Barfoot & Thompson v CAC 20003 [2014] NZREADT 48 [pdf, 51 KB]
...submitted by the licensee. On the same day, a brief valuation was provided at $720,000. However, a full valuation was not available until a later date. The pre-auction offer was not beaten at the auction. The complainant (another potential purchaser) claimed that the licensee had advised him that no pre-auction offer less than $850,000 would be sufficient to stop the auction. [24] We found that when this type of situation arises, a careful agency should ensure that steps are taken t...