I was telling a friend of mine about an upcoming auction for a mansion. Not only was the house being auctioned, but also all the furniture and paintings inside.
I thought, what a great way to buy furniture! Pennies on the dollar (I can see the ads now!).
And his response was...
No way man. Those are scams. I used to live in XYZ and I saw this one company moving the same/similar furniture from house to house every month. Claiming it was an auction to sell the contents of a bankrupt owner.
In reality it was furniture from a nearby "always going out of business" store. They try to sell regular antiques and furniture and try and pass it off as the seller being in bankruptcy. He even saw a tag under one of the tables that said where it came from.
Also he went to one of the "auctions" and it seemed like there were a couple "buyers" that were bidding too frequently. Now maybe they were dealers that would buy anything at a low price, or maybe they were part of the auction house trying to bid things up artificially. Now this is HIGHLY illegal, so I am not saying they did this, just saying to watch out.
If they are able to legally pull off an "auction" this way to unload a warehouse of leftover furniture, my hats off to them. But it isn't right if they mislead buyers into thinking it came from the actual house or actual bankrupt owner.
Let me know if you have bought furniture at a house for sale auction.
Thanks
Frank Borges LLOSA
Broker FranklyRealty.com
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