Auctioneers and Fake Bids

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https://www.independent.ie/irish-news/news/estate-agents-go-to-war-with-fianna-fail-over-claim-that-fake-bids-are-driving-up-house-prices-36333728.html

Auctioneers claim that there is no evidence that they use fake bids to drive up house prices.

Somehow nobody believes them.

Perhaps take a leaf out of UK Book and ALL bids must be sent in writing to the Vendor including name, address and bid of persons making a bid.

I have challenged a UK Estate Agent in past and insisted that I see details of another bid, apparently it is buyers right to do so.
Amazingly how quick the other bid got withdrawn.

On this occasion I also withdrew bid and Vendor went to another Agent at end of tie in period, per my suggestion.
I then bought it from them and 1st agent lost out, 10 years plus after the threat of legal action still not materialised :), course Vendor only too happy to do a signed statement via his Solicitor that fake bid had not been passed on.

Estate agent definitely not going to go to court on something like this.
 


im axeled

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i knew an old time auctioneer back in the day, cattle and land was his forte, he used to say, all i need is one good bidder and myself
 
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i knew an old time auctioneer back in the day, cattle and land was his forte, he used to say, all i need is one good bidder and myself
Its true................

Visited a place a second time once as was going to live there, agents told vendors no offers and suggested dropping price, I listened in on conversation as they claimed it, all being recorded.

Did the sale direct with Vendor, Agent threatened legals but copy of phone call where he claiming no bid and vendor made sure date was being quoted undid him, I had email with date of bid being made.
 

Half Nelson

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Are some auctioneers still demanding sealed bids?
 

asset test

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I agree that the bid system is very bad here for genuine bidders.

Who is to say that a bid has been given say 5k more than yours? Who is this bidder, name pack and serial number please.

I have often thought that phantom bids were endemic. Well if there is no proof that they are genuine, it is obvious isn't it.

No wonder things are spiralling here now. Back to base everyone it is 2004 again.
 

ShoutingIsLeadership

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The indignant EA rep says that it's a rising market, so there would be no need for take bids. Well, these are the perfect conditions for fake bids...limited supply, desperation, rising prices...exactly the right conditions for this behaviour.

FF is right.
 
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mr_anderson

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All bids must be recorded.
There's no reason why bids cannot be displayed on the ads.

Names & numbers of the bidders could be recorded on a central database.
 
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Half Nelson

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I agree that the bid system is very bad here for genuine bidders.

Who is to say that a bid has been given say 5k more than yours? Who is this bidder, name pack and serial number please.

I have often thought that phantom bids were endemic. Well if there is no proof that they are genuine, it is obvious isn't it.

No wonder things are spiralling here now. Back to base everyone it is 2004 again.
It is amazing how quickly we've returned to the madness of the celtic tiger. I can only assume that many of those now being duped into future negative equity are young people who can't recall the nefarious tactics of the auctioneers, developers, media and politicians when they attempted to enslave another generation to debt.
 
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All bids must be recorded.
There's no reason why bids cannot be displayed on the ads.

Names & numbers of the bidders could be recorded on a central database.
Nope as nobodys business only Bidder, Vendor and Agent.

I have on occasion notified Vendor I had made a bid, 1 week on and Agent confirmed no bid meant I and Vendor visited................ at busiest time calling Manager of the Agency a total liar when other potential customers in. Amazing the crawling that was done and also got the vendor a 50% reduction in fees :) which he knocked off purchase price.
 

Maction

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I started a thread relating to a particular recent experience I had with an estate agent (when trying to purchase a house back in September ). I actually read the article in the paper relating to this OP. My experience with EAs has been awful. I am actually at a very advanced legal stage with an EA (taken jointly with the vendor). Shocking practices going on and I hope my case will make headlines in due course and suitable legislation introduced to combat these widespread illegals practices.
 
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I started a thread relating to a particular recent experience I had with an estate agent (when trying to purchase a house back in September ). I actually read the article in the paper relating to this OP. My experience with EAs has been awful. I am actually at a very advanced legal stage with an EA (taken jointly with the vendor). Shocking practices going on and I hope my case will make headlines in due course and suitable legislation introduced to combat these widespread illegals practices.
Bet he doesn't get kicked out.
 

Franzoni

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I started a thread relating to a particular recent experience I had with an estate agent (when trying to purchase a house back in September ). I actually read the article in the paper relating to this OP. My experience with EAs has been awful. I am actually at a very advanced legal stage with an EA (taken jointly with the vendor). Shocking practices going on and I hope my case will make headlines in due course and suitable legislation introduced to combat these widespread illegals practices.

Indeed i remember that thread and posting some of my own experiences going back to the mid 90's when we were first house hunting....one horse races....EA's refusing to take a bid when they found out who you were mortgage approved with etc....

It seems little has changed in 20 years....

No doubt as another poster alluded part of the problem is that political parties seem to actively recruit from these professions so it's little wonder we see any action or serious enforcement even after having a crash followed by the IMF/Troika in town who made several recommendations on reform of these cultures and practices in law and elsewhere... ....
 


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