Property auction

Discussion in 'Property investment and tenants' rights' started by Grod19, 8 Apr 2019.

  1. Grod19

    Grod19 New Member

    Posts:
    2
    Hi There,

    We recently bid online on a property and need some advice.

    We were bidding manually against an autautomatic bidder who had a maximum bid of £161K set.

    The automatic bidder bid £160K so we put in a manual bid of £161K, the automatic bid immediately matched our bid and the auction finished. The auction finished with a result of the same time, to the second, and the same amount for both ourselves and the other bidder. The auction would not allow us to go any higher before it closed.

    In my opinion, we should of won, as an automatic bid needs triggered by another bid so we put £161K first, the auction however is saying that it is the other party who won.

    Does anyone have any legal advice on this please.

    Thanks so much :)
     
  2. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    37,014
    I would give it to the autobidder.

    They clearly put in a max bid of €180k or thereabouts so every bid below that would be instantly matched.

    It's a bit odd that if your €161k bid was noted, that they autobid did not go toe €162k

    It's not a great idea to bid manually against an autobid.

    Brendan
     
  3. Grod19

    Grod19 New Member

    Posts:
    2
    Hi Brendan,

    The auctioneer has advised us that there maximum was £161K.

    We tried to bid higher but the system would not let us and did not give us the 60 seconds to try and bid higher which is frustrating.

    Its very hard to know who should of won, but i think it's also very unfair.

    Lesson learnt, always use autobid!

    Grace.
     
  4. elacsaplau

    elacsaplau Frequent Poster

    Posts:
    526
    God bless your clairvoyance, Brendan

    Any chance you could PM me the lotto numbers?