Land auction

[Bill]

I was referring to online auctions that don’t actually share your full bid, only that required to win. Why snipe?

For me because plenty of people don’t snipe. And if someone puts in a last second bid that’s under me they can’t counter react. It’s over before the last bid is seen.

Snipe or be sniped

 

[bwoods11]

Auctions can be very effective. Not something I’d participate in. There was an online auction in Iowa where they found out the auctioneer and seller were bidding up the price.

I prefer to know the exact price and make offers.

 

[Turkish]

For me because plenty of people don’t snipe. And if someone puts in a last second bid that’s under me they can’t counter react. It’s over before the last bid is seen.

Snipe or be sniped

The way it makes sense in my head is this: You win the auction at the same price either way. The only difference is that the guy who was never, under any scenario, going to win knows this earlier. Help me understand how that’s incorrect.

 

[Brian662]

The way it makes sense in my head is this: You win the auction at the same price either way. The only difference is that the guy who was never, under any scenario, going to win knows this earlier. Help me understand how that’s incorrect.

If you snipe at the end and win, there's a strong likelihood you'll win the bid for under your top dollar.
Putting in top dollar earlier just guarantees you'll always pay your highest amount and won't ever get a "deal".

 

[Turkish]

Putting in top dollar earlier just guarantees you'll always pay your highest amount and won't ever get a "deal".

But most online auctions do not work that way. You make your max bid and the leading amount is only the minimum required. Certainly, this is true for face to face auctions.

 

[Brian662]

But most online auctions do not work that way. You make your max bid and the leading amount is only the minimum required. Certainly, this is true for face to face auctions.

So what you're saying is basically what Bill is referring to with the algorithms in that they will always bid up the amount at the end?

 

[Bszweda]

I watched one online auction for land this fall and the clock would reset after someone made a bid once they got under five minutes. The auction ended up being like 2 1/2 hours instead of one hour. I think bidding wars can get you into trouble. Though bidding your max price you will never know if you could’ve gotten cheaper.

 

[Turkish]

So what you're saying is basically what Bill is referring to with the algorithms in that they will always bid up the amount at the end?

I’ve read his post and I’m not following. Is the assertion that algorithms are bidding to raise the price? If so, then I understand needing a way to outsmart them. I also wonder where this algorithm’s warehouse of random crap it unintentionally won is.

I’m fully expecting that there’s something I’m missing here. Just trying to suss it out.

 

[hillrunner]

I’ve read his post and I’m not following. Is the assertion that algorithms are bidding to raise the price? If so, then I understand needing a way to outsmart them. I also wonder where this algorithm’s warehouse of random crap it unintentionally won is.

I’m fully expecting that there’s something I’m missing here. Just trying to suss it out.

I follow what you are saying about online auctions and I agree. As long a everything is on the up and up, why not just put in your max and let it bid for you. If it goes for under your max, you'll get it for that price.

 

[buckdeer1]

You can do that with alot of the better online auctions,where you don't put your max bid in all at once but the online will keep upping your price everytime someone else bids.This is fine if you have a no going for any reason above price.

 

[Foggy47]

The beauty of an auction (especially live ones) is that they play on emotions and tend to get the best money for the seller. My dad did lots of buying at auctions back in the day.....and as he said....all it takes is two buyers to make an auction - if they both want the merchandise bad enough. I've scored a few machinery items at auctions....and enjoy the bidding process. But those old live auctions require too much time hanging out for me.

 

[b116757]

Our farm manager loved live farm auctions after his passing his boys had an auction and I believe he had around $150k worth of equipment stashed around the farm he had almost exclusively purchased at auction himself over the years. I know the last few years his boys where getting pretty tired of loading up a gooseneck trailer filled with treasures he had scored at auction around the area but I bet they would give anything to be able to do it one more time now that he’s past.

 

[Foggy47]

One of the good things for your heirs....is that tractors and 'chinery don't have a title card. Most of this stuff does not "need" to be a part of your estate when you pass and therefore can transfer without estate taxes and death taxes (depending on your state). You just gotta get your family wise to this..and be certain they understand these simple truths. Same goes for lots of personal property. Why include these things in your estate? The bad news is......you gotta die. lol.

