Post to Facebook on 4/7/2020 8:20 PM
Commenting on “Inside a rush pre-auction-day auction prompted by COVID-19”
https://www.domain.com.au/news/melbourne-auctions-rush-to-bring-kensington-sale-forward-as-pandemic-escalates-967009/
If I was a serious buyer or bidder at the auction of 25 Neville Street, Keilor East, I would report the real agent to Consumer Victoria for underquoting.
The price guide was $800,000 to $880,000, but after the failed auction, which only attracted only one bidder who gave his final offer of $790,000, the property is now listed at $890,000. What it means, the seller / owner would not let go of the property for $880,000 at the auction.
Underquoting is an illegal oractice, and agents who do not comply with underquoting laws risk a penalty of more than $31,000 (200 penalty units).
Thank you for reading.
Commenting on “Inside a rush pre-auction-day auction prompted by COVID-19”
https://www.domain.com.au/news/melbourne-auctions-rush-to-bring-kensington-sale-forward-as-pandemic-escalates-967009/
If I was a serious buyer or bidder at the auction of 25 Neville Street, Keilor East, I would report the real agent to Consumer Victoria for underquoting.
The price guide was $800,000 to $880,000, but after the failed auction, which only attracted only one bidder who gave his final offer of $790,000, the property is now listed at $890,000. What it means, the seller / owner would not let go of the property for $880,000 at the auction.
Underquoting is an illegal oractice, and agents who do not comply with underquoting laws risk a penalty of more than $31,000 (200 penalty units).
Thank you for reading.
