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Is this legal/ethical?

Currently, there is a property for sale on the Goldcoast via an online anonymous bidding platform with the agency. All you need to do is scan the QR code at the open home to enter.

From here the Agent explained that you can only see the highest current bid price if you’re the highest bidder. If this is not you it states bidder ‘x’ is leading but does not display a price. Below you can see a log of who and how many times bidder ‘x’ or ‘y’ has bid but no price is displayed.

Furthermore, when the timer ends even if you’re the top bidder you aren’t guaranteed the property (unlike a normal auction). The seller can still choose an alternative bid depending on the conditions (finance, settlement & building and pest etc.).

The biggest concern here is how are these ‘bidders’ distinguished as being authentic. If the highest bidder at the end is not then legally obliged to take ownership and pay deposit for the property what stops the seller’s friends, family or even the agency placing false bids to prop up the price?

submitted by /u/ThaSlipperyGypsy
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1andx9q/is_this_legalethical/
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