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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 42649
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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What is the process with silent auctions and what rights do

Customer Question

What is the process with silent auctions and what rights do the bidders have? Going by what the agent has told me I don't have access to how many people are bidding and how much they bid. Also I won't have an opportunity to a counter offer.
Another point she brought up was that the reserve has to be hit before she can sell. The advertised price is 430 - 480k and my original offer before she suggested a silent auction was 530k. Therefore the reserve should be inbetwee the advertised figures? Am I being duped?
Submitted: 12 months ago.
Category: Australia Law
Expert:  Leon replied 12 months ago.

Good Evening

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

Agents are famous for misleading people with prices. You can complain to Consumer Affairs about them.

Silent auctions are horrible. Agents keep asking you to increase the price and it only favours them. As the bidder you have no rights. You do not know what is going on.

I can only tell you what I tell my clients. Do not take part in them and if the agents are manipulating the situation and you feel they are misleading you complain in writing to Consumer Affairs.

https://www.consumer.vic.gov.au/businesses/licensed-businesses/estate-agents/running-your-business/complaint-handling-and-dispute-resolution

I hope this makes sense and is of assistance. If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon

Expert:  Leon replied 11 months ago.

Good Afternoon

Are you still in need of Assistance?