The only way your bid gets accepted is when you overbid. If your "fair"/"what it's worth" offer gets accepted, you have overvalued the property. > generally th

The only way your bid gets accepted is when you overbid. If your "fair"/"what it's worth" offer gets accepted, you have overvalued the property. > generally they will give you one chance to "improve" your offer Of course, you have no idea what you're competing against, or if there even is a higher offer. > in an open bidding system, you are literally in competition for who can/is willing to pay the most for the home. This is true for blind auctions too. > The ceiling is basically what you think is "fair". > in an open bidding system ... The ceiling is what you can/willing to afford I don't see any reason why you couldn't set the ceiling to what you think is "fair" at an open auction.