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I think there is a big trust element while asking the auctioneer to telephone or proxy bidding because in both the cases you'll have to kind of disclose your max limit to the auctioneer in advance. So there is nothing stopping the auctioneer to put a dummy (or a few) to keep bidding against you to take you to your max limit! I know with the telephone bidding it's slightly better as in you are bidding in real time but you don't really know what's happening in the auction room do you!?
Am I right to some extent about this or just being overly cynical? Wondering what others think about this.
I've seen some auctioneers start the auction at someones max bid! On HUTH it used to happen quite a lot, not sure if it does now as I have not much interest in auctions these days.
If I really wanted a lot I would go to the auction to guage the level of interest in the room.
Thanks Adam. I think going there personally is normally the best thing anyway!
It is interesting to know that auctioneers used to do it so I wasn't just going mad then .... it kind of makes sense to me because if they have "secured" a figure for a lot then the next thing they need to try is improve upon it! Hmm ...
What does "HUTH" mean anyway please ...sorry not too good with these abbreviations :-)
Homes Under The Hammer:-)
In A House Ltd
RLAAS Accredited Landlord
Ah - Obviously! :-)
I checked this out, when I thought it happened to me. Apparently it is legal for them to take 'Bids off the wall' up until the reserve amount. After that it's illegal.
The guide price and reserve can be changed up to and including the day of the auction so there would still be scope to adjust it to match the telephone bidder's max limit if known in advance and assuming it's over the original reserve.
Just an anonymous opinion on the Internet.
Another good point!
I was the "Wall" that an auctioneer took bids off in an auction for a refrigerated articulated trailer. It scared the life out of me!
Yeah ... I know .. have been in that situation myself .. I just moved from my spot 'just in case' :-)
As mentioned above, the auctioneer is permitted by law to bid on behalf of the vendor up to, but not including the reserve. If you are bidding by telephone my advice to you would be to send a blank cheque in and not one for 10% of your maximum bid. Once the reserve has been met you will only be bidding against genuine bidders