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Daniel, Solicitor
Category: Australia Law
Satisfied Customers: 5787
Experience:  Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court
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Sold my property on Auctions. The Reserve Price was set at

Customer Question

Sold my property on Auctions. The Reserve Price was set at 1.65M. When the higest bidder stopped at 1.53M. The agent approch me and ask for reducing reserve price to 1.59, saying after the property is "on the market" real bidder will join. I signed the doc and then the agent showed the doc to the higest bidder, in front of all the people. The higest bidder then quoted 1.59 and then quickly the auctionner closed the auction at 1.59M without asking permission from me. I am a new immigrant from China and I am not familiar with Australia law. After the auction the agent forced me to sign the contract saying if I do not I will be sued by the buyer. I refused at the begining but finally I signed. Now I do not want to sell. Can I sue the agent and request the contract to be void?
Submitted: 2 years ago.
Category: Australia Law
Expert:  Daniel replied 2 years ago.
As the agreement was for the lowest amount to be accepted would be 1.59, then it can be sold for that price.
The agent clearly wanted a quick sale, however he mitigated your loss by way of having the property sold rather than have it on the market whereby you may not have had sold it for a while.
At the end of the day, you agreed to sell it for at least 1.59. It sold for 1.59. I would suggest that the agent has no real case to answer.
I wish I could provide better news.
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Customer: replied 2 years ago.
The point is he showed my reserve price to the bidder. Otherwise the bidder would not know and would not be able to bid that price. This breach the auction code and also real estate agnet code of conduct. Fair trading clearly told me this is a wrong doing. The agent mislead me about reducing the reserve price. I want to sue the agent asking for 60k compensation to reach my original reserve price. Or get the commissioning fee waived.
Expert:  Daniel replied 2 years ago.
As he said 'it is on the market' it would have been sold for that amount regardless, he made the call to sell at that price, with your consent as it was the least you would accept.
It is not right to give people the information, but you have suffered no loss here to sue from, you sadly agreed for the least amount, which was accepted.