Jump to content

Jesse James - $1 reserve


Recommended Posts

Did the owner really die during the auction? If so the auction would be void wouldn't it? Auctions only form a contract at the fall of the hammer, and at that point one of the parties could no longer form a legal contract. Sorry, piqued my rusty legal curiosity.

That was their story

Others said same as Puff

It became was it worth the legal costs to in force

He did offer a little extra to try to make it happen but he was told they had a buyer that would pay X and if he matched that he could have it. Obviously that was a load of crap.

I’d say he’s probably over it by now.

Link to post
Share on other sites

Trademe rules

 

 If a bid is accepted by a seller, a contract of sale will be formed between the buyer and the seller directly

 

For auctions, you must sell to the highest bidder if the reserve price is met. You must only sell to a bidder who is not the highest bidder after reasonable attempts have been made to contact the winning bidder without success.

 

Link to post
Share on other sites

I have a funny feeling, if the sale is now being managed by the owners estate (i.e. family) that a lack of understanding of the current boat market may be a problem.

 

The holding costs for a boat that size aren't insignificant. Not to mention ongoing maintenance (if they do any). Not to mention broker fees, which wont be insignificant. To get a quick sale in this market will require a low price.

 

They had a sale in the bag.

Puff has experience here with Sundreamer don't you? Turned down a low price when first listed, waited a year with ongoing holding costs, then sold it for less? (apologies if I have the wrong example).

 

Shall we start a sweep-stakes of how long Jesse James will be on the market now?

 

PS, history of purchasers being dicked around wont help move it either...

  • Upvote 2
Link to post
Share on other sites

The owner passed away during the auction last time and they weren’t happy with what was offered so they pull it, not sure if that was legal but also not worth the cost of fighting it.

Hope they get offered half as much this time

could the sale of gone ahead ?would there not be a probate period where all assets are put on hold ?

Link to post
Share on other sites

You can't form a legal contract with someone who is deceased though. Unless the trademe terms have something buried in there that provides for the estate to fulfill the contract in the event of death it is void - even in that case it would be legally dubious. It would have to be determined through the will or probate who had title to transfer to the buyer and whether they were bound by the sale. Total minefield. They probably had no choice but to cancel the sale and get the formalities of the estate done and then put it on sale again.

Yes you can. The vendor listed the boat for sale at $1 reserve. The reserve was met within minutes so there was an obligation to sell prior to him dying. That obligation passes onto his estate just like any other commitment that a person has in life and thereafter. Your mortgages don't disappear when you die just because you signed them when you were alive. I've acted as an executor many times and contracts entered into by the deceased have to be honoured.

 

But probably too hard and will cost more in legal fees than the boats worth. In 2 cases I've had recently with families they chewed through a million dollars fighting over a few hundred thousand.

Link to post
Share on other sites

A contract was made once the reserve price was met, with the proviso it could be broken if a higher bid was made within a certain time frame.

 

Any. Bid above reserve should be binding

Link to post
Share on other sites

Keeping it simple. I want the boat for my winning bid. The owners wife won’t honour it as she wants more. I have had a legal opinion to say the winning auction bid is/was valid. I’m reserving my right to exercise my legal options.

I have reported the relisting to trademe.

  • Upvote 3
Link to post
Share on other sites

Totally agree. But the way some of these posts are worded they sound like experts - hence the hazard to anyone taking them seriously.

 

Unless you’re a contract lawyer you shouldn’t be posting legal advice on contracts here.

Link to post
Share on other sites

Straight from the horses mouth written by NZ Consumer \

 

https://www.trademe.co.nz/Partners/Content.aspx?id=11

 

 

"What if I change my mind? 

In placing a bid you are making an offer. If the seller accepts, you are in a legally binding contract, and unless the product is faulty, stolen, or has a security registered against it, you will be obliged to complete the purchase.

Likewise, if you are the seller you can't just change your mind after accepting an offer on an item you had for sale.

As with any contractual situation, go into it with your eyes open. Read the terms and conditions, make sure you understand exactly what you are buying and how, use an escrow service to protect your money, and keep in touch with the person you are trading with."

Link to post
Share on other sites

whose name was/is the trade me account under,if the deceased wouldn't it be tough titties? Or the wife proved the deceased was not of stable mind??

There are all sorts of scenarios as to how to get out of a T/M deal,

What would the legal bill be to pursue such a claim?

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×
×
  • Create New...