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Review 8/25/2010
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I agree with the previous posts have said, but they may not have read the auction agreements. I agree that what REDC is doing is not beneficial to the buyer and appears dishonest. However, they have disclosed what they are doing in the “Terms and Conditions” see “3. Bidding and Buying”. This is my understanding of what REDC is doing:
1. REDC calls it an auction but there is no obligation for the Seller to sell, not even when the Reserve is reached. (not my idea of an auction)
2. They advertise a low “Starting Bid” to solicit Buyers. "Advertising"
3. They establish a “Reserve Price” and the right to bid-up the price until it is reached. With out this statement it could be interpreted as Shill Bidding. With the disclosure it is not. (The Reserve Price is most likely the seller’s asking price.)
4. When the high bid is reached REDC takes that Bid to the Seller as an Offer.
5. If the Bid (Offer) is accepted the sale is finalized.
What looks like an auction, sounds like an auction, calls it’s self an auction, but is not an auction? An REDC Sellers Agent
Personally, I’d rather make a low-ball offer threw an agent or on my own.
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