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re: Is shill bidding illegal in Louisiana?
Posted on 7/16/16 at 9:25 pm to stout
Posted on 7/16/16 at 9:25 pm to stout
quote:
This company always has items that they own mixed into the auction.
That I don't know about. It's definitely shady either way.
Then again it's no different then setting a reserve
0
Posted on 7/16/16 at 9:35 pm to stout
quote:
Him: "Oh, that's mine. I bought it back because I couldn't let it go that cheap"
Me: "You can do that?"
Him: "They didn't say I couldn't"
Why don't they just set the reserve higher?
Posted on 7/16/16 at 9:36 pm to stout
This is actually a serious question, when you say people are buying their items back? They are putting items in the auction then if the item doesn't sell for the price they expect to get, they bid for the item hoping to either drive up the price or buy it back hoping it will sell for more at another auction.
If they are doing it then there is a reason they are doing so, but there is a cost to list the item right? What if in the next auction the items goes for even lower? Is that the risk they are willing to take?
Just for the record I know very little about auctions and how they work in terms of what's legal, but it would seem like there would be a rule/law that wouldn't allow people to buy items they list. Does ebay have any type of policy that covers if people are caught driving up the price on their item through other accounts?
If they are doing it then there is a reason they are doing so, but there is a cost to list the item right? What if in the next auction the items goes for even lower? Is that the risk they are willing to take?
Just for the record I know very little about auctions and how they work in terms of what's legal, but it would seem like there would be a rule/law that wouldn't allow people to buy items they list. Does ebay have any type of policy that covers if people are caught driving up the price on their item through other accounts?
Posted on 7/16/16 at 9:53 pm to stout
Sounds like the people buying their own stuff back are dumb. The auctioneer probably doesn't care because they are making a buyer's premium off of it no matter who the high bidder is.
Posted on 7/16/16 at 10:01 pm to DWaginHTown
quote:
Sounds like the people buying their own stuff back are dumb.
That's what I am thinking. They own the item, I assume they pay a cost to list it. Lets say they expect to get 2000+ for it but the highest bid is $1650, they bid that up to $1700. They go to the next auction and in order to come out ahead from paying for it in the last auction they need someone to bid $1701 plus the cost of listing it in two auctions. If at the next auction, the highest bid is similar to the highest bid from the last auction, they can't buy it back again expecting to make a profit. It seems like a risky move.
Posted on 7/16/16 at 10:07 pm to stout
quote:
Neither of your links help. This isn't about the auctioneers themselves placing plants and that's what both of your links are, idiot.
quote:
B. No person shall act at any auction sale as bidder or what is commonly known as "capper," "booster," or "shill" or place or offer to place any false bids or offer to buy or pretend to buy any property sold or offered for sale by auction.
Why wouldn't this portion of the statute be applicable?
Try Google scholar. Search for the statute or language from the ststute.
Posted on 7/16/16 at 10:08 pm to stout
just an educated guess, but as long as someone is voluntarily putting up an item of theirs for sale at auction, there is nothing illegal about bidding on your own item.
"Caveat emptor" is all I can say.
don't auctions usually get a % of sale price? if so, people buying their own items back because there is no reserve is a pretty dumb idea.
"Caveat emptor" is all I can say.
don't auctions usually get a % of sale price? if so, people buying their own items back because there is no reserve is a pretty dumb idea.
Posted on 7/16/16 at 10:11 pm to TSLG
quote:
B. No person shall act at any auction sale as bidder or what is commonly known as "capper," "booster," or "shill" or place or offer to place any false bids or offer to buy or pretend to buy any property sold or offered for sale by auction.
Why wouldn't this portion of the statute be applicable?
Because that's licensing law specific to auctioneers.
Posted on 7/16/16 at 10:14 pm to stout
Is this the same thing the banks do when a home is sold at a Sheriff's sale?
Posted on 7/16/16 at 10:18 pm to stout
quote:
Because that's licensing law specific to auctioneers.
This is the only case that I could find that contained that statute in a Louisiana Appellate Court. Although it isn't on point, the opinion sure does sound like the illegality of shill bidding applies to a public bidder. However, as I stated, the issue of the appeal did not concern the act of shill bidding.
LINK
Posted on 7/16/16 at 10:19 pm to OweO
quote:
Does ebay have any type of policy that covers if people are caught driving up the price on their item through other accounts?
I believe so, but eBay has reserves.
My dad goes to junk auctions all the time, I'll have to ask him if sees people doing this.
To my knowledge, I've never seen this at an auction I've been to, but then again, I've mainly only been to cattle auctions.
Posted on 7/16/16 at 10:19 pm to Dagoose
quote:
Is this the same thing the banks do when a home is sold at a Sheriff's sale?
Yes that's what I said earlier. Banks do this all the time.
Posted on 7/16/16 at 10:19 pm to Dagoose
Sort of but banks are up front that they have a writ amount to cover and you know you are bidding against banks going in. You have no idea you are bidding against the owners in this auction and it isn't disclosed as a possibility.
Posted on 7/16/16 at 10:22 pm to Dagoose
quote:
Is this the same thing the banks do when a home is sold at a Sheriff's sale?
The banks are legitimately trying to buy the house if the price is right, while not letting another bidder get it too cheaply.
This post was edited on 7/16/16 at 10:25 pm
Posted on 7/16/16 at 10:23 pm to stout
quote:
and you know you are bidding against banks going in. You
Not necessarily.
Posted on 7/16/16 at 10:23 pm to southernelite
quote:
My dad goes to junk auctions all the time
This isn't junk. Some of its heavy equipment getting into 6 figures but I imagine this happens at every auction without a reserve like others have said. Just frustrating and stupid on the sellers part to keep adding cost to an item they already can't get rid of for the price they want.
quote:
I've mainly only been to cattle auctions.
It happens there too though I think some sale barns have rules against it.
Posted on 7/16/16 at 10:24 pm to stout
What is the benefit of someone doing this?
Posted on 7/16/16 at 10:25 pm to TSLG
quote:
The banks are legitimately trying to buy the house if the price is right.
I think he means if a bank owns an asset and they put it up for auction and need to get xxxxxxx amount of dollars but the highest bid is only xxxx about of dollars. The bank will buy back the asset and sit on it until the next auction or try to sell it on the open market.
Posted on 7/16/16 at 10:26 pm to TSLG
quote:
The banks are legitimately trying to buy the house if the price is right.
Banks aren't allowed to profit off of an REO. Anything above the writ amount goes to the former owner. That never happens though because "fees" eat up any profit.
Posted on 7/16/16 at 10:28 pm to stout
It's usually people that really aren't worried about money in the first place.
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