Property "silent auction site"

bernyh

Has anyone else seen this

https://www.facebook.com/?ref=tn_tnmn#!/pages/Cabinbeecom-James-B-Mc-Donnell-Co/351195594891687

I was a bit freaked out when I saw it, I immediately thought that it has to be some sort of con?

I questioned them a little on fb and can "see where they are coming from"

But I wonder is this really viable? Essentially you pay €50 to place an "encouraged low bid" the property doesn't sell till you have 6000 (I think) bids on it, so 6000*50 =
300,000k euro for a property minus the middle man's fee's.... so the seller may get the asking price minus the middle man's fees (which aren't advertised)

Any opinions? I honestly thought it was a con when I first saw it, but sure you have so many other countries with repossesions, maybe this is a way to avoid it?

NIMAN

It might well be real, but it sounds like MADBID.

Someone might get a cheap house, but the organisers will make a killing.

DaireQuinlan

It's some variant of a penny auction. It's not -really- a scam as such, as the entire process is outlined pretty clearly (notwithstanding the fraudulent practices used on a lot of online penny auction sites), but it's essentially a lottery for which you could be paying up to €500 for a ticket, and no-one except for the winning bidder (if there even IS one) will see any benefit from their bids.

I foresee a rake of complaints after it closes from bidders under the mistaken impression they're getting their money back if they don't win. Calling it an auction is a bit of a con, as typically in an auction if you make a losing bid you pay nothing, whereas my understanding of this process is that you're committed to paying out any bid you make.

zac8

There's no way this can be transparent like say the property raffles people tried before. And none of those were successful. You won't even get your money back if they don't reach the required 6000 bids - you get a credit to use in another auction.

The only way something like this will work is if the prize is actually desirable to enough people. Something uniquely Irish that would appeal to an international audience. A semi in Mullingar doesn't cut it.

astrofool

So you need 6000 people to want your property and put €50 up front to have a 1 in 6000 chance of getting that property.

jmayo

Why do I think of Fr Ted and Dougal will win with the number 11.

I thought this type of thing was illegal ever since Barney Curley ran his raffle to get rid of Middleton House.

Jeeze just thinking Des Cahill could be used this time to run the raffle and could be arrested like O'Hehir was.

EDIT: ah FFS just followed the link.
6,000 people interested in a gaff in Mullingar.
No wonder they are offering to cut the bids form 50 to 30 euro. :rolleyes:

antoinolachtnai

I hope they are registered with their local Garda district and that they have put down the necessary bond. I hope they know the licensing inspector well.

Marcusm

This sort of "auction" (really a lottery) was run back in the mid 80s by (IIRC) a well known professional gambler BArney Curley. The issue of a Garda licence for the lottery arose. Also the fine print is likely to show that the lottery won't happen unless all the tickets are sold. If you look on it as a lottery, play away; otherwise, wise up!