 

[buckdeer1]

That brings up a good subject for alot of us and right now there are several ways to reduce or get rid of taxes on land and personal property if it's planned right.I am no lawyer but hopefully some of the max amounts won't sunset.There are also ways to raise the basis of land values to pass on land.I really like auctions and have bought alot of tools over the last year online.Good online knife and marble auction in my area for the knife collectors

 

[Bill]

I’ve read his post and I’m not following. Is the assertion that algorithms are bidding to raise the price? If so, then I understand needing a way to outsmart them. I also wonder where this algorithm’s warehouse of random crap it unintentionally won is.

I’m fully expecting that there’s something I’m missing here. Just trying to suss it out.

A snipe will not save you $ against another algorithm based bid. As you say if someone has a max bid above yours it will win. But if your competition is a person entering another bid manually to outbid you, you will win (if it doesn’t exceed your max bid.) No way for them to enter another bid manually fast enough to win. If you enter your max bid early someone has time to bid it up and figure out your max.

If an item sits at $5 for the last 3 days of the auction a person may enter $10 in the last few seconds. If your max bid is $15 you will win at $10.50 because of the algorithm. I’ve lost auctions using a sniper. But I’ve won many more.

 

[4wanderingeyes]

A snipe will not save you $ against another algorithm based bid. As you say if someone has a max bid above yours it will win. But if your competition is a person entering another bid manually to outbid you, you will win (if it doesn’t exceed your max bid.) No way for them to enter another bid manually fast enough to win. If you enter your max bid early someone has time to bid it up and figure out your max.

If an item sits at $5 for the last 3 days of the auction a person may enter $10 in the last few seconds. If your max bid is $15 you will win at $10.50 because of the algorithm. I’ve lost auctions using a sniper. But I’ve won many more.

Most of the online auctions in my area has a reset, if there is a bid with under 2 minutes of the end, the time resets at 2 minutes. It helps the seller get more money. But prevents people from sneaking a last second bid in to win an item.

 

[PatinPA]

Our farm manager loved live farm auctions after his passing his boys had an auction and I believe he had around $150k worth of equipment stashed around the farm he had almost exclusively purchased at auction himself over the years. I know the last few years his boys where getting pretty tired of loading up a gooseneck trailer filled with treasures he had scored at auction around the area but I bet they would give anything to be able to do it one more time now that he’s past.

My grandfather was a retired banker and did a lot of the books for local auctioneers in his retirement. If he saw some random item that he thought went low or a mystery box of stuff that he could get for a dollar he would buy it. After he passed my dad and I went through everything. He had boxes of crap we had no idea what it even was. I really wish we would've been able to go through it when he was still around so we knew what meant something to him and what was a random box of junk that he had bought. On another thread I posted that him and my dad decided that we would all have .300 savages to hunt with so then we could bum ammo if somebody ran out. I think we found 4 or 5 amongst his stuff. Most still had the auction tags still on them. I think he bought every one he came across.

 

[b116757]

My brother has a real affinity for the model 99’s

 

[Turkish]

A snipe will not save you $ against another algorithm based bid. As you say if someone has a max bid above yours it will win. But if your competition is a person entering another bid manually to outbid you, you will win (if it doesn’t exceed your max bid.) No way for them to enter another bid manually fast enough to win. If you enter your max bid early someone has time to bid it up and figure out your max.

If an item sits at $5 for the last 3 days of the auction a person may enter $10 in the last few seconds. If your max bid is $15 you will win at $10.50 because of the algorithm. I’ve lost auctions using a sniper. But I’ve won many more.

I think I follow now. The success of your sniping method is predicated on another bidder also being unwilling to enter his max bid into the auction and trust the auction tool’s proxy bidding. I see how that could win some auctions. I don’t know, though. I still don’t think that gets you things any cheaper across a large enough sample size of dice rolls. It’s an interesting math problem.

I do agree that it’s a good way to win things that you don’t really want that bad. Lol. When I bid, I freely enter the max I’m willing to pay. About 50% of the time, I lose to a single bid at the last second. This buyer beat me. No skin off my back — he paid more than I wanted to. But he’d have gotten it for the same price bidding the same way I did and not sniping AND I’d have known days earlier that I wasn’t going to win it.

 

[PatinPA]

My brother has a real affinity for the model 99’s

We all have 760's. My cousin had/has model 99.