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Auction Round-up

23 Feb

Three auctions of interest to us today.

Our friends had listed their house. It was passed in on a Vendor Bid of $630,000 – no bids at all. Quoted Sale Range was $600,000 – $660,000. 4 bedrooms, renovated. 😦 It’s a bit out of the way, and in Brunswick rather than East Brunny, but disappointing for them. And for us, as it was listed with the same agency we are selling through.

Two a lot closer to home:

This one has 3 bedrooms and a VERY small living room and rear courtyard, but has been renovated nicely. Five years ago, we were annoyed when it was sold for $240,000 before auction – we had registered interest with the agent, but they never came back to us. Since then, it has been renovated and extended – but it was still a surprise when it went for $670,000 after some spirited bidding between two parties. As I remember it, they were quoting $590,000 to $645,000. Great result.

This one also has 3 bedrooms and a VERY small living room and scruffy rear yard, but has not been renovated. The bedrooms are of different sizes – the front two are OK, but the next is really quite small. There’s a central living room and then a kitchen and bathroom/laundry along the back wall. We think Fraser’s house is nicer, although it only has 2 bedrooms. This house is currently tenanted, and had a quoted sale range of $530,000 to $580,000. The auction was opened with a vendor bid of $530,000 and one bidder bid $535,000. Just as the auctioneer called it, someone else bid $536,000 – but I don’t think it can have been in time, because the agent spoke to the guy who made the bid and then the guy left. The property was passed in, but they took the bidder inside to negotiate.

We are nervous, but reasonably optimistic still. We especially hope that the last house sells, so that there aren’t two houses for sale in the same street.

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4 Comments

Posted by on February 23, 2008 in realestate

 

4 responses to “Auction Round-up

  1. jon

    February 24, 2008 at 9:11 pm

    What does Vendor bid mean?

     
  2. melissainau

    February 24, 2008 at 9:25 pm

    A Vendor bid is a bid that the owner of a house makes, usually to get the auction started.

    In the Bad Old Days, vendors could set up stooges to keep the bidding going at an auction. When my parents sold their house, for example, a friend of ours came along as a “Dummy bidder” to get the auction started. Agents tended to take bids from cars, light poles, etc, just to push the auction along and sometimes to encourage someone to increase their bid.

    Following changes in Real Estate law, unacknowledged vendor bids are illegal. If there is any question as to where a bid came from, auction attendees are entitled to ask who made the bid (or, at least, what direction the bid came from).

     
  3. Fraser

    February 26, 2008 at 8:46 am

    House #3 sold after presumably lengthy discussions for $575,000.

    Oh and auction attendees are entitled to *know* who made the bid.

     
  4. melissainau

    February 26, 2008 at 9:35 am

    That’s not what the auctioneer said, Fraser – he said they are entitled to know which direction the bid came from.

     

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