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Auctioneers look after friends??!!

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  • 18-03-2015 11:36pm
    #1
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭


    Is it possible that auctioneers keep developer friends sweet making sure that they get sweet deals?Has any ordinary person got a chance of getting a good deal?Think of landlord types who have bought a number of houses,that are known to auctioneers...They surely have a better chance of being "looked after" by auctioneers.Is there a cosy relationship between auctioneers and developer types,with maybe a few restaurant dinners and weekends away for the auctioneer?They say the harp is a symbol of Ireland,as this country is all about pulling strings?


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    #2
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    Did anybody else find out that the house they had a reasonably high bid on was sold suddenly without so much as a phone call.I was the highest bidder on a property,when I looked up the house online soon after,it was marked as sold.I rang up to find it was indeed sold.Suspicious to say the least.


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    #3
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    If you are selling a product, would you be more inclined to look after a customer who buys 100 units from you, than a customer who buys 1 unit??
    Business is business !


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    #4
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    I take your point.It's a very unregulated and corrupt sector in my opinion.


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    #5
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Johngoose wrote: »
    Did anybody else find out that the house they had a reasonably high bid on was sold suddenly without so much as a phone call.I was the highest bidder on a property,when I looked up the house online soon after,it was marked as sold.I rang up to find it was indeed sold.Suspicious to say the least.

    Fair point perhaps. It certainly seems odd if you were the leading bidder that you were not informed about any new bid?? Not the first case I have heard of in recent months. In Dublin ???


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    #6
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    It seems they have a "don't call us we'll call you" attitude,if you are a bidder who isn't a "man about town."


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    #7
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    delthedriver wrote: »
    Fair point perhaps. It certainly seems odd if you were the leading bidder that you were not informed about any new bid?? Not the first case I have heard of in recent months. In Dublin ???

    No Cork.But I think it's symptomatic of what's going on in every Irish city.


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    #8
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Johngoose wrote: »
    I take your point.It's a very unregulated and corrupt sector in my opinion.

    The madness of Pre 2008 has returned in the Greater Dublin Area !

    Regulation , what regulation?? The Banks were regulated............we all know what happened.


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    #9
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    Johngoose wrote: »
    No Cork.But I think it's symptomatic of what's going on in every Irish city.

    I think auctioneers are just as arrogant now as they were 10 years ago.The downturn is largely forgotten.


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    #10
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    delthedriver wrote: »
    The madness of Pre 2008 has returned in the Greater Dublin Area !

    Regulation , what regulation?? The Banks were regulated............we all know what happened.

    I agree.Does any house go for asking price anymore,or is it always way more than the asking price?


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    #11
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Johngoose wrote: »
    No Cork.But I think it's symptomatic of what's going on in every Irish city.

    May well be. Another bug is the sealed bid system. Here 2 or more interested parties submit their sealed bids before close of business. This is only serving to drive the price way above the original asking price!


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    #12
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    I am currently chasing up another auctioneer,I have been bidding on another house.She seems to be lying very low as well.She used the usual line that if she had any news she would get onto me.Im just wondering has she some friend waiting to buy.


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    #13
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Johngoose wrote: »
    I agree.Does any house go for asking price anymore,or is it always way more than the asking price?

    It would appear way more than the asking price.


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    #14
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Johngoose wrote: »
    I am currently chasing up another auctioneer,I have been bidding on another house.She seems to be lying very low as well.She used the usual line that if she had any news she would get onto me.Im just wondering has she some friend waiting to buy.

    Anything is possible........are their" imaginary friends" who will help drive the price???

    It really is a lottery!


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    #15
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    It's maddening that there isn't more transparency with the bidding when it comes to the sale of a house. Some very shady deals going down in my opinion.


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    #16
    Uncle Ben
    Closed Accounts Posts: 1,843 ✭✭✭Uncle Ben


    Johngoose wrote: »
    I agree.Does any house go for asking price anymore,or is it always way more than the asking price?

    The seller will always demand the highest price and the auctioneer will seek the highest commission. The Sindo will call them entrepreneurs.
    Same old story until the next crash.


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    #17
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    delthedriver wrote: »
    Anything is possible........are their" imaginary friends" who will help drive the price???

    It really is a lottery!

    I'm beginning to think you have to have some clout with an auctioneer to be even considered as a buyer of a house.


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    #18
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Johngoose wrote: »
    I think auctioneers are just as arrogant now as they were 10 years ago.The downturn is largely forgotten.

    Perhaps even more arrogant, they have had a lean ten years, they are jolly well going to make up for that. Indeed there are new kids on the block who won't remember the downturn !


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    #19
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    Uncle Ben wrote: »
    The seller will always demand the highest price and the auctioneer will seek the highest commission. The Sindo will call them entrepreneurs.
    Same old story until the next crash.

    But I don't think it's about the highest bidder in certain cases.Ive been told everything from ...I'm paraphrasing slightly:"Complications with the bank K.B.C.," "She's decided to do up the house herself and keep it" and "the sale is under negotiation"(got that one twice). I heard a good one about a pub owner who lost his pub to the banks and bought it back again.(He just happened to be the highest bidder on the liquidated pub and he had the sway with enough big noises to stump up the cash).


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    #20
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Johngoose wrote: »
    I'm beginning to think you have to have some clout with an auctioneer to be even considered as a buyer of a house.

    I would suggest making contact with a "respectable auctioneer " explain what exactly you are looking for, your position, how quickly you can close on a deal etc. Avoid the dizzy front of house staff. Get talking to the organ grinder rather than his monkeys. Invite him out for coffee/ lunch , and get his attention focused on your requirements. There are decent guys out there.


