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Re: Bank Sealed bid auction rip off!
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Posted by morty on February 06, 2002 at 10:25:14 from (205.210.222.129):
In Reply to: Bank Sealed bid auction rip off! posted by Mark on February 05, 2002 at 21:26:48:
Usually these auctions have a pile of conditions allowing the vendor to withdraw for any number reasons- usually if something unexpected comes up such as the year being misrepresented here or another lien on the item appearing. I have worked a few of these and as to insiders being able to up the bid I have never seen this as they have to have an arms length relationship at least, they are always opened under joint custody and the envelopes and information saved for god knows how long. I would suggest you read the advertisement or the bid agreement and it should have a pile of small print. BTW I have seen these for the most part get too high a price for items as people bid their maximum.
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