Reverse Auction

Old Jul 12th 2009, 8:42 am
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Default Reverse Auction

www.humraz.com

Just listening to a guy on the radio talking about this. He is selling his 4 bed apartment at the Green Community via this site. What happens is they sell seats for the auction at 200 quid a seat, this brings in the amount of money required to cover the cost of the apartment. The lowest bid wins the property!! good idea. If you pre book your seat now it is only 30 quid.
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Old Jul 12th 2009, 9:00 am
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Default Re: Reverse Auction

Originally Posted by Blue Cat View Post
www.humraz.com

Just listening to a guy on the radio talking about this. He is selling his 4 bed apartment at the Green Community via this site. What happens is they sell seats for the auction at 200 quid a seat, this brings in the amount of money required to cover the cost of the apartment. The lowest bid wins the property!! good idea. If you pre book your seat now it is only 30 quid.
err cant see how this works, i tried the demo auction, my first bid is the lowest possible, i win. why would anyone bid more than the legally required minimum ie if its a dirham then i bid a dirham and win.....dont get why anyone would bid more.

just checked the minimum bid is 1p ok i bid 1p nobody can bid lower i win...WTF
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Old Jul 12th 2009, 9:03 am
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Default Re: Reverse Auction

Originally Posted by shiva View Post
err cant see how this works, i tried the demo auction, my first bid is the lowest possible, i win. why would anyone bid more than the legally required minimum ie if its a dirham then i bid a dirham and win.....dont get why anyone would bid more.

just checked the minimum bid is 1p ok i bid 1p nobody can bid lower i win...WTF
I think it is the lowest single bid ie if 2 people bit 1dhs and only 1 bids 2 dhs then 2 dhs wins it
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Old Jul 12th 2009, 9:04 am
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Default Re: Reverse Auction

Originally Posted by shiva View Post
err cant see how this works, i tried the demo auction, my first bid is the lowest possible, i win. why would anyone bid more than the legally required minimum ie if its a dirham then i bid a dirham and win.....dont get why anyone would bid more.

just checked the minimum bid is 1p ok i bid 1p nobody can bid lower i win...WTF
Has to be a unique bid, so if anyone else bids 1p you both lose.
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Old Jul 12th 2009, 9:04 am
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Default Re: Reverse Auction

Originally Posted by rowell View Post
I think it is the lowest single bid ie if 2 people bit 1dhs and only 1 bids 2 dhs then 2 dhs wins it
oh right now i get it
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Old Jul 12th 2009, 9:11 am
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Default Re: Reverse Auction

Originally Posted by shiva View Post
oh right now i get it
well I have reserved a seat at the auction - 26 quid, so we shall see what happens when it goes live. I shall save my bids til the last day. I love those apartments at the Green community, and someone has to win, you just never know!!! if anyone else registers if you say I recommended you and you win then I get 5000 quid!
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Old Jul 12th 2009, 9:17 am
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Default Re: Reverse Auction

Originally Posted by Blue Cat View Post
well I have reserved a seat at the auction - 26 quid, so we shall see what happens when it goes live. I shall save my bids til the last day. I love those apartments at the Green community, and someone has to win, you just never know!!! if anyone else registers if you say I recommended you and you win then I get 5000 quid!
Well for 30 quid even if they sell the tickets to make their 700K then if my maths is correct thats 700000 divided by 30 is over 23000 :1 and each can have 100 bids so that is 23million to 1......but someone has to win,

Last edited by rowell; Jul 12th 2009 at 9:19 am.
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Old Jul 12th 2009, 9:18 am
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Default Re: Reverse Auction

Originally Posted by rowell View Post
Well for 30 quid even if they sell the tickets to make their 700K then if my maths is correct thats 700000 divided by 30 is over 23000 :1 and each can have 100 bids so that is 23million to 1......but someone has to win, do you get your money back if they dont sell the tickets they need to and is there a ceiling on how long it can run before they have to auction it or pull out, didn't read it all
the money is not taken from your credit card until the auction starts, if the seller pulls out then there is no auction then no payment. It's worth a try!
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Old Jul 12th 2009, 9:20 am
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Default Re: Reverse Auction

Originally Posted by Blue Cat View Post
the money is not taken from your credit card until the auction starts, if the seller pulls out then there is no auction then no payment. It's worth a try!
Yes just read it again BC, and edited the post, Thanks
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Old Jul 12th 2009, 9:20 am
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Default Re: Reverse Auction

Originally Posted by rowell View Post
Well for 30 quid even if they sell the tickets to make their 700K then if my maths is correct thats 700000 divided by 30 is over 23000 :1 and each can have 100 bids so that is 23million to 1......but someone has to win,
seats rise to 200 quid on 1st of August.
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Old Jul 12th 2009, 9:23 am
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Default Re: Reverse Auction

Originally Posted by Blue Cat View Post
seats rise to 200 quid on 1st of August.
Will be 200 at the end of the day but by 1st Aug 50....Pre-book seats are £30 now and will go up to £50 from August 1st, 2009.
Went to have a look at your building on sat but agent never turned up surprise surprise
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Old Jul 12th 2009, 9:26 am
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Default Re: Reverse Auction

Originally Posted by rowell View Post
Will be 200 at the end of the day but by 1st Aug 50....Pre-book seats are £30 now and will go up to £50 from August 1st, 2009.
Went to have a look at your building on sat but agent never turned up surprise surprise
you don't need to the Agent the Security guys has all the keys, I will PM you my number so you can see mine.
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Old Jul 12th 2009, 9:30 am
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Default Re: Reverse Auction

Originally Posted by Blue Cat View Post
you don't need to the Agent the Security guys has all the keys, I will PM you my number so you can see mine.
Thanks BC
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