Ripped Off at Auction

[HAL_0]

No. My wife had no idea it was above reserve until it was put to the floor at $755,000.

[Glizzle]

I fail to see how you were riped off, you were willing to put that price on the table, they were willing to accept it and thus we have a house sale.
More questions or knowledge of the auction process should of been known, your the one with the money.
If im the one and only bidder at a auction or it doesn't go to reserve, i just back out, then you hit them up after wards, don't fight them on there battle field of preferences.

[HAL_0]

Your entitled to your opinion of course but I maintain that my wife's offer of $720,000 should of been put to the floor as it was a legitimate bid and it had met the auction reserve.

[Kiwimills]

Surely it should have sold at that? Thanks for the heads up hal_o re what might happen. It's wrong!

[Glizzle]

Yea but that's what im saying its your money, you should of put 720 to the table if that's what you wanted, but instead you let the agent talk to you and let him seal a sale. They realized you were there to buy a house and they sold it to you, if you had that house and put it to auction would you not be wanting the agent to sell it at the auction for a good price??

All im saying is you went to a Auction and got dragged in, when there were a viable of option to you at the time, like knowing what you want to pay for it. Yes the valuation or reserve might of been 20k lower, but remember it didn't sell for that price and its only a number, which has nothing to do with what the sale price is.

[TheLiberalLeft]

The crux though is whether they announced it was on the market and stopped issuing vendor bifds thereafter, and if they failed, how does one prove it?

[HAL_0]

An auction is an open transparent bidding arrangement where each succeeding bid is announced to the floor until the the item is sold or passed in. Sale by negotiation is something else again.

[Glizzle]

Thanks for that, But you went to a auction and got pulled into a negotiation on price, these no other way to look at it mate, you were never bidding against anyone. You should of had a price in your head that your been happy paying and then walk if it goes higher. Foot down on talking to a agent and made sure all offers were clear to everyone there.
If you were a agent and you had one offer on a house whats the point of letting them bid till reserve your better off stepping in and sorting a deal out.

[speights boy]

...you should of put 720 to the table if that's what you wanted, but instead you let the agent talk to you .....

Yes Glizzle, HAL_0 knows what his wife SHOULD have done; but they are trying to find out what the auctioneer SHOULD have done.
We are on page 3 already so it would appear it may not be a slam dunk either way.

Ghouly, who appears to have some industry knowledge certainly seems to think it worth following up on.

But you went to a auction and got pulled into a negotiation on price,

But; were the auction rules followed when this happened?

[HAL_0]

Until the item is formally passed in by the auctioneer it's still an auction.

[Glizzle]

Yes Glizzle, HAL_0 knows what his wife SHOULD have done; but they are trying to find out what the auctioneer SHOULD have done.

But this is the thing he did what he needed to get the price he wanted for his clients, yes the 720 should of gone to the floor
but being the only bid, my point is would they accepted this and would it of gone to the market or just been pulled knowing the auction failed ???

[PC]

Have you paid any deposit yet?
If no - kick up a stink and say you'll only pay $720K.
Worth a try - and what can they do - sue?

[Kiwimills]

But this is the thing he did what he needed to get the price he wanted for his clients, yes the 720 should of gone to the floor
but being the only bid, my point is would they accepted this and would it of gone to the market or just been pulled knowing the auction failed ???

Once it has passed reserve, can they then up the reserve? Cos reserve was 715k so surely 720 was enough to secure the sale, unless they moved the reserve...? Which I don't think is normal.

[Glizzle]

They don't need to accept the bid, being a auction they would hope for a few people to up the price, but with one person there was never going to be a great sale, so they stepped in and got a deal done.

[Kiwimills]

Mmmm, I guess they didn't, they came back with more didn't they...
started negotiating.

ok, good lesson to learn. Sorry hal_o but handy for us all to learn. Better check the clauses, might be the only way to negotiate down.