Jimmy and Tam’s house on renovation TV show The Block is once again needing a buyer after the winning bidder at auction failed to settle and some previously interested parties purchased elsewhere.
The revelation of the failed settlement has also prompted calls for the Victorian government to consider introducing rules that would force bidders to register before auction.
The Queensland couple sold their striking 1950s-style home last month for $4.256 million, beating the reserve price by $966,000 and winning the contest.
But A Current Affair reported on Tuesday that the sale had fallen through and claimed the purchaser had produced fraudulent documents to suggest the deposit and final payment had gone through, even though the money has not yet arrived. The purchaser insisted to ACA she had paid the money.
The Block and A Current Affair are both on Channel Nine, which is the majority owner of Domain.
“You feel like you’ve been played,” Tam Wilkins told ACA. “It was like we knew her as a friend and we welcomed her into our family as a friend.”
The couple on Wednesday took to Instagram to express thanks for the support they have received so far and to say they will work with their agent to find a buyer.
The Block’s executive producer, Julian Cress, said he reacted to the news with “dismay”.
“I was gutted, for the show and for Jimmy and Tam in particular,” Mr Cress told Domain.
“While their win still stands, this obviously is not what they were hoping for Christmas.”
Under-bidder Danny Wallis is seen as a potential buyer, although he bought three other Block houses on auction day, spending some $11.8 million.
Mr Cress said he would reach out to the under-bidder to see if he interested in buying, but said since he bought three other houses, it would be “a big ask”.
Otherwise, the home would be put up for sale and he was confident it would find a buyer.
“We still have the house Jimmy and Tam built, it is a great house. It is now for sale,” he said.
He would not comment on the available legal avenues.
Under Victorian law, if a home is resold in this situation for less money, the vendor is entitled to sue the original purchaser for the difference.
Buyer’s advocate Nicole Jacobs had interested parties at last month’s auction but they are no longer in the market, and she is looking for others.
“The buyers we represented on the day of the auction are no longer available to buy property there – they have since purchased,” she said.
“We represent clients at this level, we will be speaking to as many people as possible. We have already been doing that.”
Greville Pabst, another of the buyer’s advocates on the show, also had a keen buyer who has since bought elsewhere.
“I had a legitimate buyer at $3.6 million,” he said. “Unfortunately, I bought something else for them a week or so ago.”
He suggested Mr Wallis may want to buy the home to protect his values, after buying three others in the strip.
“If it went on the market in a normal situation I’m not sure it would sell for anywhere near that much,” the WBP Group executive chairman said. “There simply wasn’t the depth of buyers.”
On the other hand, he said the housing market has been very strong and many listings have been selling.
McGrath St Kilda principal Michael Townsend, who originally marketed the home, is confident it will now sell.
“The property, through the competition, attracted considerable interest,” he said.
“There was a number of buyers that were there in the room and were just blown out by Danny’s opening bid.
“It is a great property, there is a scarcity of properties on the market.”
He is not yet sure when the listing will reappear online or what the guide price will be, but expects it could be in the ballpark of north of $4 million.
In Victoria, buyers also do not have to register to bid before a public auction, as they do in NSW.
“Maybe the rules around public auctions need to be tightened up,” Mr Cress said.
“It is not something we can just impose on our auctions, we have to follow the law.”
Ms Jacobs is a strong supporter of introducing rules that would make potential buyers register to bid.
For example, a buyer could have to submit a form signed by their bank or mortgage broker saying they have the ability to purchase the property, even on the day of the auction.
“We need to have something that is giving confidence to the seller, the buyer’s advocate, the buyer, that everyone is qualified to be there,” she said.
“Yes, someone like this could forge a document, but this will decrease the chance.”
Real Estate Institute of Victoria president Leah Calnan has not heard of similar problems at auction for a long time but said buyer registration should be considered.
“As other states across Australia have a registered buyer process for auction, it is something that Victoria should consider in 2021,” Ms Calnan told Domain.
Part of the review should consider what the vetting process should look like and who is going to be determining if someone is eligible to participate in an auction, she said.
Consumer Affairs Victoria was contacted for comment about whether bidder registration processes will be considered.
https://news.google.com/__i/rss/rd/articles/CBMicWh0dHBzOi8vd3d3LmRvbWFpbi5jb20uYXUvbmV3cy90aGUtYmxvY2stMjAyMC1qaW1teS1hbmQtdGFtcy1ob3VzZS1mb3Itc2FsZS1hZ2Fpbi1hZnRlci1zZXR0bGVtZW50LWZhaWxzLTEwMTcwMDAv0gF1aHR0cHM6Ly93d3cuZG9tYWluLmNvbS5hdS9uZXdzL3RoZS1ibG9jay0yMDIwLWppbW15LWFuZC10YW1zLWhvdXNlLWZvci1zYWxlLWFnYWluLWFmdGVyLXNldHRsZW1lbnQtZmFpbHMtMTAxNzAwMC9hbXAv?oc=5
2020-12-23 05:40:01Z
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