Tag Archive: Auctioneer

When A Successful Auction Bidder Renegs On Signing

Posted on December 7, 2014 by | 0 Comments
by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate From time to time some consumer advocates suggest to successful auction bidders, who might have a sudden change of mind, that they should refuse to sign anything and walk away. This is dangerous advice because in most parts of Australia auctioneers may lawfully sign a sale contract on behalf of a reluctant buyer (and hesitant vendor). (See “Winning Auction Bidders Beware“). Even if no signed post-auction contract, a...

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Buying Real Estate – Property investors are only human

Posted on October 30, 2013 by | 0 Comments
Interesting new research about the emotional drivers behind property purchases cements the undeniable reality that investors are just like everyone else – sometimes susceptible to thoughts that go against their better judgment. “I reckon another $10,000 will get this bad boy across the line,” the agent smiled, smoothing down his slick suit and nudging his Montblanc pen closer towards me. “Just write the new offer amount there and initial it, and I reckon it’ll be...

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Property Auctions May Be Good Places To Stay Away From

Posted on September 15, 2013 by | 0 Comments
Whether we have been advising and representing property sellers or buyers, Mitchells have long warned our clients to be wary of auction sales. Sellers beware! A crusty old real estate agent once remarked that an auction was little more than a device for persuading sellers to drop your reserve price. And buyers beware…particularly of vendor or auctioneer bids! Some time ago our Tim O’Dwyer, wearing his Real Estate Watchdog’s hat, gave this on-line warning to...

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Video Recording of Real Estate Auctions

Posted on February 15, 2009 by | 23 Comments
OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd   It’s time for consumers to get serious about the tricks and criminal conduct associated with real estate auctions. As most of the criminal conduct associated with auctions takes place when the auction is in progress, the logical solution is to make a record of the proceedings. The video recording of every real estate auction would greatly assist in keeping...

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Auctions – Going, Going, Gone?

Posted on December 10, 2008 by | 4 Comments
OPINIONby David MorrellReal Estate Buyers’ AdvocateDirector Morrell & Koren     Right now the real estate auction system is on the ropes because the market has tanked; but its problems run deeper than that. The elephant in the room is whether the auction system itself is working in vendors’ best interests. The agents make the argument that auctions work because they bring buyers and sellers together at a known time and place and that they...

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Walk Away To Bid Another Day

Posted on February 18, 2008 by | 1 Comment
by Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au Walk away to bid another day – but not before the auction is over. Picture yourself as a duly registered, cashed-up bidder at the auction of a seaside mansion.  Bidding starts at $6.5 million.  You join in as bidding progresses to $7.5 million. Then the auctioneer announces that the property is “on the market” – meaning that the reserve price has been reached and any higher bid will,...

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