.....and as we all know, with quite a few legal precedents to prove it so, that the "hammer falling" means diddly squat.
Go and offer 5K more after the hammer falls to the Vendor and see which one they take. The 'first call' drama and slapping of a hammer is pure theatrics to get the punters to bid higher that don't amount to a hill of beans.
I have heard this before on SS and wonder if anybody has ever had it happen to them, or seen it happen at an auction. My mum sold real estate for over ten years and I have never heard one instance of it happening.
If a buyer bought on the "hammer falling" and somebody waltzed up and offered another $5K I wonder what would happen. If I was the buyer and it happened to me, I would be kicking up a real stink. I don't really think an auctioneer or agent would risk doing such a thing. They certainly would know they would be on the front page of the next newspaper.
I wonder what the legal position really is? I do know that we once offered $15K more than was verbally agreed on a house. In Qld a contract is not a contract until it is signed by both parties, but I know that our offer never reached the ears of the vendor, so we missed out. However, in an auction situation, our offer could not have been hidden if we had openly offered that extra $15K after the fall of the hammer. I wonder what would happen in such a case?
Would love to hear from the agents on SS as to whether this has ever happened. Believe me, when something unusual or unethical happens, it spreads like wildfire through the industry. I know plenty of "funny" things that have happened before, during and after the sale of houses but have actually never heard of this "after auction gazumping".
But, as you say Dazz, after the hammer falls, and before the contract is signed there is that window of opportunity for a jolly good gazumping, and I would love to know if anybody has seen it happen.