The Dummy Bid Lives!
by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria
Lawyers Real Estate As mentioned in our previous posting, the dummy bid never went away, it simply mutated into more insidious forms.
According to "Secret Agent" (The Sunday Age, 4 June, 06, Domain p.2):
"A Government watchdog, the Estate Agents Council, is investigating the secret ‘emerging practice’ of dummy bidding at boardroom auctions.
'(Protection from dummy bidders) is not available at an auction which is not publicly advertised and where bidding takes place out of the public domain', the council says.
The watchdog is keen to hear from parties involved in boardroom auctions, sealed-bid sales and private sales."
It seems that the watchdog is unsure as to how to put the dummy back into its suitcase.
We have analysed the forces and influences that bring the dummy to life, and have made submissions to the Estate Agents Council on how to deal with them.
Read our "Submission To The Estate Agents Council Regarding The Conduct Of Private Auctions"