Australian Politics Forum - Look at these Real Estate prices ...

John Smith Gold Member Offline Australian Politics Posts: 78311 Gender:	Re: Look at these Real Estate prices ... Reply #30 - Aug 4^th, 2015 at 6:35pm Lisa Jones wrote on Aug 4^th, 2015 at 6:30pm: Real Estate 101 Roll Eyes can't blame Herb for not knowing that .... most members of the public think agents know what the reserve is
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Lisa Jones

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Re: Look at these Real Estate prices ...
Reply #31 - Aug 4^th, 2015 at 6:46pm

John Smith wrote on Aug 4^th, 2015 at 6:35pm:

Lisa Jones wrote on Aug 4^th, 2015 at 6:30pm:

Real Estate 101 Roll Eyes

can't blame Herb for not knowing that .... most members of the public think agents know what the reserve is

Oh sigh.

Here we go again.

John, the selling agent DOES KNOW the reserve price. In fact the reserve price has to be in writing.

The selling agent needs to communicate the reserve price to the Auctioneer who will use it to guide the auction.

Once the reserve price has been reached, the Auctioneer will know that the house is being sold that day.

Thus the Auctioneer will then make the announcement to all bidders THIS PROPERTY IS ON THE MARKET. That announcement lets every bidder know that the auction is close to the end. As such, they need to get their final bids in.

Roll Eyes

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Lisa Jones Gold Member Offline Australian Politics Posts: 39047 Sydney Gender:	Re: Look at these Real Estate prices ... Reply #32 - Aug 4^th, 2015 at 6:53pm I attended my 1st auction at age 18. I bought my 1st property a yr later....at auction. I've attended heaps of auctions since then. I recently sold one of my properties....at auction. They're nerve wracking...but I love the adrenalin rush Anyway....
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John Smith

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Re: Look at these Real Estate prices ...
Reply #33 - Aug 4^th, 2015 at 7:07pm

Lisa Jones wrote on Aug 4^th, 2015 at 6:46pm:

John Smith wrote on Aug 4^th, 2015 at 6:35pm:

Lisa Jones wrote on Aug 4^th, 2015 at 6:30pm:

Real Estate 101 Roll Eyes

can't blame Herb for not knowing that .... most members of the public think agents know what the reserve is

Oh sigh.

Here we go again.

John, the selling agent DOES KNOW the reserve price. In fact the reserve price has to be in writing.

The selling agent needs to communicate the reserve price to the Auctioneer who will use it to guide the auction.

Once the reserve price has been reached, the Auctioneer will know that the house is being sold that day.

Thus the Auctioneer will then make the announcement to all bidders THIS PROPERTY IS ON THE MARKET. That announcement lets every bidder know that the auction is close to the end. As such, they need to get their final bids in.

Roll Eyes

Must work differently in NSW Lisa because in Qld, only the auctioneer knows the reserve.

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Lisa Jones

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Re: Look at these Real Estate prices ...
Reply #34 - Aug 4^th, 2015 at 7:11pm

John Smith wrote on Aug 4^th, 2015 at 7:07pm:

Lisa Jones wrote on Aug 4^th, 2015 at 6:46pm:

John Smith wrote on Aug 4^th, 2015 at 6:35pm:

Lisa Jones wrote on Aug 4^th, 2015 at 6:30pm:

Real Estate 101 Roll Eyes

can't blame Herb for not knowing that .... most members of the public think agents know what the reserve is

Oh sigh.

Here we go again.

John, the selling agent DOES KNOW the reserve price. In fact the reserve price has to be in writing.

The selling agent needs to communicate the reserve price to the Auctioneer who will use it to guide the auction.

Once the reserve price has been reached, the Auctioneer will know that the house is being sold that day.

Thus the Auctioneer will then make the announcement to all bidders THIS PROPERTY IS ON THE MARKET. That announcement lets every bidder know that the auction is close to the end. As such, they need to get their final bids in.

Roll Eyes

Must work differently in NSW Lisa because in Qld, only the auctioneer knows the reserve.

Ummmm...maybe.

In NSW they work together.

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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John Smith Gold Member Offline Australian Politics Posts: 78311 Gender:	Re: Look at these Real Estate prices ... Reply #35 - Aug 4^th, 2015 at 7:12pm Lisa Jones wrote on Aug 4^th, 2015 at 7:11pm: In NSW they work together. Officially, the Auctioneer is not allowed to tell the agent the reserve ... unofficially, a decent agent knows beforehand what the client expects to get.
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Aussie

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Re: Look at these Real Estate prices ...
Reply #36 - Aug 4^th, 2015 at 7:14pm

John Smith wrote on Aug 4^th, 2015 at 7:07pm:

Lisa Jones wrote on Aug 4^th, 2015 at 6:46pm:

John Smith wrote on Aug 4^th, 2015 at 6:35pm:

Lisa Jones wrote on Aug 4^th, 2015 at 6:30pm:

Real Estate 101 Roll Eyes

can't blame Herb for not knowing that .... most members of the public think agents know what the reserve is

Oh sigh.

