Everything is driven by money and yet everything is not driven by money.
I just lost another auction ... fuck them ... the norms didn't apply ...
There were 4 bidders and the price went up by 18% which is not supposed to be the case. The increase in bidding was unusual. I have budgeted for 11% increase (Just 1% percent above the 10% norm, because I like the property). With only 0-5 bidders, theoretically I was supposed to get it by 10% increase in price. But shit do hit the wall.
Well ... A miss is a miss. No love lost.
The next auction is first week August. I will find a better bargain there then.
My micro-analysis is:
There were 4 bidders. The starting 1st bid was at the reserve price (+0%). A 2nd up-bid was done (+5%). Followed by my 3rd bid (+11%) and lastly 4th bid (+18%). I didn't up-bid as I felt it was not worth it. All 4 bidders has bidded.
Basically, I wouldn't fight it.
I found that if there are 4 bidders, there would be 4 bids. Simple.
Fuck ... Let's prepare for the 1st week Aug bid.
I am still feeling restrictive. Cannot overbid and fall in love with the properties I viewed.
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