Online auctions

Discussion in 'The Buying & Selling Process' started by Cimbom, 30th Aug, 2019.

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  1. Cimbom

    Cimbom Well-Known Member

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    A new platform is allow people to participate in auctions online. You can read more here: Anywhere Auctions: bidding website, app taking off in Melbourne - realestate.com.au

    The first thing that popped into my mind was the opportunity for agents to use this to create fake "bidders" to drive up prices as it'd be a lot easier to do online than in person but I don't know the full details of how it works. Thoughts?
     
    Cimbom, 30th Aug, 2019
    #1
  2. The Y-man

    The Y-man Moderator Staff Member

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    It's probably more audtiable than getting a bid from a tree.....

    The Y-man
     
    The Y-man, 30th Aug, 2019
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  3. TMNT

    TMNT Well-Known Member

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    how on earth are they going to chase non paying bidders?

    unless, they have to pay 10% deposit upfront

    edit; hey if I can pay my deposit on credit card, im going to be points millionaire!
     
    TMNT, 30th Aug, 2019
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  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Looks like its a way to kick the vendor with more costs (video etc feed and hosting with the app that isnt free !! ) but may have some benefits. Online Property Auction Site - Real Estate Auctions Online
    One glaring issue not addressed anywhere on the site is - How much ? They just mention we will contact you....

    The buyer must pre-register which I may imagine wont be as easy peazy as many think. And the issue of paying a deposit etc.
     
    Paul@PAS, 30th Aug, 2019
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  5. craigc

    craigc Well-Known Member

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    Is this different at all to Gavl which has been doing this for a while now?
    Looks to be the same concept despite their claims.
     
    craigc, 3rd Sep, 2019
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  6. Hetty

    Hetty Well-Known Member

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    I’ll dredge this thread up because I just had an online auction experience and who knows, these could become very popular.

    Registration was easy, signed a form, sent it back, took a photo of my ID and texted it to the REA. Two other bidders registered, a bunch of people “observed”

    Then came the bidding night. I put in a bid, and two minutes later, the circus began. The auction was “paused”. The agent called me, saying it was “technical difficulties”. 10 mins later, I got the call - the other bidders had pulled out. I was asked to put forward my best offer, it didn’t meet reserve, but they called the seller back, then called me, told me the reserve had changed and was now $20k higher than previously stated, I said this is dodgy and no thanks, they called the seller then called me back, seller wouldn’t budge. Property was passed in.

    Needs to be a lot of interest for these to work.
     
    Hetty, 25th Sep, 2019
    #6