One of my pet peeves is this concept of Real Estate Agents putting in a “vendor bid” during an auction.
What is a “Vendor bid” ? From my understanding, it is right up there with other fairy tales where the agent invents a bid, on behalf of the seller to stimulate interest in an auction and drive the price up.
It’s a crock but I love the way agents flog it as a legitimate auction tool.
It was interesting to see Luton stuff it up on the weekend when he couldn’t get an opening bid on a Yarralumla property.
So he invented a “Vendor bid” at the same time as a prospective buyer was about to bid.
Luton didn’t retract his fake bid and the auction fell in a heap.
Well done team !