missed out due to cold feet

[Bob Vollmer]

Today I missed out on a property that went to auction strictly because of cold feet. ARV was ~$350,000, and after running all my numbers, I was prepared to bid up to $310,000. I've won two properties at auction before, but always start second guessing myself when very few of the "normal" bidders do not go for the same one I am. I start asking myself, "what do they know that I don't?, What did I miss?, Etc.". The property ended up selling for $307,000...

My question to other foreclosure auction bidders is, how do you get out of your own head and focus on the raw data? Do you use any tricks to prevent psyching yourself out?

$310,000 is a lot of $$$$, especially when you've never seen the inside! I'm really kicking myself for not stepping up this time around, but I'll be back at the courthouse next week. And hopefully with a steadier mind...