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Reserve price by seller. Underquoting. Illegal., page-15

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Tangentland

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22/03/24

22:22

Post #: 73021417
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Originally posted by kingpins: ↑

Don't know what the problem is here

The Agent is required by law to work for the seller and do whatever required to achieve the best price
The auctioneer does not regulate the starting price at the auction but can suggest a figure to save time
If the buyer does not know what the property they are bidding is worth they should not be bidding
If the buyer is unsure they can employ their own agent who then works exclusively for the buyer
Agents are allowed by law to exaggerate use hyperbole or “puffery” but not allowed to lie specifically
As to quotes prior to Auction, other than a range the agent may truly not know but if the quoted price is a bargain you should make your own inquiries

Remember it is all a performance and you are part of the show, after all it was invented in Australia

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They are required by law to not under quote.

When the price/bidding hits the range the house should be on sale and cannot be passed in.

So if the seller is not willing to sell in the range stated. They have under quoted. Illegal.

Simple, eh?
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