Re: Reserve price farm auctions

Posted by Davis In SC on June 17, 2005 at 19:28:14 from (205.188.117.66):

In Reply to: Reserve price farm auctions posted by Ray on June 17, 2005 at 12:24:52:

I have no problem , if they announce the item has a reserve.... I can understand that a seller cannot afford to lose his shirt... Seems the real estate auctions are the worst here... It sells to a phone bidder, but transaction is never completed.. Even worse is if you buy a parcel , then they try to group several together, for a higher bid. they can take it from you, but if they cannot get a higher bid, you are still obligated...Long story made short, A piece of commercial real estate was up for auction. My business partner held a lien against it. It was sold at the auction to a phone bidder... But it was never closed on.... The auction was advertised as being absolute, but no closing took place, same crook still owns it....

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