Here we go again.

John, the selling agent DOES KNOW the reserve price. In fact the reserve price has to be in writing.

The selling agent needs to communicate the reserve price to the Auctioneer who will use it to guide the auction.

Once the reserve price has been reached, the Auctioneer will know that the house is being sold that day.

Thus the Auctioneer will then make the announcement to all bidders THIS PROPERTY IS ON THE MARKET. That announcement lets every bidder know that the auction is close to the end. As such, they need to get their final bids in.

Roll Eyes

Must work differently in NSW Lisa because in Qld, only the auctioneer knows the reserve.

In both States, the requirement is that the agent must be informed (by the vendor) of the reserve in writing before the auction.

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John Smith

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Re: Look at these Real Estate prices ...
Reply #37 - Aug 4^th, 2015 at 7:15pm

Aussie wrote on Aug 4^th, 2015 at 7:14pm:

John Smith wrote on Aug 4^th, 2015 at 7:07pm:

Lisa Jones wrote on Aug 4^th, 2015 at 6:46pm:

John Smith wrote on Aug 4^th, 2015 at 6:35pm:

Lisa Jones wrote on Aug 4^th, 2015 at 6:30pm:

Real Estate 101 Roll Eyes

can't blame Herb for not knowing that .... most members of the public think agents know what the reserve is

Oh sigh.

Here we go again.

John, the selling agent DOES KNOW the reserve price. In fact the reserve price has to be in writing.

The selling agent needs to communicate the reserve price to the Auctioneer who will use it to guide the auction.

Once the reserve price has been reached, the Auctioneer will know that the house is being sold that day.

Thus the Auctioneer will then make the announcement to all bidders THIS PROPERTY IS ON THE MARKET. That announcement lets every bidder know that the auction is close to the end. As such, they need to get their final bids in.

Roll Eyes

Must work differently in NSW Lisa because in Qld, only the auctioneer knows the reserve.

In both States, the requirement is that the agent must be informed (by the vendor) of the reserve in writing before the auction.

rubbish

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I hope that bitch who was running their brothels for them gets raped with a cactus.

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Aussie

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Re: Look at these Real Estate prices ...
Reply #38 - Aug 4^th, 2015 at 7:20pm

John Smith wrote on Aug 4^th, 2015 at 7:15pm:

Aussie wrote on Aug 4^th, 2015 at 7:14pm:

John Smith wrote on Aug 4^th, 2015 at 7:07pm:

Lisa Jones wrote on Aug 4^th, 2015 at 6:46pm:

John Smith wrote on Aug 4^th, 2015 at 6:35pm:

Lisa Jones wrote on Aug 4^th, 2015 at 6:30pm:

Real Estate 101 Roll Eyes

can't blame Herb for not knowing that .... most members of the public think agents know what the reserve is

Oh sigh.

Here we go again.

John, the selling agent DOES KNOW the reserve price. In fact the reserve price has to be in writing.

The selling agent needs to communicate the reserve price to the Auctioneer who will use it to guide the auction.

Once the reserve price has been reached, the Auctioneer will know that the house is being sold that day.

Thus the Auctioneer will then make the announcement to all bidders THIS PROPERTY IS ON THE MARKET. That announcement lets every bidder know that the auction is close to the end. As such, they need to get their final bids in.

Roll Eyes

Must work differently in NSW Lisa because in Qld, only the auctioneer knows the reserve.

In both States, the requirement is that the agent must be informed (by the vendor) of the reserve in writing before the auction.

rubbish

Okay, produce the section of the Act.

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Aussie

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Re: Look at these Real Estate prices ...
Reply #39 - Aug 4^th, 2015 at 7:44pm

Here it is Mr Smith.

Quote:

214    Auctioneer not to disclose reserve or other price
(1) This section applies if resident
ial property is to be, may be or
is being, offered for sale by auction (offered property).

(2) The auctioneer must not disclose to a person other than a person acting for the seller in relation to the sale—
(a)    the reserve price set for the offered property; or
(b)    an amount the auctioneer considers is a price likely to result in a successful or acceptable bid for the offered
property; or
(c)    a price guide for the offered property.
Maximum penalty—540 penalty units

See the highlighted words?

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John Smith

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Re: Look at these Real Estate prices ...
Reply #40 - Aug 4^th, 2015 at 7:50pm

Aussie wrote on Aug 4^th, 2015 at 7:44pm:

Here it is Mr Smith.

Quote:

214    Auctioneer not to disclose reserve or other price
(1) This section applies if resident
ial property is to be, may be or
is being, offered for sale by auction (offered property).

