Posted by Ralph Bauer on April 01, 2012 at 08:13:07 from (75.104.123.7):
Just a true story to share: went to a farm auction last fall here in SW OK. As it turned out new start up auctioneer, it was a young man's(guessing mid to late 20's) first, though family has been selling Real Estate for many years. NO note in the flyer or paper ads, just a handwritten note taped to the registration trailer window informing registrants of a 10% buyer's premium to "help defray the auction cost" (...and increase his net profit). Asked ladies in it about the note, they "didn't know anything about it" so I asked the auctioneer himself. He said that they taught him that in auctioneers school in Dallas,TX. I told him that I see that practice near DFW, metro markets and nearby, but it does not fly here very well in the country, at least he should put it on the ad flyer under "terms" so folks can decide if they attend or not. His reply was that there's got to be a buyer's premium, and folks around (SW OK) will have to get used to it. "Just bid 10% less and you won't overpay....!" he advised.....Duhhhh!??? Haven't seen another auction of his, but I sure will remember our conversation!!!!
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