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    #21
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    Johngoose wrote: »
    But I don't think it's about the highest bidder in certain cases.Ive been told everything from ...I'm paraphrasing slightly:"Complications with the bank K.B.C.," "She's decided to do up the house herself and keep it" and "the sale is under negotiation"(got that one twice). I heard a good one about a pub owner who lost his pub to the banks and bought it back again.(He just happened to be the highest bidder on the liquidated pub and he had the sway with enough big noises to stump up the cash).

    I guess we'll always be the "Wild West" of Europe.Only cowboys can survive in this country.


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    #22
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Uncle Ben wrote: »
    The seller will always demand the highest price and the auctioneer will seek the highest commission. The Sindo will call them entrepreneurs.
    Same old story until the next crash.

    Indeed very true.


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    #23
    Uncle Ben
    Closed Accounts Posts: 1,843 ✭✭✭Uncle Ben


    Johngoose wrote: »
    But I don't think it's about the highest bidder in certain cases.Ive been told everything from ...I'm paraphrasing slightly:"Complications with the bank K.B.C.," "She's decided to do up the house herself and keep it" and "the sale is under negotiation"(got that one twice). I heard a good one about a pub owner who lost his pub to the banks and bought it back again.(He just happened to be the highest bidder on the liquidated pub and he had the sway with enough big noises to stump up the cash).

    Ah yes I see where you're coming from. However I have heard other cases where farmers won't bid on land because they want someone in particular to get it. As for auctioneers, a lot of these become politicians both at local and national level.
    They are truly honest with high morals.


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    #24
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Johngoose wrote: »
    I guess we'll always be the "Wild West" of Europe.Only cowboys can survive in this country.

    Perhaps. Though similar things happen in UK , Spain etc.

    At the end of the day , the price/value of a property is what the final bidder standing pays for the property !


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    #25
    Johngoose
    Closed Accounts Posts: 1,066 ✭✭✭Johngoose


    delthedriver wrote: »
    Perhaps. Though similar things happen in UK , Spain etc.

    At the end of the day , the price/value of a property is what the final bidder standing pays for the property !

    I take your point but I actually think they are preventing certain people from becoming the highest bidders.Blocking them from getting the house as they have somebody lined up who they want to get it.Like a lot of jobs that are gone before they are advertised,friends looking after friends...


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    #26
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    As an old dog, willing still to learn new tricks. I suggest identifying properties in the area you are looking for and to approach homeowners directly. You may be surprised someone may be willing to sell as they may be anxious to downsize etc, and they will save themselves the Auctioneers fee too !!!

    Think outside the box??


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    #27
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Johngoose wrote: »
    I take your point but I actually think they are preventing certain people from becoming the highest bidders.Blocking them from getting the house as they have somebody lined up who they want to get it.Like a lot of jobs that are gone before they are advertised,friends looking after friends...

    Yes , very true, sadly that is life !


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    #28
    blackbird 49
    Registered Users Posts: 411 ✭✭blackbird 49


    Johngoose wrote: »
    Did anybody else find out that the house they had a reasonably high bid on was sold suddenly without so much as a phone call.I was the highest bidder on a property,when I looked up the house online soon after,it was marked as sold.I rang up to find it was indeed sold.Suspicious to say the least.

    Agree with you on this, same thing happened to me


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    #29
    Nekarsulm
    Registered Users Posts: 11,194 ✭✭✭✭Nekarsulm


    Report your suspicions to the regulatory body.
    Every bid must be logged on a separate pre populated page, (PSRA/S61-2012)
    including Vendor's name,
    name of prospective purchaser,
    contact details,
    method of contact,
    offer,
    conditions(if any),
    name of person who received the offer,
    and signed.
    Also
    Full details of the notification of the offer to the client, date, time, name of person notifying the client, method used in notifying client (fax, phone, email, personally, other)
    and the clients reaction to the offer.

    These conditions are quite strictly enforced, especially within the larger group Auctioneering firms.


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    #30
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Bear in mind that if a developer or property investor comes along, especially if they know the auctioneer the buyer is left with this decision:

    A buyer, probably in a chain, probably making all sorts of demands ref survey offering €250,000 closing at some point when they manage to pin down their buyer and before their AIP runs out.

    A buyer with cash today, willing to sign contracts in a week, offering €235,000 and already has a pretty good idea of what the survey is going to say.

    Worth the hassle for the extra €15K? Some will say yes, others are where your problem is coming in.

    Looking at it more cynically lets say an agent is working on 1.5% commision.

    1.5% of 250K = 3750
    1.5% of 235K = 3525

    Go with the buyer you know will complete quickly and certainly or the trader-uper who'll be calling you every five minutes?


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    #31
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,654 Mod ✭✭✭✭Henry Ford III


    Nekarsulm wrote: »
    Report your suspicions to the regulatory body.
    Every bid must be logged on a separate pre populated page, (PSRA/S61-2012)
    including Vendor's name,
    name of prospective purchaser,
    contact details,
    method of contact,
    offer,
    conditions(if any),
    name of person who received the offer,
    and signed.
    Also
    Full details of the notification of the offer to the client, date, time, name of person notifying the client, method used in notifying client (fax, phone, email, personally, other)
    and the clients reaction to the offer.

    These conditions are quite strictly enforced, especially within the larger group Auctioneering firms.

    Auctioneers are unregulated.

    For once Eddie Hobbs is actually useful...http://www.eddiehobbs.com/HowToComplain/Auctionaries.htm

    I wouldn't be confident making a complaint to either of those bodies.


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