Auction seller won’t agree to the sale

Mike Brandly, Auctioneer Blog

This does happen also, but not nearly as often as a buyer not performing. What we have in this case is a seller who, after the auctioneer says, “Sold!” doesn’t want to allow transfer of title — doesn’t want to agree to the sale.

Let’s discuss, first, when a seller can withdraw an item from an auction without recourse. In the two types of auctions per the UCC 2-328:

  • With reserve: The seller may withdraw the item from the auction anytime up until the announcement of “Sold!”
  • Without reserve: The seller may withdraw the item prior to the opening solicitation for bids, or may withdraw the item if after that solicitation, no bid is received within a “reasonable time.”

What we now want to discuss here in more detail is what happens when a seller wants to cancel or otherwise won’t agree to the sale by auction, outside of…

View original post 623 more words

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