Auctioneers

[daftbrush]

Do anyone have information on the code of regulation of Auctioneers in a bid process.
Are the required to enter the bids in a ledger.
Can a bidder see the other bids ( a) the amounts or (b) the amounts and names of the other bidders.

 

[an liathroid beag]

Do anyone have information on the code of regulation of Auctioneers in a bid process.
Are the required to enter the bids in a ledger.
Can a bidder see the other bids ( a) the amounts or (b) the amounts and names of the other bidders.

Be wise! many a buyer were bidding against themselves in a private treaty sale!

 

[Happyhonkaman]

Do anyone have information on the code of regulation of Auctioneers in a bid process.
Are the required to enter the bids in a ledger.
Can a bidder see the other bids ( a) the amounts or (b) the amounts and names of the other bidders.

No - the whole thing is smoke and mirrors with no way of substantiating anything in truth. The only way to actually know if there are phantom bids is to pull out and tell the you have made your final offer, they have your number if it falls through with the others. The only advice I would give is to try and go through it as few times as possible in life!

 

[rebel without a caus]

They are all a shower of pricks. The entire industry needs serious overhaul and regulation.

 

[daftbrush]

They are all a shower of pricks. The entire industry needs serious overhaul and regulation.

It says on the property services authority web site that they are required to log all bids which they have to keep records for six years.
What I want to know can I view the bids.

 

[Hank Scorpio]

No - the whole thing is smoke and mirrors with no way of substantiating anything in truth. The only way to actually know if there are phantom bids is to pull out and tell the you have made your final offer, they have your number if it falls through with the others. The only advice I would give is to try and go through it as few times as possible in life!

Pulled out of a purchase a few years ago, as the auctioneer was back to me almost imstantly with an increased offer from the other party. It wasn't physically possible for him to have contacted them and come back with an increased bid in the time he did.


Have your max figure in mind and if it goes higher walk away.

 

[leesider]

It says on the property services authority web site that they are required to log all bids which they have to keep records for six years.
What I want to know can I view the bids.

AFAIK you can't, only the seller can view them unless you make a complaint.

 

[TheOutdoorThreadmill]

No - the whole thing is smoke and mirrors with no way of substantiating anything in truth. The only way to actually know if there are phantom bids is to pull out and tell the you have made your final offer, they have your number if it falls through with the others. The only advice I would give is to try and go through it as few times as possible in life!

Tbh I get it from an auctioneers point of view, their onus is to their client and his own commission, tough on the bidders but then life is tough
I doubt very much in the current climate that there are many phantom bids.

 

[TheOutdoorThreadmill]

It says on the property services authority web site that they are required to log all bids which they have to keep records for six years.
What I want to know can I view the bids.

It's very easy to create a log of bids, do you honestly think you will be able to or should get access bidders names and addresses? You ever hear of data protection?

 

[El Guapo]

I wouldn't wish buying a property on my worst enemy

When we were at it a few years ago we were bidding on a place. It was when sales were quiet relatively in 2013/2014. Got into a bidding "war" up to the asking maybe 5k over starting from 50k or so under. Pulled out once we got engineers report and they were back onto us 2 days later saying they'd sell for our origional bid.

What happened to the underbidders? That place was on the market another 2 years

About a year after that we had a bit rejected for 20k above asking on another place. Walked away there too. That place sold for 35k under what our bid was rejected for and was back on the market after 6 months or so. I wonder what shite the poor purchasers found pnce they moved in.