Question the agent as to how many contract requests and building reports have been commissioned

7. Question the agent as to how many contract requests and building reports have been commissioned. If it’s likely there will be a lot of competition, wait for someone to make a low bid before placing a higher one about $10,000–$20,000 below your estimated reserve price. For example, if the agent is quoting $270,000 plus and someone opens at $250,000, you should increase the bid to $300,000 to show you mean business. This also cuts out the bargain hunters, as even lower bidders can get emotional and increase their bidding levels – which has a snowball effect of increasing everyone else’s budget.