(2) The auctioneer must not disclose to a person other than a person acting for the seller in relation to the sale—
(a)    the reserve price set for the offered property; or
(b)    an amount the auctioneer considers is a price likely to result in a successful or acceptable bid for the offered
property; or
(c)    a price guide for the offered property.
Maximum penalty—540 penalty units

See the highlighted words?

have you got a link to that 'act' Aussie?

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Lord Herbert Gold Member Offline Posts: 34441 Gender:	Re: Look at these Real Estate prices ... Reply #41 - Aug 4^th, 2015 at 7:51pm Lisa Jones wrote on Aug 4^th, 2015 at 6:30pm: Real Estate 101 I've only got to page 100 so far.
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Aussie

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Re: Look at these Real Estate prices ...
Reply #42 - Aug 4^th, 2015 at 7:53pm

John Smith wrote on Aug 4^th, 2015 at 7:50pm:

Aussie wrote on Aug 4^th, 2015 at 7:44pm:

Here it is Mr Smith.

Quote:

214    Auctioneer not to disclose reserve or other price
(1) This section applies if resident
ial property is to be, may be or
is being, offered for sale by auction (offered property).

(2) The auctioneer must not disclose to a person other than a person acting for the seller in relation to the sale—
(a)    the reserve price set for the offered property; or
(b)    an amount the auctioneer considers is a price likely to result in a successful or acceptable bid for the offered
property; or
(c)    a price guide for the offered property.
Maximum penalty—540 penalty units

See the highlighted words?

have you got a link to that 'act' Aussie?

Link.

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John Smith

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Re: Look at these Real Estate prices ...
Reply #43 - Aug 4^th, 2015 at 8:01pm

Aussie wrote on Aug 4^th, 2015 at 7:53pm:

John Smith wrote on Aug 4^th, 2015 at 7:50pm:

Aussie wrote on Aug 4^th, 2015 at 7:44pm:

Here it is Mr Smith.

Quote:

214    Auctioneer not to disclose reserve or other price
(1) This section applies if resident
ial property is to be, may be or
is being, offered for sale by auction (offered property).

(2) The auctioneer must not disclose to a person other than a person acting for the seller in relation to the sale—
(a)    the reserve price set for the offered property; or
(b)    an amount the auctioneer considers is a price likely to result in a successful or acceptable bid for the offered
property; or
(c)    a price guide for the offered property.
Maximum penalty—540 penalty units

See the highlighted words?

have you got a link to that 'act' Aussie?

Link.

changed slightly since the PAMDA Act, but the end result is the same ... the agent is still not allowed to tell bidders the reserve

216 Real estate agent not to disclose reserve or other price
(1) This section applies if residential property is to be, may be or
is being, offered for sale, whether or not by auction (offered
property).
(2) If the offered property is to be, may be or is being offered for
sale by auction, the real estate agent must not disclose to a
person other than a person acting for the seller in relation to
the sale—
(a) the reserve price set for the offered property; or
(b) an amount the real estate agent considers is a price
likely to result in a successful or acceptable bid for the
offered property; or
(c) a price guide for the offered property.
Maximum penalty—540 penalty units.

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Aussie

Gold Member

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OzPolitic

Posts: 39683
Gender: male

Re: Look at these Real Estate prices ...
Reply #44 - Aug 4^th, 2015 at 8:04pm

John Smith wrote on Aug 4^th, 2015 at 8:01pm:

Aussie wrote on Aug 4^th, 2015 at 7:53pm:

John Smith wrote on Aug 4^th, 2015 at 7:50pm:

Aussie wrote on Aug 4^th, 2015 at 7:44pm:

Here it is Mr Smith.

Quote:

214    Auctioneer not to disclose reserve or other price
(1) This section applies if resident
ial property is to be, may be or
is being, offered for sale by auction (offered property).

(2) The auctioneer must not disclose to a person other than a person acting for the seller in relation to the sale—
(a)    the reserve price set for the offered property; or
(b)    an amount the auctioneer considers is a price likely to result in a successful or acceptable bid for the offered
property; or
(c)    a price guide for the offered property.
Maximum penalty—540 penalty units

See the highlighted words?

have you got a link to that 'act' Aussie?

Link.

changed slightly since the PAMDA Act, but the end result is the same ... the agent is still not allowed to tell bidders the reserve

216 Real estate agent not to disclose reserve or other price
(1) This section applies if residential property is to be, may be or
is being, offered for sale, whether or not by auction (offered
property).
(2) If the offered property is to be, may be or is being offered for
sale by auction, the real estate agent must not disclose to a
person other than a person acting for the seller in relation to
the sale—
(a) the reserve price set for the offered property; or
(b) an amount the real estate agent considers is a price
likely to result in a successful or acceptable bid for the
offered property; or
(c) a price guide for the offered property.
Maximum penalty—540 penalty units.

Come on Mr Smith. Your point was..........

Quote:

Must work differently in NSW Lisa because

in Qld, only the auctioneer knows the reserve.

How about a simple......"Sorry Aussie, I ferked up?"

Too hard?

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