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Question: Tips for a private auction between beneficiaries of an estate when each knows what they want?
(Posted by: lyong222 on 2009-12-14 15:26:01)
Looking for tips and strategy for a private 2 person auction between beneficiaries of an estate. What we have is personal property to divide. The will says if we can not agree on how to divide there shall be an auction using play money. Each person would bid on each major item and after all items have been won through bidding, the total money spent would be added up. The person who spent the most, say $11, 000 to $10, 000 would owe the estate $1000. They'd get 1/ 2 of that back since they are co reps. The issue is both reps. have a "want " list in mind already and both reps. basically know what each other wants. The two reps. are also the beneficiaries. Since one rep. is not inheriting any of the house (they'll inherit the other parent's house), that rep. started legal action to get dividing done on the personal property. The other rep. has a lawyer too. One is wanting to divide property and the other one is willing, but needs a commitment on getting the deed to the house signed over. This is headed toward proabte court where one lawyer said it is very likely the judge would say "do what the will says " and have the auction. One rep. feels this auction will be each person for themselves and "want list " are out the window. The rep. that is forcing the legal action and who would be the one to force the auction is crying foul already. Saying, if the other person uses cut throat bidding to get things that they know the other one wanted, then it is sad and total dishonesty. PLEASE! A person using strategy in an auction to bid for what they want, with as low as a bid as they can, and also trying to bid up items they do not really want, but they want the other bidder to use up their funds for future items is not dishonesty at all. I'm looking for tips on how to know when to bid higher to get what I want and how to approach bidding items that I do not want but knowing when to stop bidding so as not to get that item. If the other rep. has their way, the auction would be each person just bid $1 for what they wanted on the original want list and the other guy decline to oppose that bid. If that is going to be the way it is, why pay so much money to go to court to push the auction. I've warned the other rep. There will be no favors shown in an auction. It will be a screw your neighbor auction. Auctions are people bidding on the same items they both want. For one bidder to use some strategy to be the winner is not dishonesty at all. Looking for tips and strategies. what's the best category.........? I've been to estate auctions, most are strangers to the personal property. This auction we have is private between the co- beneficiaries. One says "strategic " or "smart " bidding = dishonesty. |
