Hi everyone,
Neil Jenman was on “Today Tonight” (Melb)last night.
One thing he said was:
When you are the final bidder at a house auction, and the auctioneer bangs his gavel and says sold (to you), you haven’t legally bought the house until you sign the contracts.
Does this mean that you can change your mind? There is no legal obligation to go through with the signing?
I found this information very interesting, as most people would beleive, as I did, that you must buy if you are the winning bidder.
Just thought I’d share that with you,
Sue [
]“Be careful not to step on the flowers when you’re reaching for the stars”
Sue,
Thats interesting, I don’t think that there is any legal obligation to go ahead with the signing. But why would you bid for the house and go through the process if you didn’t want to buy it. Someone posted a story before about how someone did win the bid, but skipped town with out notice. So I dunno.Matt
“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
hi Matt,
I don’t know why anyone would change their mind like that either. I guess that’s why the agents rush you inside to sign the contracts. On the plus side, if you think you have been carried away with the emotions of the auction, perhaps gone over your limit, you have the option of not going through with it. I wouldn’t want to be the vendor in this situation though []
I didn’t see the whole segment on TT, but I did see a couple being interviewed about the flip side. Apparently they had the winning bid at auction, were all excited with their purchase, but the deal didn’t go through. I think the vendors decided it wasn’t enough and didn’t sign the contracts.Sue [
]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Sue,
I believe it’s true and the reason Neil tells people about it is because of the dirty tricks some real estate agents and autioneers play to pressure both the buyers and sellers into something they regret later. If you haven’t read “Don’t Sign Anything” by Neil Jenman I recommend it. It is full of a lot of tips that real estate agents don’t want the public to know and can save you thousands.
Regards,
Karan.hi Karan,
I might have to bite the bullet and read the book, have been avoiding for some reason….
Sue []“Be careful not to step on the flowers when you’re reaching for the stars”
I live in Glenhaven NSW. Several years ago a property sold at auction for over $1,000,000. Problem is the agent did not realise that the last person bidding was a friend of the owner. Brought much joy and merriment to the residents in the following months.
It worked though, cause next time it went up for auction a newbie (person who did not know the area )snapped it up for $900,000, and thought they had a bargain.
[][][]Auctions….you got to love them.
Saw the TT show
With auctions is there a 3 day cooling off period or similar ?
i watched a show on Hot Property where the winning bidder ‘dropped’ his bid once he got inside with the agent and owner.. p#*@+d the owner off ‘big-time’ thought he was going to have a fit ! the bidder was a property developer, so i presume he knew the game.
Auctions huh too many [}
][}][}] and a [:0)] or two[:0)]REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
hi Redwing,
I saw the same show, the developer and his bimbo []
I don’t know about other states, but in Vic there is definately no cooling off period when you buy at auction. In fact, I think I remember reading somewhere that the cooling off period is not valid if you buy within 3 days before and maybe 3 days after an auction…could be wrong here though, someone else know?
Cheers,
Sue []“Be careful not to step on the flowers when you’re reaching for the stars”
hi Redwing,
I saw the same show, the developer and his bimbo[
][][] ‘Thats the one’ DiclemREDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Hi Redwing,
I also watched that show and the developer was the highest bidder. I don’t know he was considered as the winning bidder because the house was passed in.
Merry Christmas to all.
PS: I have learnt a lot from this forum and appreciate very much those who have done a lot of contributions to this forum
hi Redwing,
I saw the same show, the developer and his bimbo[
][][] ‘Thats the one’ DiclemREDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Breakfree
“Don’t Sign Anything” by Neil JenmanI am about to get that.
Matt
“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
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