seller will accept) because up to this price, he is bidding on behalf of the vendor.
I have watched this show and can tell you that the presenter does have a clue. The two ladies were going together on this purchase and started bidding against each other! Did you not notice that ?
Oh and another thing, the amount of times I thought I had been outbid, only to see the item come back at the next auction. And do I then bid? NO NEVER. The auctioneer remembers I was the only bidder last time and looks pleadingly at me to go bid, but hell no, I just let it genuinely sell for 20, 30, 40% less than I bid last time be damned. the auctioneer isnt really bothered he still gets his commision - its no loose if you are an auctioneer
They could have got the bloody property for thousands of pounds less but still kept on bidding when the auctioneer was trying to close ! Were you watching the same video as everyone else was robert ?
It is the auctioneer's job, to bid the reserve. It is the bidders job to understand teh conditions of the auction. In juristictions where the auctioneer is precluded by law from bidding to the reserve for the seller. I those cases I have often asked bidders to raise their own bid until they are done bidding or the reserve is met. this is just a guy making something out of nothing. But if he didn't do that, who would watch the show???
+Eran Moshe Not redraw.. It's 'withdraw'. Withdraw means to remove the lot from the sale. The owner of the house wanted a minimum of 120,000 pounds. If the bidding doesn't reach the reserve of 120,000, means the auction won't receive commission for selling... That's why the auctioneer pushed the price up to the required 120,000. The house sold eventually to those dumb bitches and the auction can take around 30% commission from that sale. Your welcome
+leon ma Thanks mate. But Im still missing a few things. after she offered 107,500 he said we still havnt reached the reserved so we have to withdraw.. meaning she offered 107,500 and wont get it for that price? And what happens after the lot is being withdrawed? The man presenting this video saying they could buy it at a lower price. How exactly? Thanks again mate!!
+Eran Moshe Yeah, usually the auctioneer will start the bidding lower than the reserve to get the bidders tempted and to start them bidding against each other. She bid 107,500.. but she still wouldn't have got the property. After the auction, she could try to speak to the auctioneer and the owner of the property to come to another deal, hopefully a little lower than the owner originally wanted (but she doesn't know this). The auctioneer realized the girls were naive and 'auction noobs' and then used his 'bids off the wall tactic' to finally reach the reserve.. hope this all makes sense :)
+Eran Moshe the 'reserve' is what the owner decides when he/she decides to auction the house. For example, if i wanna sell my house - I would go to the auction and say i wanna reserve my house for 200,000... if the house didn't sell for 200,000, I could put the house into auction the next time for perhaps 180,000. It's just the minimum amount of money I'm prepared to let my house sell for...if it sells over the reserve then I'm happy.
Not all women bid like that, obviously there was a load of other women in there that didn't bid at all. They were just inexperienced bidders who happen to be women.
Heartbreaking watching the girls get ripped. It should be illegal because the guy bidder probably knows the Reserve and the girls do not, so he has no risk on the line.
I just watched the video response... these 2 Liverpudlian girls on it about 3/4 way through. The property had structural issues ! Square-chin: I'll be you 20 pounds you'll lose money on this property.. Liverpool girl: I'll bet you thousand we don't They settle on a £100 bet.
I got tricked like this myself, but I caught them on it. I won 2 items and 1 for sure was with this trick and the other bid was legit (i think). When I went to pay I told them I'm only paying for the legit bid.. Well that pissed them off and then they made threats to pay blah blah blah, so I refused to pay on any item and left. Im sure they black flagged my name, but i dont care as Im not returning to that auction.
Been caught at antique auctions so many times like this. Auctioneers are a bunch of crooks, ooops no Im not allowed to say that because its legal. hey ho, never mind. Perhaps not crooks, con artists is a fairer description and then the buyer ends up wondering how their could have been someone else prepared to ram the price up, or they simply wonder why they bought a pile of shite. You can say, buyer be ware, but basically the auctioneers are the conmen - professional conmen
This two didn't do their homework! Always position yourself so you know who you're bidding against. The whole point of buying at auction is to save money not throw it away. Of course bidding against the person you're buying with........hmmmm
I watched this program on tv years ago. they had a womans team and a mens team and the idea was make as much money in property as posible in a year. The blokes got £153,000 profit the grils £-18,000 LOSS!!!! LOL
This is how you get scammed at an auction legal yes. despicable yes always make sure you can see your opponent bidding but still he or she could be a plant.
