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Comment on Auction Terms and Conditions: Authority, Fairness, and Legal Implications by sterrel
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<p>Mike,</p>
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<p>this is a little long but important, so bare with me...</p>
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<p>A question about the "equal footing" comment with regard to bidders in a real estate auction. Was it not part of the courts findings in the Alex Lyon & Sons case, that their Terms & Conditions did not provide for or spell out the potential for additional registration requirements pertaining to bidders that may be either unknown by the seller or auctioneer, or that may be deemed a higher potential risk to purchase and complete the transaction. I believe we discussed this case in the past where their Terms & Conditions simply stated these are the set standards for registration, with no latitude for altering them on a case by case basis.</p>
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<p>The issue i see with standardizing a one-size fits all registration requirement in the T&C, can be explained in the following scenario:</p>
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<p><strong>Typical Scenario: </strong>The auction sale type is a 160 acre cropland farm expected to bring ($800,000+/-), and the typical registration requirements are: 1. Photo ID, 2. Signing the T&C, and 3. Acceptance of the Offering Packet, which then results in being issues a bidders number. The expected cliental for this type of auction is normally area farmers that will fold this cropland into their existing operations, and maybe a few investors that purchase the cropland and rent it out. THEN, during registration you have a local person that is known in the community for not being very stable financially and is a repeat offender for not honoring their obligations. </p>
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<p>Not providing a heightened set of registration qualifications for this known individual is just not practical, and is incurring a lot of risk for a seller who just spent $$ thousands on auction marketing for their event. Some might argue that you just need to set more stringent registration requirements for "everyone". <strong>Problem:</strong> we know from our 30 years in the land auction industry, that by getting too aggressive with registration requirements and asking local farmers and investors to present financial statements, proof of funds, etc.., has "proven" to deter some bidders from engagement. This can clearly diminish bidding activity from less bidders and ultimately sales value for the Seller. </p>
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<p><strong>Summary: </strong>We have been including registration requirement language that offers latitude for bidders that are unknown to the Seller or the Auction Company, which we would hope will stand up if ever brought into court. something to the effect of "Seller reserves the right to require additional registration requirements for any individuals that are unknown to Seller or the Auction Company". </p>
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<p>Thoughts?? </p>
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1.1.2025 17:20Comment on Auction Terms and Conditions: Authority, Fairness, and Legal Implications by sterrel
https://mikebrandlyauctioneer.wo...Comment on Advantages & disadvantages of online auctions by Floyd Brent Reid
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<p>Incredible Year End Message!!</p>
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<p>We live in Victoria, Vancouver Island Canada 
!</p>
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<p>The Real Estate Auction potential in this part of the Planet is extraordinary.</p>
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<p>Your messages are focused exactly towards our challenges. </p>
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<p>THANK YOU!!</p>
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26.12.2024 20:39Comment on Advantages & disadvantages of online auctions by Floyd Brent Reid
https://mikebrandlyauctioneer.wo...Comment on The Art of Successful Benefit Auctions by Kathleen Guzman
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<p>However in nyc since Covid, it is almost unheard of to have a live auction with items. in my 40years as a benefit auctioneer I endorse almost all of these concepts. An auctioneer cannot just stand up on the podium five minutes before without being an intergal part of the planning of the event with the organization. But the trend is in a fund a cause, or sometimes called a reverse auction, where I take bids from high to low from the room for a common cause. Hopefully the goal is something the organization needs but cannot afford; stage lighting for a non profit theatre, a Steinway piano for a school who can only rent one, etc. it’s about creating community spirit and 100 % participation from the room. Everyone goes home singing when the auctioneer is skilled and they can drum up the palpable excitement. I have learned we all have to move with the times and create a new model.</p>
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24.12.2024 12:07Comment on The Art of Successful Benefit Auctions by Kathleen Guzman
https://mikebrandlyauctioneer.wo...Comment on State creates law, but won’t interpret? by sterrel
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<p>Well said Mike, </p>
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<p>It makes no sense for a state licensing board to not have a full understanding of rules and regulations they oversee. At the end of the day, if an auctioneer board is unclear when asked about a situation in advance, they should be disarmed for governance after the fact.</p>
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<p>we need more guidance in situations like the ones you mentioned. </p>
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9.12.2024 15:54Comment on State creates law, but won’t interpret? by sterrel
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