Yang Nianzhong said that overtime is really overtime? After dinner, Yang Nianzhong returned to the study and worked until ten o'clock before going to bed. The next day, I was busy with work, and finally cleared up the process of the auction, and also made all the plans that I and John had made.

John also completed the Charlotte Bobcats' drinking party and flew back to New York with his girlfriend, Jennifer. Then the two brothers came to a meeting non-stop, and in Swanchin Castle they gathered, where the men had the men's work and the women had the women's work.

In two days, it will be the New Year, Yang Nianzhong has already completed the planning, and the entire Yang family will go to Times Square to celebrate the New Year to see, performances and crystal balls. In the past, when there was no money, it was free to watch in the crowd below, and if you have money, of course, you have to enjoy it, and the hotel has already been booked.

But the New Year's food has not yet been formulated, and this task can only be completed by the women in the family, Yang Nianzhong and John gathered in the study, muttered and began to have a meeting.

When Yang Nianzhong called up the computer data, John looked at the big guy one by one, and after watching it for five minutes, he turned his head in surprise and looked at Yang Nianzhong and asked stupidly.

"Boss, this information was transferred by Bank of America, is it really the auction going according to this process? It's also too weird. ”

Yang Nianzhong spread out his hands helplessly, shook his head and said with a wry smile. "How fresh is it, it stands to reason that the two of us brothers have participated in the auction quite a few times, but when have you ever seen such an auction?"

Could there be something strange about the auction organized by this bank? There are many more, let's talk about the organizational philosophy first. Because it was a mortgage auction organized by the Bank of America, to put it bluntly, people who were in urgent need of money mortgaged their real estate to the Bank of America with a huge loan.

When you have the ability, you can repay part of it, but because of some huge changes on the way, it may be bankrupt, it may be that the person is dead, anyway, there are any accidents, there is no way to continue to repay the bank's loan, and the bank recovers the other party's collateral according to the contract is the property.

Then Bank of America will organize auctions, and come to these auctions, which are the living room of this property at the scene of some rich auctions, and it is very interesting how the auction process is.

It's a bit like a construction company bidding, and the first task in the process is to hire an auctioneer from Bank of America to take the bidders to see the auction today.

That is, the property that is about to be auctioned, after entering through the door with this group of people, all the rooms, all the furniture, all the artworks, or ornaments from the top down. Look at them all, there is nothing to hide, and these people who participate in the auction must be trained to have a sharp eye.

Not only should you be familiar with the geographical location of these properties, but also the market price, what is the value of the furniture in this property, and whether the artworks placed are real or fake? How much can it be worth? Therefore, the requirements for bidders are extremely high.

This is not the most terrifying, but what is the most terrifying? The auction organized by the bank took place in three rounds. The way to bid to the bidding company is like, because the people who come to the auction want to buy these mortgaged properties, all for the purpose of making money, and cannot go according to the market price.

The bank organizes an auction, and the starting price is 30% of the price of the property, for example, the property is worth $10 million, then the starting price will be around $3 million. No matter how many bidders there are in this auction, each one will give you three envelopes, one black, one silver, and one gold.

These three envelopes are three opportunities to bid, the first bid is a black envelope, because the starting price is only about 30% of the market price of the property, and the price you can write casually. But it's important to note that no matter what price you want to write, you have to consider other competitors, this is a secret bid, and the auctioneer will not bid for many bidders.

Write the price of your own bid in the black envelope, and then hand it to the staff, who will give these black envelopes to the auctioneer, and then the auction will be opened one by one, with the bidder's number on it, and how much the bidder intends to pay, for the first round of auction.

The auctioneer alone knows what the bidders are writing out and then begins to sift through the top 10 prices. Those who fail are ready to withdraw, you can go as long as you want, and if you want to stay on site to watch the property to the end, it is okay to be auctioned off for as much money.

If Yang Nianzhong was lucky, and he spent a lot of money, he would have stayed until the second round, and began to write his price in a silver envelope, and only ten people stayed to participate in the second round of auctions, and the fierce competition began at this time. No one else tells the other competitor how much money they wrote on the card, so the competition is particularly brutal.

If Yang Nianzhong spends money and is lucky enough to stay in the third auction, then Yang Nianzhong has a 1/3 chance to win the property he likes, and the third auction uses a golden envelope. There are only three people to bid secretly, and under normal circumstances, even if you have money, it is impossible to win the bidding task more than 80% of the price of this property.

What does that mean? In other words, the auction organized by Bank of America is worth $10 million, and under normal circumstances, it is rare to see a high price of $8 million. If it is more than 80%, then even if these bidders buy the property, the profit margin will be very small, and the remaining 20% is not much.

Because real estate prices fluctuate back and forth, if you pay too much for it, you will have to go down. If the property needs to be repaired or maintained, or something else, you have to put money into it, so not only will you not make money, but you will lose money, so you need to be very skillful in bidding.

This and Yang Nianzhong John's two brothers seem to think that this auction is a bit of an alternative excessive, the two brothers participate in the expired warehouse auction, they are all bidding on the spot, you pay as much as I give, at a glance, the auctioneer will also shout out the price, but this time the bid is different.

The two of them are a little vague about the market pricing of real estate and art, some know and some don't know! You say, how can you participate in such an auction?

How do you write your bid price in three envelopes? Write high, lose money, write low, the first and second rounds will brush you down, and there is no way to enter the third round, what do you say.

No wonder Yang Nianzhong is embarrassed to be like this, no wonder Yang Nianzhong brought John over so early to discuss a way, and no one would have a headache when he didn't see such an auction. John was stupid, looking at Yang Nianzhong in a daze and didn't know what to do, Yang Nianzhong in desperation could only comfort his stupid brother with kind words, and said with a smile.

"Look at the way you look, as if you were frightened by this auction, John took out the momentum of the two of us brothers, just like a fight, you can't lose if you lose."

"It's not a big deal, it's all accumulated from failure, even if we lose money, we have to participate. Once, twice, three times, with the ingenuity of our two brothers, we can't play such an auction, but it's over, what are you afraid of listening to me, let's fight with him. ”

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