Hi T Auction starts, Hits price range. House gets sold or it...

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23/03/24

13:00

Post #: 73025225
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Originally posted by Tangentland ↑

Of course it can work.

It is an auction.

The seller decides the price range THEY want. And that can be determined by advice from the estate agent and auctioneer. But it is the sellers decision.

Is a 3 day notification to the public reasonable for the seller to advise the price range they want?
Even in a fast moving upward market, that can surely be acceptable.

Auction starts, Hits price range. House gets sold or it doesn’t. And has the ability to go much higher if the buyers are there.

That is an auction. A transparent one. For all parties involved.

What goes on the current way, is a farce.

Constant under quoting and all done to attract an audience. Wastes so much of peoples lives.
With multiple auctions concurrent, if information is accurate and reliable, people can actually target what is suitable and accuarate for them.

Underquoting. Illegal. Not enforced. A tool used for the seller and team, but treat potential buyers as saps.

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Hi T
Auction starts, Hits price range. House gets sold or it doesn’t. And has the ability to go much higher if the buyers are there.

So the seller does not have a reserve price ?
Or the reserve price has to be the very bottom of the range
How wide is the range allowed to be
Would have to be on a $1 mill house about 25%

Does that suit you

eg reserve $1 mil
Range $1 mill to $1.25 mill

Sounds ludicrous to me plus you would have to advertise that it is over $1 mill and cut out most of the buyers

Repeat an Auction is a show --- the idea is to excite the crowd and make the seller more realistic

Result :- the seller takes less than he thought and the buyer pays more than he wanted and there is a successful sale

IMHO you should never buy at auction, go to private treaty and negotiate
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