CLICKBAIT GARBAGE. These women are willing to pay to reserve price. Not idiots outbidding themselves. Who's the Gordon Ramsey impseronator? Or is that how all british reality tv people sound?
Lol, hardly a clickbait 1) What's the point in paying as high as the reserve price, when no one else is willing to bid, so they can get it for a lower withdrawn price? In this case they would've saved themselves at least £15,000 2) Yes they are idiots, because the auctioneer was taking bids _"off the wall",_ there was no one else bidding against them, yet they didn't even realise! 3) This guy has a Northern Irish accent. Gordon Ramsey is Scottish, though talks with a fairly English accent from living here a long time. There's more than just 1 person in Britain, and more than just 1 accent ya know ;)
I was at a charity auction years ago. I wanted a gingerbread house when it came up there were maybe 2 bidders. One dropped out and if it hadn't been for a guy I was visiting with telling me to stop I would have bid against myself.
Nice quick tutorial on how not to bid indeed! Eyeopening to an invisible/fictitous buyer
Never heard of that tactic before and watching that popular home buying program can now see why the camera sometimes DOESNT ZOOM in on bidders!! Means camera man in on it too?
Hey's the guy talking on the video...the host of the show...the guy in the gray jacket and pink shirt. That's Gary. He also has a show called Property Developing Abroad.
I so love to see this! Auctioneers that mislead the public through old unscrupulous laws need to think about their ethics... or lack of them.
It's good I stumbled unto the video. I would have placed the first bid if no one was bidding and I was after that lot. It's good to know that I can make a lower offer if the house isn't sold. Thumbs up who to ever made this video.
I was actually there that day and was after this lot. It had severe structural cracks from ground floor to top floor you could fit your hand into the cracks. My max bid was passed in seconds.
@TheDreamtimezzz It is illegal, in the United States, however in the Commonwealth countries like Canada and Australia you are as, an auctioneer are obligated by the state to protect the seller, as they are the ones who hired you. You are allowed to bid against the customer. It is unethical to not inform the people they are being bid against, but you are allowed. I am a 3rd generation auctioneer in Canada.
as an auctioneer, you can take bids off the wall but not after the reserve price.
wow... it was a good tutorial for my game theory course....
ah I wanted to see a reaction when they discovered what they'd done
UK auction law. Auctioneer will always aim for the highest price because that means the greatest commision. To get to that highest price can be based on whats called the auctioneers discresion (he judges how much buyers might be prepared to pay) or a reserve price. Usually the seller will just leave it to auctioneer even if it means reentering the item because it hasnt hit a particular price target. Its the easiest thing to spend money, but not to get it back
@SNESosT They stopped the house from being withdrawn which would have been able to buy the house for much lower and the object of the show I believe is to purchase a house, remodel it and probably resell it. Could be wrong I haven't really seen much of this one at all.
Exacty and thats the logical observation. But the facts are people take comfort in thinking it must be worth roughly the price paid because someone else bid it up - but no not when the auctioneer is running you up and looking like there is an underbidder. Also there is such a thing as auction fever plus you took a lot of time, effort and emotion in viewing, planning and preparing. The auctioneers are the only no risk clear winners, but they suck up to the winning mugs
Hi Gary! great to see you on TH-cam.. Keep in touch, Brenda
If there is a single bidder then the auctioneer must take bids 'off the wall' in order to get the price up to either the reserve or the bidder drops out. This is completely legal. Without this process, how can a single bidder, willing to pay the reserve value, ever buy the item? What is illegal, is taking bids off the wall when above the reserve. This is risky for the auctioneer as he could get left with a no-sale at a figure above the reserve.
does anyone know the tune name with pianos at the very beginning of the clip?
I met one of these girls after the programme was made but before it was broadcast. She was launching a property career (eg working as a viewer, for Venmores). Clueless.
I also looked at buying this property as an investment and had a max price of about 90k (accounting for the severe structural issues - underpinning etc).
The girls also went overboard on the redevelopment and built an extension. They sold it for 20k loss and the buyer sold it exactly 2 months later for 20k more than he paid.
@SNESosT Then they started bidding against each other for some reason, after which the auctioneer realized how dumb they were and pretended to be getting bids from someone else in the room until they got to a price that was high enough to not have to withdraw the lot and sell at a lower price afterwards.
in Indiana USA this is known as pick bidding and is illegal. A auctioneer could lose his licence.
whats wrong with bidding to meet the reserve ?
