Bidding method ?

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Hi,

Has anyone ever won a bid at a auction using this method ?

House is worth 280,000

Lets say bidding would normally start at 120,000

But you " the smart bidder " starts it off at 175,000 to "scare" enough people at the auction but low enough to acquire the property at a price that makes sense and will potentially make you money ?

( I know there are a lot of variables in this example but I'm more interested in the " mind set " of people )

Has anyone ever done this before ?