setting a reserve in bidding for vacation property

Most propetry put up for online auction bidding has a reserve set, but the rate may not always be sensible based on market needs and trends

To big a reserve and you will get no sale or let of a property, too low and chances are you could give away the deal at a silly price. So how do you set a fair reserve?

For starters the offer itself needs to be attractive if it is to command a good price and its location and condition warrant it. If the property is unusual, run down or in a remote location it may be both hard to value and even harder to sell or let.

Most online auction sites like www.bidvac.com have auto relist (free) so you can test the waters with a reserve BUT with a LOW starting bid say 0.01 and see what happens.... then see the best bid and assess against your reserve.

Chances are first try will be wide apart so try and narrow the gap - the problem is the bidders do not know the reserve so are bidding blind and could be wasting their time if the max bid still fails to hit the reserve.

Remember LETTING vacation and holiday property for a few days or weeks is EASIER by nature of the value and cost than SELLING which means serious money being asked for and bid.

In law BUYING by online auction is not in itself a binding contract but more of an agreement in principal and subject to paying deposits, doing surveys and using lawyers on both sides. Closing a deal can take many months, more so when buying or selling across country borders.

Its as well BEFORE bidding to BUY you open up an email chat with the seller to get to know each other, could can always close a deal outside the auction in which case the online auction will have proved a great INTRODUCTION SOURCE.... neither side will then of course benefit from a RATING.