Its not wrong or illegal, as long as they don't fake-bid at or beyond the reserve price. what does it matter, it can not sell if it doesn't meet the minimum anyway
Many times I see auctioneer who know the potential buyers likes and tastes and whether they are prepared to bid high to get what they want. So when they start bidding the price is artificial pushed up by the auctioneer until it reaches what he thinks is towards the top end. If you watch Bargain Hunt, you see UK auctioneers trying to push prices up in the room by using genuine bids left by outsiders and by internet bidders. they often tell the room that one more bid will beat the commision bid
How can it be legal because its fraud to say there is a bid when there is not.
The auctioneer can take 'imaginary' bids up to the reserve price (minimum price that the seller will accept) because up to this price, he is bidding on behalf of the vendor.
good for you tx ... I'm done discussing this with you as you just don't get this. Good night !
I have watched this show and can tell you that the presenter does have a clue. The two ladies were going together on this purchase and started bidding against each other! Did you not notice that ?
The only way you'd get me to an acution is if Gary McCausland were up for bid. Forget the houses and items give me Gary baby!
I’ve watched a few times now... still,makes me giggle...
I have swampland for sale, wonder if these two ladies would like to buy it
Oh, I see. Thanks for clarifying.
please put up the next piece, I want to see the look on their faces when he tells them what happened. : (
Oh and another thing, the amount of times I thought I had been outbid, only to see the item come back at the next auction. And do I then bid? NO NEVER. The auctioneer remembers I was the only bidder last time and looks pleadingly at me to go bid, but hell no, I just let it genuinely sell for 20, 30, 40% less than I bid last time be damned. the auctioneer isnt really bothered he still gets his commision - its no loose if you are an auctioneer
How is this legal? Always been illegal here in the States as far as I know. ????
Thanks man!
@bl4h1 you make an offer after the auction and get it cheap
I've done every thing I'm supposed to but will not let me. Bid
Well done, they almost lost that bid to themselves.
A really close one.
well it may be legal in England but it is NOT legal in Pennsylvania.
They could have got the bloody property for thousands of pounds less but still kept on bidding when the auctioneer was trying to close ! Were you watching the same video as everyone else was robert ?
Some things to avoid!!
Wait, so they're bidding against eachother?
If they are willing to bid high enough to meet the reserve - nobody forced them to bid
The title of the video says it all.......
Actually, they haven't "won" anything until the property reaches the reserve price of $120k.
BidsWOW.com has 3 winners per auction and everything sells around 8% of the Retail Price.
So what happened? You cut off the video at the end. You get a big "F".
It is the auctioneer's job, to bid the reserve. It is the bidders job to understand teh conditions of the auction. In juristictions where the auctioneer is precluded by law from bidding to the reserve for the seller. I those cases I have often asked bidders to raise their own bid until they are done bidding or the reserve is met. this is just a guy making something out of nothing. But if he didn't do that, who would watch the show???
The eyes of the girl on the left... HOLY SHIT its looking into my soul.
what exactly does "Redraw the lot" means ?
+Eran Moshe Not redraw.. It's 'withdraw'. Withdraw means to remove the lot from the sale. The owner of the house wanted a minimum of 120,000 pounds. If the bidding doesn't reach the reserve of 120,000, means the auction won't receive commission for selling... That's why the auctioneer pushed the price up to the required 120,000. The house sold eventually to those dumb bitches and the auction can take around 30% commission from that sale. Your welcome
+leon ma Thanks mate. But Im still missing a few things. after she offered 107,500 he said we still havnt reached the reserved so we have to withdraw.. meaning she offered 107,500 and wont get it for that price? And what happens after the lot is being withdrawed? The man presenting this video saying they could buy it at a lower price. How exactly? Thanks again mate!!
+Eran Moshe Yeah, usually the auctioneer will start the bidding lower than the reserve to get the bidders tempted and to start them bidding against each other. She bid 107,500.. but she still wouldn't have got the property. After the auction, she could try to speak to the auctioneer and the owner of the property to come to another deal, hopefully a little lower than the owner originally wanted (but she doesn't know this). The auctioneer realized the girls were naive and 'auction noobs' and then used his 'bids off the wall tactic' to finally reach the reserve.. hope this all makes sense :)
+Eran Moshe the 'reserve' is what the owner decides when he/she decides to auction the house. For example, if i wanna sell my house - I would go to the auction and say i wanna reserve my house for 200,000... if the house didn't sell for 200,000, I could put the house into auction the next time for perhaps 180,000. It's just the minimum amount of money I'm prepared to let my house sell for...if it sells over the reserve then I'm happy.
