Buying at auction

[Thirsty]

A property I had indicated an interest in to purchase at auction (and had undertaken the usual pre-purchase steps), was withdrawn the day before it was due for Auction.

This happened about two weeks ago.

C'est la vie. Continued with my search.

On checking the same website for the next auction, I see the property in question was sold at Auction, at the date and time previously given. It had not in fact been withdrawn, there was just one accepted bid at a figure of AMV.

Prior to the property being withdrawn there were 8 other 'interested' parties.

Do I have grounds for complaint here? or is this legitimate business practice?

 

[Markove]

Yes, it is legitimate. The seller can accept a bid at any time prior to the actual day of the auction.

 

[Thirsty]

@Markove thats not what appears to have happened however.

Based on what was posted on the auction website, the property did go to auction and was sold with just one bid.

I (and presumably other) interested parties were told it had been withdrawn.

Several emails to the auction house have not been answered.

 

[peemac]

Can happen especially in receiver sales.

Owner comes up with a query or something that could cause problems, property withdrawn immediately.

Problem sorted, property relisted.

Had similar, but property wasn't relisted, but I did keep an eye out just in case it was added at the last minute

 

[Thirsty]

@peemac - have you ever seen the property 'relisted' for the very same day?

 

[tracer900]

On checking the same website for the next auction, I see the property in question was sold at Auction, at the date and time previously given. It had not in fact been withdrawn, there was just one accepted bid at a figure of AMV.

One accepted bid = the offer made before the auction that was accepted by the vendor.

 

[Thirsty]

You may be right, though the bid is listed as exactly the AMV.