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Misleading Auctions

Discussion in 'Real Estate' started by Jacque, 18th Sep, 2005.

  1. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    I've commented on it before, but it just makes me so mad that I have to voice my opinion yet again!
    The misleading practice of allowing a vendor bid at NSW and QLD auctions is so annoying, as the public have no idea of what the last genuine bid actually was, unless they actually attended or have a friendly REA who will tell them. One auction I went to this weekend saw one genuine bid at $1.35m. The auctioneer then placed a vendor bid at $1.4m and the property was subsequently passed in. If the agency DECIDES to now allow the result to be publicly published (and it's totally up to them to do so) then all the reader will see is PI and a VB of $1.4m. What's the point? No one is any the wiser about any genuine bids at all.
    I say ban them altogether!!!
    *Jacque dismounts her high horse in disgust*
     
  2. TakeStock

    TakeStock Well-Known Member

    Joined:
    14th Aug, 2005
    Posts:
    140
    Location:
    Sydney
    I agree. Sellers already have a reserve set, so there is no need for vendor bids.