Fake Bids in an auction situation

A legend to decode this article from Ireland about real estate & fake bids :

Auctioneer = Broker

Estate Agent = Salesperson

Gazumping = being pipped at the post in an auction

Gazundering = welching on an agreed upon purchase price

My favorite line in this article “…. when the market is powering ahead, why would auctioneers want to make fake bids”  …. in a down market it exists more often … Smith Hanten’s brokers’ memories are SO BAD that we cannot recall what we said yesterday which is not good in our business  … so our solution 36 years ago was very simple … we tell the truth every day 😀

http://bit.ly/2hPJoy8

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