As long as you were high, then you get 20 minutes to respond from the time you get outbid. In your scenario two guys bid $150 and the $200 on a $1k lot, correct? If I come in with a ceiling bid of $800, then they'd each have time (one from when I outbid him and the other from when his friend outbid him) to come back with a serious bid ($850+) to still play their game or otherwise they'd be done. I assume in your scenario they are doing this on one lot to keep open their chance to bid on some other lot at 2 AM? In what I just described, they'd have to make a choice once I put in my $800 bid.
The more important assumption is that there is no inexpensive "filler" lot in REA that's so cheap that is selling for 20% of true value which would open itself to your game; I'm OK with that assumption.
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Last edited by Matt; 05-04-2009 at 05:47 PM.
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05-04-2009, 05:40 PM
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