Folks – just a question about reserve price for auctions particularly in VIC. In watching the Block Auction last weekend, I was surprised when Ronnie and Georgia’s home was passed in at $2.6 million; it moved to a private bidding and was sold for $2,781,000.
I was always under the impression that in an auction, if the bid had not reached the reserved price – the property would be passed in to the highest bidder who gets exclusive rights to purchase at the reserved price. In this case, for Ronnie & Georgia – how come the highest bidder (Frank Valentic) who offered $2,675,000 and $2,725,000 didn’t get to purchase the property when the reserved price was $2.62 million?
For more info, refer to https://www.domain.com.au/news/the-block-auctions-2017-what-really-happened-with-ronnie-and-georgias-passin-20171029-gzakb4/ but am thinking if this practice was legit which I presume it should be since a member from Consumer Affairs of Victoria was also there.
Interested in your thoughts / wisdom ….
You must be logged in to reply to this topic. If you don't have an account, you can register here.
