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  • Auction Tribe

    Auction Experience - Hangry

    In October I went to auction to see if any bargains

    Would not give auction catalogue till I registered , which I had no problems with till gatekeeper with  face like a slapped a***  and poor attitude started asking to keep a passport copy on file and fill out  double sided form with quite detailed sensitive info.?

    No disclaimer stating how info kept, recorded or what used for. Just a poor smudged miss aligned photocopy which did not look professional at all. No headed paper or even mention of the company policies and procedures.

    I must have skipped breakfast that morning because my polite nature turned quite nasty. Hangry!!!

    (Having expericened  identity theft before and data protection requirements, I was concerned)

    Asked how long data kept for.  ? First said as along we want sharply.

    I'm creating a scene now, I asked for senior person in charge to explain why I can't provide after I have bid and if I don't bid can I have the data back?  Nope.

    But I asked why can't I have catalogue to look over ? That's the way it is, take it or leave it.

    can I look at legal packs in front of you of property I'm interested in? Nope have to register first. Wtf

    Rather than create a larger scene went inside to auction room to see what day is going to be like. looked a first 5 finishing prices, all overpriced. Left the building and went for lunch.

    You might say what's your problem!

    Decided registration was not worth it today and as I could not get decent explaination of how data is handled , stored or will be selling to third parties other than hrmc.

    I sold my property at prevailing market rate to current tenant few months later. But I can't help think if I needed to sell quickly, am I really reaching a large pool of buyers at auction practices like this.

    Another thing.

    So the auction process is set up to get best price for repossesions

    •  mortgage lenders have a legal duty to the borrower to sell repossessed properties for the best price they can get.

    Best price available at auction with numbers of available buyers. But this a restrictive  gatekeeper practice.

    Is this the new normal experience everywhere?

    Give away dob, photocopy of passport and personal info even before entering and risk identity theft. Just was not in mood to jump through hurdles and hoops that day. I was HANGRY

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    Coming soon Investorsk8.com

    Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs. 

    I have only been to a couple of auctions with Auction House London who will give you a catalogue at the door for free, no questions.  I guess if I was registering to buy something they would have made me jump through the same hoops, which I can understand, though I can't understand the lack of information and inability to explain their data protection protocols (especially with new rules coming in). 

    I usually look at the lots and download the free legal packs from the website in advance, I'm not sure they have them available on the day. 

    Would you mind telling us which auction you went to where you experienced this please?

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    most larger auction houses wouldn't / shouldn't behave like that. Maybe auctioneer had been struggling or staff struggling or personal issues anyway most business are polite if they want custom. I've seen people bid on auction properties and then leg it out of the room (so as noone notices though) so auctioneer and vendor can't get best price or even sell. often when re auctioned, those interested have already left or pay much less. Auctioneers keep data to catch those / stop that practice of vendetta bidding.

    also if people don't complete purchases the auctioneer has a comeback, also stops those that have second thoughts after winning from pulling out. They could have explained or been polite about it.

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    regards Andrew Peers - property investor / sourcer - 07912674181

    a.peers@seamlessproperty.co.uk

    Property Redress Scheme Number 011436     NLA member 174404