Hudson & Marshall - Competing with Auctioneer!

[James Zhao]

A bit annoyed here.  I bid on an auction hosted by H&M.  I bid $235k and was highest bidder when auction ended.  Then, new clock started ticking saying I was "outbid" and had 3 minutes left to enter a higher bid by $5k.  The property was undervalued so I was comfortable doing that.  This happened 2 more times, and each time I was comfortable bidding a bit higher but less and less comfotable.

Turns out, the other "bidder" was H&M raising the bid price to the seller's (Wells') reserve price.  There was no other bidder.  Feel like I overpaid by $15k.  Anyone have similar experience?  Anyone threaten to back out of deal?  Anyone successful at renegotiating??

Thanks!