Strategy when bidding on Auction sites

[Matt Urbas]

Hi all.

I have found a property I like on an auction site. Bidding starts at 40k and increases 10k each bid. The most I’d pay for the house is 50k.

Should I be the first bidder at 40k and hope no one else bids? Should I wait til someone bids 40k then put mine in at 50?

Should I wait until the last minute to put any bid in?

Any help from those with auction buying experience is appreciated.