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Sale Agreed prior to auction

  • 18-06-2015 9:08am
    #1
    NS77
    Registered Users, Registered Users 2 Posts: 102 ✭✭


    Hi all,

    Saw something this morning that got me thinking...

    A house near to me was due for auction on Jun 19th. However I saw this morning that a sign had been put up on the property stating "Sale Agreed prior to auction". It got me thinking about the legality/morality (if any!) of this.

    If I was interested in the property and was waiting to go through the "proper" procedure by bidding at the auction, I'd be pretty annoyed.

    Granted, there may be cases where a house is sold to family/friends, etc. prior to auction, but what if Joe Soap just circumvents the process and contacts the EA beforehand? Is there any legal/good practice obligation on the EA to proceed to auction?


Comments

  • #2
    JoeySully
    Registered Users, Registered Users 2 Posts: 1,276 ✭✭✭JoeySully


    what auction company was it ?


  • #3
    NS77
    Registered Users, Registered Users 2 Posts: 102 ✭✭NS77


    JoeySully wrote: »
    what auction company was it ?

    Not sure... as far as I can make out it was due to be auctioned locally by the EA themselves (DNG)...


  • #4
    MouseTail
    Registered Users, Registered Users 2 Posts: 1,663 ✭✭✭MouseTail


    Dont see any issue with this. Anyone can approach the EA prior to auction and make an offer of the reserve price or above. Its not uncommon.


  • #5
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    Id imagine if you had registered interest EA would let you know before going sale agreed but give lack of regulation no guarntees


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