The whole point of an auction is the uncertain gamble of a bargain. I watched today for one hour and only half of the property’s where sold. The winning bidder had apparently not reached the target of what the seller wanted. The place I looked out for had a guide price of £130000.the winning bid of £170000 was apparently not enough, with no mention beforehand of any reserve.when i asked why putting in that case such low guide price i was told it was to encourage Interest.I can see why some people want a minimum price but then have the guts to tell us before.If this way of doing auctions isn’t challenged,in no time the vast majority will be like this?I can see how the auctioneers tell their clients;Put it in the auction,lots of people will look at it.and if you don’t get what you want,then we won’t sell to the bidder.
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