Showed interest in property being auctioned by Auction House London. The initial reserve price was £330000 and the hammer price was sold at £480000. Few days later received email from Auction House: “Good morning,We understand that you previously registered your interest in ------ and were informed the property is no longer available. Please disregard our earlier correspondence, as the property is now available once again. The seller is inviting best and final offers in excess of £500,000, all offers must be submitted 4:00 PM on Friday, 19th September. Additionally, we have an open-house viewing taking place at 3:00 – 4:00 PM on Thursday, 18th September. No booking is required so please feel free to attend. For our particulars, please see attached. For the avoidance of doubt, the property is now offered with planning permission to convert the property into a six-bedroom HMO (planning ref: PL/1983/25). If you wish to submit an offer, please respond and confirm the below - Your offer levelYou have read the legal packYou can exchange immediately (10% deposit & buyer’s admin fee of £1,500 incl VAT) Any further queries, please let us know. Kind regards,”My response“Good MorningThank you for the email !I did show interest and did follow the auctionReserve Price £330,000During the auction the auctioneer stated planning application had just been approved but was not sure as the seller was abroad and could not be contacted for confirmation, and i believe someone confirmed / advised planning was approved.The auctioneer advised it was being sold as is and the seller may not sell at the hammer price, the hammer price was £480,000.So why is the seller now seeking offers in excess of £500,000 when the hammer price was £480,000 was the seller bidding on the property ???I sincerely hope no one considers buying the propery from the greedy seller !, there are many other properties available.Regards”As I had previously shown interest received an email from Auction House London on Wednesday 24th September for the same property now being offered again with the reserve price £375000 Would be interesting to receive comments from Auction House London why the reserve has been set at £375000 when it was originally sold for £480000 ???RegardsMY RESPONSE TO AUCTION HOUSE LONDON REPLYWhat a lot of waffle from Auction House London who ever decided to reply needs to look at the facts and i believe and in my opinion your response just does not make any sense and i believe and in my opinion the reply indicates how the Auction Scam is applied with all Auctions with the reserve and guide price !Fact:1) In the first auction the property had a reserve of £330,0002) I am sure the final auction hammer price was £480,000 confirmed by my colleague subject to seller approval !3) I received an email stating the seller is seeking offers over £500,000 with a viewing and deadline of offer date 4) The property was relisted with a reserve well below the sellers seeking offers over £500,000 email !5) After i posted a negative feedback for Auction House London they replied with a load of waffle.6) If as they state “The hammer price was not £480,000 and as you’ve stated. It was £530,000”7) So if the hammer price was £530,000 there must have been other buyers bidding from the hammer price i stated £480,000 to £530,0008) It is very clear the bidder would not or could not bid against themselves to bid to £530,0009) If there was a genuine bidders bidding in the range of £480,000 to £530,000 than they also would have received an email requesting seller is seeking offers over £500,00010) The buyer or buyers bidding between £480,000 and £530,000 must have received the same email as i did and why did they not make an offer up to the price they had bid for below £530,000 ???11) If the seller was seeking offers over £500,000 after the first auction when the reserve in the first auction was set at £330,000 than initially in the second auction the reserve was set at £375,000 which has been increased to £425,000 !!!12) If the seller was seeking offers in excess of £500,000 why is the reserve guide £425,000 when the seller was seeking offers in excess of £500,000 obviously in my opinion and i believe the seller will not accept any bid below £530,000I believe and in my opinion i am sure if Auction House London and other Auctioneers will agree with me the facts just do not add up!!!A Law should be implemented for all Auctions if the bid price exceeds the Reserve or Guide than it must be sold to the highest bidder and the seller does not have the option to refuse to sell. I am sure if the Law is implemented all the Reserve & Guide prices will reflect to the true value of the property and not waste prospective buyers time.
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