Outrage as house auctioned twice

[bunjiBing]

'Outrage as house auctioned twice'

http://www.theage.com.au/news/natio...auctioned-twice/2007/11/17/1194767024532.html


Does this mean I can reneg even after the hammer falls??

-Bing

 

[Soren Lorenson]

of course you can mate, just dont forget to put your running shoes on before you attend the auction,

hey i suppose they cant force you to sign on the dotted line can they.

 

[CairnsAgent]

Not sure about VIC' but in QLD, the auctioneer can sign on behalf of the buyer...so if you refuse to sign after fall of hammer, auctioneer will sign for you. This makes up part of the conditions of sale at auction and is read out before bidding starts.

cheers

 

[WinstonWolfe]

That seriously sucks.........

I hope the real estate industry gives this Thomas Sorn idiot a serve....

And people stay away from Waverly City First National in droves.

It's unethical fools like him who lower the bar on what is the lowest common denominator in the industry.

 

[redsquash]

Not sure about VIC' but in QLD, the auctioneer can sign on behalf of the buyer...so if you refuse to sign after fall of hammer, auctioneer will sign for you. This makes up part of the conditions of sale at auction and is read out before bidding starts.

cheers

The auctioneer can sign and the auctioneer will sign have 2 very different implications
I doubt that your statement is true however Please provide a link to make me a believer.

The auctioneer would get his authority from the seller and if the seller gave instructions not to sign I can see that it would take a gutsy or fool hardy agent /auctioneer to exceed the sellers authority

 

[TheBacon]

Is there a real estate advocacy group that could attend a few of the auctions run by this group? They could 'win' a few auctions but then not sign on the line as a protest.

TB

 

[marg4000]

On one of the episodes of "Hot Property" they showed an auction. Sold under the hammer, but when the successful bidder came inside to sign the contract, he refused and started to haggle over the price saying it was too high. Eventually he left without signing. On the show they said that until the contract was signed the property wasn't sold.
Not sure of the year or state involved - it was quite a while ago.

And forget any advantage in being the highest bidder on a passed in property. Any person can simply tell one of the agency staff wandering around that they are interested in negotiating and they will be immediately included - I've seen it happen.
Marg

 

[plusnq]

The auctioneer can sign and the auctioneer will sign have 2 very different implications
I doubt that your statement is true however Please provide a link to make me a believer.

The auctioneer would get his authority from the seller and if the seller gave instructions not to sign I can see that it would take a gutsy or fool hardy agent /auctioneer to exceed the sellers authority

http://www.lawyersconveyancing.com.au/news/107_bidding.asp

 

[WinstonWolfe]

And forget any advantage in being the highest bidder on a passed in property. Any person can simply tell one of the agency staff wandering around that they are interested in negotiating and they will be immediately included - I've seen it happen.
Marg

Don't count on it. I have had the door shut on me by the REA after the house was passed in. He ensured the highest bidder had sole access, which I was dumbfounded at. He didn't even want to hear my offer. I reckon the highest bidder was a mate of the REAs. He spent a lot of time with them before the auction, and I am convinced he had conned the vendor into accepting a low price.

So I went back later and spoke to the vendor privately.

 

[wylie]

And what happened?

Wylie

 

[WinstonWolfe]

Vendor hadn't signed anything yet, but had agreed on a price with the highest bidder, and intended accepting a written offer from him first thing Monday.

I said I'd be prepared to offer more, and he seemed interested but vaguely indifferent.
We agreed i'd phone the REA on Monday to make the offer.
When i phoned, at 10am, the REA had already got both signatures on a contract earlier that morning!!!

I was pretty amazed by it all. The vendor just seemed so blaise about it all.
I hadn't had time to do enough DD as I only spotted the property in the paper the morning of the auciton....and didn't have unconditional finance. I'd have moved faster if I'd spotted it earlier....It was a splitter block with a crappy 3/1/1 besser brick thing. Sold for 220k in November last year. The separate lots would now sell for over $200k each.

It was one of those auctions that didn't appear in rea.com, just the local paper....so I reckon the REA was doing his best to bag it for the highest bidder.

Anyway, I picked something else up later.