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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Restraint of bidding Posted by Rodney Dowdle on June 01, 2002 at 3:04 PM In Reply to: Restraint of bidding posted by Ward-CA- on May 09, 2002 at 7:13 AM Ward, This is call collusion and it is strictly illegal. In Virginia and Maryland some Trustees have you sign a document after you won the auction stating that you didn't do that with any other bidders. In Virginia there was a "sting" a few years ago that resulted in 5-7 people being thrown in jail for 1-2 years because of exactly that! Rodney : : Ward; : : Went to my first trustee sale today. I wasn't successful but noticed something odd. It seems that many of the bidders knew each other, were making deals among themselves, eg, I'll pay you $1,500 if you don't bid on property A, you pay me $1,500 not to bid on property B. How common is this? : : Royce : =•=•=•=•=•=•=•=•=•=•= : According to a Wall Street Journal article I have, it seems to happen at almost every regular, periodic auction across the US, regardless of whether it's art, cars, custom house seizures or foreclosures. It is specifically illegal at CA trustee sales (see Ca Civil Code Section 2924h(g). Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Ward, : This is call collusion and it is strictly illegal. In Virginia : and Maryland some Trustees have you sign a document after you : won the auction stating that you didn't do that with any other : bidders. In Virginia there was a "sting" a few years ago that : resulted in 5-7 people being thrown in jail for 1-2 years because : of exactly that! : Rodney : : : : Ward; : : : Went to my first trustee sale today. I wasn't successful but noticed something odd. It seems that many of the bidders knew each other, were making deals among themselves, eg, I'll pay you $1,500 if you don't bid on property A, you pay me $1,500 not to bid on property B. How common is this? : : : Royce : : =•=•=•=•=•=•=•=•=•=•= : : According to a Wall Street Journal article I have, it seems to happen at almost every regular, periodic auction across the US, regardless of whether it's art, cars, custom house seizures or foreclosures. It is specifically illegal at CA trustee sales (see Ca Civil Code Section 2924h(g). Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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