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Vb

Discussion in 'Real Estate' started by Jacque, 26th Feb, 2006.

  1. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    :D

    And, no, I'm not talking about beer here lads ;)
    I'm referring, naturally, to the vendor bids that auctioneers use when an auction is going sideways or down the tubes. Here in NSW, auctioneers are limited to using only one vendor bid as long as it's below the reserve price, in their quest to attract more interest in the property (or make it look better in the published auction results). They mean absolutely nothing, and I still don't know why vendors even bother with them. After all, you don't have to bid against them, and everybody in the crowd is fully aware that it is indeed a vendor bid. Now that dummy bidding is outlawed ;) there should be none of that activity where an agent's mate or vendor's relative is solely there to make the poor virgin buyer pay more than they need to.....

    I know that not all the states are unified on the procedure for vendor bidding, and in Qld, the last auction I attended there were three VB's!!