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Estate agents, can you trust what they say?

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    #32
    velo11
    Registered Users Posts: 32 ✭velo11


    SeanSouth wrote: »
    I'm afraid Duckjob is talking through his ar*e. This is nothing illegal about fake bids and it's certainly not fraud. In my view its unethical but that's as far as it goes.

    As far as auction houses go, its perfectly legal for an Auctioneer to "take bids off the wall" to ramp the bidding up to the reserve price. It happens all the time. Basically the Auctioneer points to an imaginary ghost bidder at the back of the room and accepts the imaginary bid to keep the bidding going. This is the same reason why most seasoned auction "goers" stand at the back of the room.You might not like it but that's the way it is and there is nothing illegal about it.

    It's up to the bidder to decide in advance what he is prepared to pay for the property and stop there. It's not a race, It's not a contest. No one is forcing you to make the bids. It's you against the world and there is no there to shout foul
    Can I ask what happens if the ghost bidder bids an imaginary bid and there are no further bids? Surely the auctioneer scores an own goal in this instance?
    Frankly this is like a poker game. Cards close to chest..guesswork and hope for the best. I just feel in a world where most people are seen to be made accountable for their actions in the workplace there is something wrong with accepting the status quo around the behaviour of some individuals in that profession because thats the way it is.
    I have no problem with bidding wars as long as they are authentic. These people have obviously everything sown up as they are largely self regulated (it appears) and any incriminating behaviour cant be challenged as its based largely on verbal interaction.


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    #33
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    velo11 wrote: »
    Can I ask what happens if the ghost bidder bids an imaginary bid and there are no further bids? Surely the auctioneer scores an own goal in this instance?
    You'll hear the bullsheesh about the other agent "not getting mortgage approval"... although, yes, it's an own goal if the EA reads you wrongly.


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    #34
    velo11
    Registered Users Posts: 32 ✭velo11


    Thanks to everyone for your help and info throughout this thread. Much appreciated and a lot of food for thought. Ironically Im in the middle of a house move (in a renting capacity) so I have only had the chance to reply now. Thanks again.


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