The bidding for bridges can be messy. However, if you have the right tools, it can make the process much easier. There are three sets of bidding guidelines that you need to follow when bidding on a bridge loan. Follow these guidelines and you’ll be able to get a bridge loan you can afford.
First, it helps to understand the bridge bidding rules. Before you bid on any bridge, you should know exactly what kind of markup you’re going to get. You can get this figured out by figuring out the open market value of the property you’re interested in. This will help you figure out how much your bridge is really worth.
The next guideline is to only bid on one bridge per day. Each bridge buyer has the right to submit up to five bids per day. If you are the only one bidding, your price will drop significantly. The reason is because the other bridge buyers don’t know you’re bidding and so you drop your price. Also, this can work to your advantage if you have something that will be hard to sell and that isn’t being offered at the open market.
The final guideline to use is one of the most straightforward. Always include the lowest grade bridge in your bid, even if you have to pay more for it. This rule is one of the bridge bidding rules you should always remember because it can actually help you out when you’re looking for a deal.
Basically, you fill out your bridge bidding boxes with all the cards you have. Then, anyone at the auction can choose from the cards in your bidding box. They can include the cards in their own bidding box if they choose, or they can choose not to include any cards in their boxes. However, they have to include all of the cards in your boxes if you want them to win.
The final guideline we’re going to talk about is the “trick bidding.” This is where you’ll use tricks to get yourself to the lowest prize possible. Tricks include things like dealing out low-ball bids, dealing out large bids to multiple people, and more. Although you can always use tricks during the bidding process, using them too often can actually hurt you. The rule of thumb is that tricks are good, but they shouldn’t be used every five minutes or so.