Progress update:
****THE WINNING BIDDER 1 KRONER, IS A COMPLETE TIMEWASTER****
The following conversation happened after the auction finished.
Hi bitcoin_bob,
I won the auction of your property.
Is it okay if we wait until july/august when I´m going to Germany so I could see the property and make the transaction smoother?
Could we keep contact at mail instead of bitcointalk?
My mail is:
[email protected]Looking forward hearing from you.
Best regards,
Adam Henriksson
To which I replied;
Hi Adam,
I spoke with Paula, the girl whose house this is, and the whole purpose of her selling the house was to cash it out. Being that the nature of Bitcoin is very volatile, she said to me there is no way she would consider holding out a few months becuase theoretically Bitcoin could be worth $1 each by then or maybe $1000 but its just simpler for her to take the underbidder @ 21.5 btc who is offering to pay right now for the property.
You did say;
If you need the payment fast and cant wait until July-August then you could remove my bid.
So I am afraid that under the conditions that you have stated your bid would not be acceptable for this auction, and I consider it voided.
However, I will be auctioning other properties in the future so if you are interested then, I may be able to find the right investment for you.
Many thanks
Bob
I then received the following reply;
The transfer could be made in Euro also. With the exchange rate now 22 BTC would be 1812 Euro and we would stick with that until Jul/Aug.
I dont even have 22 BTC right now I thought I would have to make a exchange of some USD/EUR/SEK to BTCs.
I hope you understand that it would feel better if I saw the property before I bought it.
Cheers!
The transfer could be made in Euro also. With the exchange rate now 22 BTC would be 1812 Euro and we would stick with that until Jul/Aug.
I dont even have 22 BTC right now I thought I would have to make a exchange of some USD/EUR/SEK to BTCs.
I hope you understand that it would feel better if I saw the property before I bought it.
Cheers!
Currency speculation aside, the other problem is that if you decide for any reason you do not like the property, the auction would need to be restarted and Paula would have lost the potential sale. The whole spirit of an auction is supposed to be that once a bid is put in that is the end, it is sold. It does not really go with the spirit of the auction if you need to view the property first- unless you were willing to pay market price for the property (circa 5500 euros) on viewing if you were pleased. You can't really have it both ways- you get it for stupidly cheap in a 'blind' auction, or you pay retail price with the luxury of seeing the property and extending the deal out further......
Well, okay I suppose I could go through with the deal without seeing the property.
I would like to know a bit more about this transaction is practically being done.
Can we check if JohnK can act as escrower?
Cheers!
John K said he would be fine being an escrow, you will need to pay him fees for that, I think 2% but best to ask him.
You would still in any case need to pay the legal fees in euros.
How the transaction would be done.
1. I send you a purchase & sale contract which you sign this contains your name, date of birth, personal information etc. The seller does it too so you now have a binding agreement.
2. The agreement then is sent to the notary office who draw up a purchase contract and power of attorney documents. This is then sent to you via email- you print it off and take it to your nearest German consul, or because you are in europe, you can get an 'apostile' of a local notary recognised under EU law.
3. The agreement, signed and legalised, is returned to the notary office who do the paperwork and distribute the taxes on your behalf. (you usually pay them a 500 euro deposit, from which they take taxes and transfer fees; they return to you the balance)
4. once the property is ready to be put in your name, the notary informs the buyer and seller that payment is due. The buyer then requests payment from the seller, who once is paid informs the notary to release the deed.
Its actually easier when dealing with fiat, to send in full to the notary at the beginning of the transaction the purchase price plus legal deposit, as they can legally be escrow (at NO charge) and they just automatically send a cheque to the seller when the documents are ready and title the buyer, at no extra charge.
So, if you don't have the BTC ready and just want to do all of this in euros, we can make it happen very swiftly, by you sending the euros to the designated notary on monday and getting the paperwork drafted this week.
Let me know what you think.
I then contacted the notary and lawyer and started to make arrangements all this morning, expecting personal details from Adam.
No reply, until now which is midnight Germany time, with the following off the cuff message;
Hi,
Sorry for the waiting time. I have thought about it, and I just feel that I have a hard time buying it before I look at it.
So your free to ask the second highest bidder.
Good luck and have a nice evening!
I am pissed with him because I very fairly gave him the choice to pull out over the weekend but it was him, not me, that chased the purchase. Based on his word, I already instructed the lawyer to start the purchase and sale contract today.
My costs today:
1 hour of lawyer fees invoiced, for drawing up a purchase and sales contract: 120 euros (about 1.5BTC)
As it stands I am going to note on his trust profile that I have been in my eyes scammed out of 1.5BTC, because the lawyer isn't going to care about a sob story that he changed his mind, I'm still going to get invoiced.....
So now WHOLESALER sits as the winning bidder at 21.5BTC, and he has confirmed he will buy the property.
