Posted by Rob on July 02, 2004 at 22:49:49:
When a new player come into play,or the investors can’t comes to terms, The deal is off, Then there will be a bidding war.
Believe me, it is not easy to beat them, b/c they have the money, and when combined they have even more money. Even if you win, you will mostly be juiced out.
Illegal auction activities - Posted by Sam
Posted by Sam on June 30, 2004 at 20:35:51:
Hi everyone
I attend the foreclosure sales on a regular basis. I see a lot of illegal activities going on.This activty is done by a few of the “regular investors” to the new investors. There is a lot of intimidation and even threats to these newbies. I overheard one investor tell a newbie not to bid " just tell me what property you want and you can by it from me. There is also a lot of colusion going on. Who besides the auctioneer can I report this to. Some one needs to put a stop to this.
Thanks in advance for your responce
Sam
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Re: Illegal auction activities - Posted by Edie Williams
Posted by Edie Williams on November 18, 2004 at 18:31:28:
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What does colusion at an auction look like? - Posted by Kristine-CA
Posted by Kristine-CA on July 02, 2004 at 15:00:07:
Seriously–what colusion is taking place that would prevent anyone from being the highest bidder. Have the investors agreed among themselves not to bid on certain properties, or not to go over on certain properties? And how is that colusion? It would be colusion if the auctioneer were somehow favoring these investors. Is that what you see happening?
What does the intimidation look like? Does it mean the old boys have more money and bigger wallets? Of course, there will be lots of negative remarks about properties that these people want to bid on. But you will always see that when it comes to a bidding situation.
I ask these questions seriously. I would make sure that you are not confusing the experience and expertise of the investors with sour grapes. Kristine
Re: Illegal auction activities - Posted by jasonrei
Posted by jasonrei on July 02, 2004 at 09:08:29:
LOL, are the threats like in Monty Python’s Holy Grail movie, when the French taunt the English? That’s funny.
I’ve bought at auction. People say things like “you know the house has 3 years taxes owed on it, dont you?” or “houses in that neighborhood got 2 feet of water last year”. It’s just posturing. I think it’s funny, not criminal.
If there really ARE nasty threats, you know what you should do. Either kick some arse or call the pigs, your choice.
Re: Illegal auction activities - Posted by anon
Posted by anon on July 02, 2004 at 24:36:58:
In grade school, there are teachers to make sure everyone gets their fair share in activities. When you move beyond grade school, the emphasis moves to what capabilites the individual possesses.
Spend some time, and figure it out.
Re: Illegal auction activities - Posted by Potash
Posted by Potash on July 01, 2004 at 21:57:06:
Samantha,
Colusion is not necessarily illegal. But then the threats you refer to are not really threats are they? If you were actually being threated you would tape record the threats and report the threats to the police. Even if there were illegal collusion I do not see how you could be adversely effected by that (see aaa’s post). Your whine makes no sense.
Report to the County Prosecutor… - Posted by aaa
Posted by aaa on June 30, 2004 at 21:12:55:
Although, I have heard plenty of this same claim being made… and I can honestly tell you that I have never seen such things. I’ve conservatively attended 300+ auctions in numerous states and counties. I do see lots of posturing, but the property always goes to the highest bidder. Who can stop you from bidding.? Who can stop you from being the highest bidder.?
aa
Re: Illegal auction activities - Posted by HUD inspector
Posted by HUD inspector on June 30, 2004 at 20:38:55:
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Re: What does colusion at an auction look like? - Posted by Kathi
Posted by Kathi on July 02, 2004 at 17:12:08:
In many areas some of the players know each other. They may be part of the same REIA. It may not be uncommon for them to talk amongst themselves and agree not to out bid each other so that each geth their preferred property at the cheapest price. To get into a bidding war with your buddies would be silly and a bad buisness strategy.
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Re: Illegal auction activities - Posted by Rob
Posted by Rob on July 02, 2004 at 22:57:26:
Did they hurt you? Were you bidding? Don’t tell me you couldn’t compete, or didn’t have the money? Or are you just angry?
This is an advance level of real estate. Either you’re in, or you’re not.
You can out bid them, but it will cost you!
Re: What does colusion at an auction look like? - Posted by Kristine-CA
Posted by Kristine-CA on July 02, 2004 at 20:03:14:
So, investors agree not to outbid their friends. This doesn’t prevent anyone else from bidding what makes sense to them…does it? Kristine