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Property Auction - Strange going on

Hippo · 2018-04-26 23:29:54

Mate of mine was after a property that was up at auction. Guided at £180K. He couldn't physically get to the auction so arranged a phone bid facility. He said it was a hard to value property with not many local sales to go by. We discussed it and thought £165 to 180 was fair but as it was auction he decided on a figure…

Comments

Hippo Posts: 62 Forumite

28 April 2018 at 5:06PM

SkyeKnight wrote: »

Or just tell everyone the reserve price - or is that too easy and honest?

I think that was his issue. A fairer system would be to say reserve on this property is set.

What got him was he heard the auctioneer say sold at 182, whereas we would both expect them to say we'll put your bid of 182 to the seller.

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