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But doesn't the vendor normally set the reserve on the day of the auction and the guide price is determined by the agent not the vendor?

Really, I always thought that was underquoting... So they haven't done anything wrong, even though they knew that the property would sell for $400-500k above the quoted range?

How's this one BV, went to an auction a few months ago, price range was $810-890 and sold at auction for $1.285. More than 50% more than it's quoted range!! The selling price was a fair price and quote range was way way way off so I made a complaint to Consumer Affairs Vic and just received a...