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AUCTIONEER IS ALLOWED TO BID UP THE PRICE WITHOUT INTENTIONS OF BUYING? ISN'T THIS FRUAD?

Scottsdale, AZ |

AUCTION.COM has terms and condition that states that they reserve the right to BID on a Residential Real Estate aution in order to get the highest and best price. Is this not Illegal?? AZ Real Estate Law is a Seller permitted to bring a fake buyer allowed to offer with NO intentions to purchase?

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Attorney answers 1

Posted

I looked up their "Terms of Use" and I did not see the language you are referencing. Is it somewhere else? If they were making fake bids to artificially inflate the price, I could see where that would be problematic. There are a lot more facts necessary to get through all of the issues in this though, like have they actually made a bid with no intent to purchase, and how can you prove they have no intent to purchase?

Asker

Posted

Yes, it's in their agreement/ terms contract they want Seller and myself to sign (as her agent.) There is a lot of unstable-concerning parts to this, it's a GIANT liability all the way around. They say its a requirement, but won't send anything stating its required for short sale consideration.

Matthew M Ellingson

Matthew M Ellingson

Posted

If your concerns are that great, I would simply not do business with this company. There are many other ways to buy/sell property outside of an online auction.

Asker

Posted

I wish the answer was that simple. Bank auction co is telling the Sellers they will deny the short sale if she doesn't agree to Auction.com.