Friday, Aug 24, 2007
auctioneers bidding for vendor, whats next outright fraud?
Right move: Alpraham, CW6
what is interesting is this, how is this legal?
Method of Sale
he property will be sold at a reserve price and the Auctioneer reserves the right to bid on behalf of the vendor or to withdraw the property.
Posted by mark @ 11:29 AM (334 views) Add Comment
2 Comments
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1. Dr K said...
This is usual for auctions and is explicitly stated in their brochures. The auctioneer can even refuse a bid without reason and until the reserve price is reached, the lot can be pulled from a sale. However, when the gavel goes down, a legal contract is formed (an exchange of contracts) and the purchaser has to part with 10% of the price and complete within 21 days.
I agree that the whole process of allowing the vendor to bid is dubious but so is the whole house buying business!
2. enuii said...
Auctioneer will bid it up to the guide price 'cos it won't sell unless it reaches approx £210K. As for the house itself it's only the bit on the end and considering the newly built linear appendage at the back it must have been a very small end of terrace cottage. One also wonders why it is being offered as partly complete, a sure-fire way to loose money, the only conclusion is that we are looking at an amateur developer bailing out.