What Is Off The Wall Bidding? | Property Auction Tips

So, can you tell me what the term, ‘bidding
off the wall’, means? ‘Bidding off the wall’ is an auctioneer’s
term. It’s basically where an auctioneer will make up a bid, essentially. People, when you
first say that, people think it’s a bit underhand but I’ll explain it, why it makes sense. So,
obviously, an auction only works if there’s more than one person bidding on a property.
And as we’ve covered, there will be a reserve price, to secure it for the seller, that we
can’t sell below. So, the auctioneer is allowed to do what’s called, ‘bidding off the wall’,
as long as it’s below the reserve price, basically to encourage other people to bid. So, if you
were selling a house, for example, for £100,000, the reserve was £100,000 – There was a bid
of £90,000 but nobody else to bid. We couldn’t… there’s no other way of getting that person
from £90,000 to… They might be prepared to pay £120, for example. So what the auctioneer
would do, he might then bid off the wall at 95 and then that genuine bid in the room would
be up to 100. And at that point we’re able to sell the property. It’s absolutely, I can’t
stress this enough… that only happens below the reserve price. So, if it’s not as if we’re making somebody
pay more money than they could have. So that bid at 90 could never buy the house for £90,000
because it was on reserve at 100. So, it’s a very fair and honest way but not a lot of
people – not a lot of people see it. Sometimes when I’ve spotted… Good auctioneers, I was
spotting in the room to try to find the bids and the auctioneer would be saying, ‘yeah,
the gentleman over there with the glasses’, and I’m looking around and ultimately there’s
no man with glasses. Fantastic. That’s a great little insider info
there. Thanks for that. Thank you for watching this video. If you
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1 comment

Terrible tactic especially for newcomers to auctions! Can see it in action here: herehttps://www.youtube.com/watch?v=2NSnShgwG3U

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