2nd bidder

[booman]

Does anyone have any thoughts on how often the property goes to the second bid ?

[Pfm1011]

very very rare and  only because the first bidder found out that it was a tire dump or toxic etc etc.  Noone is going to put 20% down unless they can close the deal.

[Bruce289]

In this game, you're better off coming in 3rd rather then 2nd.

[waltersland]

It isn't that rare:
It goes to the second bidder when you've bid twice because you want the property, and you've given yourself a big spread - just in case few others bid. Then you find yourself both first and second. You then walk from your first and close under your second.
It also goes to the second when you've found yourself in first place with a big spread and you buy the second bid.
It also goes to the second when you're the second and the first is way out there. Then you sell your bid to the first and then the first walks from his first and closes under your second.
Done all of these many times.
Just remember to cooperate with one another and we all make $$.

[netpred]

It isn't that rare:
It goes to the second bidder when you've bid twice because you want the property, and you've given yourself a big spread - just in case few others bid. Then you find yourself both first and second. You then walk from your first and close under your second.
It also goes to the second when you've found yourself in first place with a big spread and you buy the second bid.
It also goes to the second when you're the second and the first is way out there. Then you sell your bid to the first and then the first walks from his first and closes under your second.
Done all of these many times.
Just remember to cooperate with one another and we all make $$.

I disagree with your last statement. If you are the second bidder and you cooperate with the winner you are rewarding stupid bidding. I have had a winner approach me once to buy my bid. I would have made about 2k but I got more enjoyment by having the winner overpay for his property.

[MikeS]

what would the process be to either 'buy' or 'sell' the second bid?

[netpred]

what would the process be to either 'buy' or 'sell' the second bid?

Why don't you shoot a pm to PFM - I'm sure that he would be happy to provide you with a detailed explanation .

[MikeS]

haha I can only imagine what his thoughts would be

[waltersland]

It isn't that rare:
It goes to the second bidder when you've bid twice because you want the property, and you've given yourself a big spread - just in case few others bid. Then you find yourself both first and second. You then walk from your first and close under your second.
It also goes to the second when you've found yourself in first place with a big spread and you buy the second bid.
It also goes to the second when you're the second and the first is way out there. Then you sell your bid to the first and then the first walks from his first and closes under your second.
Done all of these many times.
Just remember to cooperate with one another and we all make $$.

I disagree with your last statement. If you are the second bidder and you cooperate with the winner you are rewarding stupid bidding. I have had a winner approach me once to buy my bid. I would have made about 2k but I got more enjoyment by having the winner overpay for his property.

I hope the shoe is on the other foot next time.
It may not be stupid bidding. Often it is all the other bidders that are 'stupid'. Sometimes you see something that others miss. For example, on that recent Northern Bruce sale, I got the waterfront lot and I was the only bidder. I had no available bid to buy. Now I regret not bidding twice. I really didn't think all of the rest of the bidders would be as dumb as the local planners in not being able to read their own zoning maps. That lot is high and dry and mostly zoned Residential. (just click off the 'Evaluated wetland' layer to see it)
But do as you like. According to this page I'm just a 'Newbie'.

[netpred]

It isn't that rare:
It goes to the second bidder when you've bid twice because you want the property, and you've given yourself a big spread - just in case few others bid. Then you find yourself both first and second. You then walk from your first and close under your second.
It also goes to the second when you've found yourself in first place with a big spread and you buy the second bid.
It also goes to the second when you're the second and the first is way out there. Then you sell your bid to the first and then the first walks from his first and closes under your second.
Done all of these many times.
Just remember to cooperate with one another and we all make $$.

I disagree with your last statement. If you are the second bidder and you cooperate with the winner you are rewarding stupid bidding. I have had a winner approach me once to buy my bid. I would have made about 2k but I got more enjoyment by having the winner overpay for his property.

I hope the shoe is on the other foot next time.
It may not be stupid bidding. Often it is all the other bidders that are 'stupid'. Sometimes you see something that others miss. For example, on that recent Northern Bruce sale, I got the waterfront lot and I was the only bidder. I had no available bid to buy. Now I regret not bidding twice. I really didn't think all of the rest of the bidders would be as dumb as the local planners in not being able to read their own zoning maps. That lot is high and dry and mostly zoned Residential. (just click off the 'Evaluated wetland' layer to see it)
But do as you like. According to this page I'm just a 'Newbie'.

You may have far more experience than anyone here (or perhaps not) but we all have our own concepts of what constitutes ethical behaviour. Some believe that anything goes in this game while others have a sense of fair play. I do not know where you draw lines and I do not care. For me, I only do things that permit me to sleep well at night. Bid buying and bid selling is out of bounds for me. When I bid, I make a promise that I intend to keep; it is not something to regret later and attempt to avoid if I bid too high. My word is not for sale and this has paid off in spades over the years.

But we all live our lives differently and to each his or her own.

[Pfm1011]

really didn't think all of the rest of the bidders would be as dumb as the local planners in not being able to read their own zoning maps. That lot is high and dry and mostly zoned Residential. (just click off the 'Evaluated wetland' layer to see it)



Sorry Walter

Hate to rain on your parade but you should have gone to the "Proposed County OP"  tab ..and selected .schedule C   Contraints.      Then selected .Provincially Significant Wetland

You will immediately understand why you were the only bidder..you cant build its "Provincially Significant Wetland". You have bought $15520
worth of swamp you can never build on.. ( unless you can convince the province to remove that , good luck)

The "evaluated wetlands"  you found should have been a big red flag

Check for yourself

http://216.110.239.69:615/website/BruceCountyLocator/locator.asp

query properties by roll number  410968000110208  


Maybe the rest of us arent so dumb afterall

  Heres a lesson people..  The minute you find out you are the ONLY bidder on a property,  you should  triple check everything before you pay the final amount.  This is even more true on a waterfront piece ..flags should have gone up everywhere

[Moe]

PFM: I had OTS package and it looked like a protected swamp too but my guess was 1/4th of the land in question was residential (and their package said it was buildable possibly). Later on they sent an email about something...not sure if it was about this property?

[Moe]

my last statement wasn't directed towards PFM, his home work was brilliant! (I paid for mine ), YES, I found that email, which said it wasn't buildable as no building permit will be available.

[DF1]

Guess we won't be hearing from Walter anymore...

[Pfm1011]

In all seriousness, Walter may very well be an experienced buyer.. and has made a mistake.. Good lesson for us all , we can all make expensive mistakes if we become complacent..