Underquoting – it’s alive and rife!
I attended, bid and secured a property for my client this weekend in a prestigious inner bay side suburb of Melbourne. There were approximately 100 people attending and 3 bidders in total.
While happy with the outcome for my client, I felt for the other bidders, and those that were knocked out as soon as I presented my first bid at $2.1 million. I knew from the time I appraised it that it wasn’t worth less than $2.4 million and it wasn’t a surprise to me when the property was declared for sale at $2.425 million. I secured it for my client at $2.605 million.