+leon ma yeah thanks mate I got it.. fucking noob bitche
send me a link to some photos
2 women bidders nuff said!! lmao
Not all women bid like that, obviously there was a load of other women in there that didn't bid at all. They were just inexperienced bidders who happen to be women.
If it makes you sleep better......
We call those bids Phantom bids...
Can someone explain it to me? Thanks! :)
i will try it and get back to you
those girls got owned.
And that's a slow auction.imagine it at speed..
Heartbreaking watching the girls get ripped. It should be illegal because the guy bidder probably knows the Reserve and the girls do not, so he has no risk on the line.
1.35 gave me a real LOL :)
I just watched the video response... these 2 Liverpudlian girls on it about 3/4 way through.
The property had structural issues !
Square-chin: I'll be you 20 pounds you'll lose money on this property..
Liverpool girl: I'll bet you thousand we don't
They settle on a £100 bet.
how did they even get money like that??
I got tricked like this myself, but I caught them on it. I won 2 items and 1 for sure was with this trick and the other bid was legit (i think). When I went to pay I told them I'm only paying for the legit bid.. Well that pissed them off and then they made threats to pay blah blah blah, so I refused to pay on any item and left. Im sure they black flagged my name, but i dont care as Im not returning to that auction.
ha they lost 35000 quid on the property when they resold it.
Still laughing at this 12 years later
Painful to watch. In todays market increasingly large numbers of property are not making the reserve at auctions.
Been caught at antique auctions so many times like this. Auctioneers are a bunch of crooks, ooops no Im not allowed to say that because its legal. hey ho, never mind. Perhaps not crooks, con artists is a fairer description and then the buyer ends up wondering how their could have been someone else prepared to ram the price up, or they simply wonder why they bought a pile of shite. You can say, buyer be ware, but basically the auctioneers are the conmen - professional conmen
This two didn't do their homework! Always position yourself so you know who you're bidding against. The whole point of buying at auction is to save money not throw it away. Of course bidding against the person you're buying with........hmmmm
This is illegal in Canada. This guy would be shut down.
we is he telling us and not them! :)
Power bid that
who is gary whas his face?
poor girls i guess they've never even watched a property show before :(
That... shouldn't be legal.
Oh my lord, those eyes
I watched this program on tv years ago. they had a womans team and a mens team and the idea was make as much money in property as posible in a year. The blokes got £153,000 profit the grils £-18,000 LOSS!!!! LOL
This is how you get scammed at an auction legal yes. despicable yes always make sure you can see your opponent bidding but still he or she could be a plant.
sounds unethical and maybe illegal i would turn him into the state board if your state has one
Their Blondes, Let Them Be ;D
stereotype 'Blond' smartness
LOL
WHY THE FUCK WOULD THEY BID ON ANYTHING THAT'S 100,000 EUROS IF THEY AREN'T EXPERIENCED?!?!?!
@pitolove71 yea this is wild but the comment of taking bids off the wall interests me--might be staged
Oh god they lost about 20k
They are a car crash full stop
So glad this practice is illegal in Aus.
Their faces will haunt my dreams for eternity.
Oh get a grip please ... why don't you watch the clip again and try to understand what is going on. I don't think you do.
that shouldn't be allowed. to make up bids. terrible
LOLZ
lol
Yuuuuuuuuuuuuup
Who said blondes were dizzy?
what.... WHAT ARE THEY DOING. STOP STOP. WHAT.
hahahah
Legal, maybe - ethical, no way.
@sortofsilver
You insult them but can't realize the word "bimbos" is plural, not possessive, so drop the apostrophe. Way to go.
no just you
So you're telling me those two fake blond clowns didn't know what they were doing?!?
Unbelievable....
"char crash"
@ildsc
CLICKBAIT GARBAGE. These women are willing to pay to reserve price. Not idiots outbidding themselves. Who's the Gordon Ramsey impseronator? Or is that how all british reality tv people sound?
Lol, hardly a clickbait
1) What's the point in paying as high as the reserve price, when no one else is willing to bid, so they can get it for a lower withdrawn price?
In this case they would've saved themselves at least £15,000
2) Yes they are idiots, because the auctioneer was taking bids _"off the wall",_ there was no one else bidding against them, yet they didn't even realise!
3) This guy has a Northern Irish accent. Gordon Ramsey is Scottish, though talks with a fairly English accent from living here a long time.
There's more than just 1 person in Britain, and more than just 1 accent ya know ;)
Tyfpsy
oh wait there is no male bidder. This is wrong