Phone bids and poor auction results

Hi All, saw an interesting scenario recently.....

At a mortgagee sale, the agents refused to allow phone bids, this was after person gave all info etc.

So if place sold at auction a few weeks ago at very low price with no competition and mortgage taker likely get asked to kick the tin for shortfall, how do you see this ? def not the best result.

 

Did the place you mention, actually sell 'at a very low price with no competition' because phone bids were refused or is this a hypothetical?

If the former, had the phone bidder contacted the agent in advance to check the requirements? E.g. was a 'letter of authority' required but not provided?

 

I'd agree with the agent not to accept phone bidders unless they were preregistered. The risk is that the phone bidder is on a $2 phone card and will dispose of it after the phone call then becoming uncontactable which jeopardises the whole auction process and certainty of the sale.

 

Bidder is known to agent, bidder pre supplied signed forms and photo ID.

In other words, at the last minute, agent said they would not take a phone bid after knowing the bidder could not attend in person, or that at least it would be very difficult to be there in person.