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ac45dave 
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 Topic: there's some diappointed fanetti buyers today
Posted: 23 Aug 2016 at 11:54pm |
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I have found out though the grape vine, marilyn fanetti had a court ordered right of first refusal on the items in the auction of which she did not own.in other words she did not own the tractors.from what i was told she used that right tuesday morning, on a handful of the tractors bought on the auction, which meant she got to buy which ever ones she wanted after the auction ended for what ever the ending bid was.I'm sure there are some very disappointed buyers out there when they were notified.imagine being the auctioneer and fielding those phone calls.
Edited by ac45dave - 24 Aug 2016 at 12:44am
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54 wd-45gas ; 56 wd-45d N/F w/fact p/s ; 63 d-17 sIII N/F gas ; 60 D14 N/F ; 67 d-17 sIV N/F gas ; 63D15 sII W/F; 39rc#667 ; 2021 massey 4710 fwa ; gravely 2 wheel tractors
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JohnCO
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Posted: 24 Aug 2016 at 12:01am |
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I wonder if the "last tractor" was one of them?
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"If at first you don't succeed, get a bigger hammer"
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ac45dave
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Posted: 24 Aug 2016 at 12:06am |
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that's hard to say.I'm curious as to which ones she wanted to keep and why.we may never know.can you imagine the disappointment of those bidders thinking they won the bid and having the carpet pulled out from under them the next day,wow.
Edited by ac45dave - 24 Aug 2016 at 12:10am
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54 wd-45gas ; 56 wd-45d N/F w/fact p/s ; 63 d-17 sIII N/F gas ; 60 D14 N/F ; 67 d-17 sIV N/F gas ; 63D15 sII W/F; 39rc#667 ; 2021 massey 4710 fwa ; gravely 2 wheel tractors
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Gary Burnett
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Posted: 24 Aug 2016 at 1:23am |
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If the auctioneer had not stated that before the sale he'd be in legal trouble if he were in the state of Virginia,here once the gavel drops and the bidders number is recorded at an
auction its as good as a written contract the buyer is bound to pay and the seller is bound to deliver what was sold.
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shameless (ne)
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Posted: 24 Aug 2016 at 2:34am |
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really....that is just stupid, as she is prolly just doing so to get under the nephews skin! now if they come back up for auction, they prolly won't bring as much as the big bidders will not bid again! I sure wouldn't!
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JayIN
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Posted: 24 Aug 2016 at 3:46am |
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The auctioneer would be in legal trouble if not disclosed up front here in Indiana. UNETHICAL CONDUCT. Could lose his liscence.
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sometimes I walk out to my shop and look around and think "Who's the idiot that owns this place?"
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LeonR2013
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Posted: 24 Aug 2016 at 5:09am |
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Does Marilyn care? I don't think so. But when money is the all important thing you will see this kind of crookedness happen. Is it illegal? No, just immoral.
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GreenOrange
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Posted: 24 Aug 2016 at 5:26am |
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Here it is... the importance of the fine print. From the auction's website - Terms & Conditions:
All property is sold in an (AS-IS WHERE IS) condition, All items have a right of first refusal and ALL SALES ARE FINAL.
Edited by GreenOrange - 24 Aug 2016 at 5:28am
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DarrylinWA
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Posted: 24 Aug 2016 at 6:33am |
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If this is true, this is going to get really ugly!!! So sad.
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B 10 Custom. Serial # 1001 D21, First D21 built 69 #4498 and Last D 21 Built #4609. 1946 MM UTU. And 2000, 2005 Pete's. AC custom Hauling.
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jaybmiller
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Posted: 24 Aug 2016 at 6:45am |
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hmm...
All items have a right of first refusal
so WHO has that right ? the OWNERS of the items or the FIRST person to get a court order ? Wonder what it cost to get the legal beagle paperwork ? 50$, 100$ ?
This 'auction' has a funny smell to it....but I don't know all the details only that I'd be madder than a hatter if I'd NOT got what I bid on.
Curious, did the auctioneer after EVERY 'sale', look to the 'right of refusal' person and ask (YELL OUT so ALL can hear !)'do you want it' ? I'm betting THAT did NOT occour, cause by the time the 3rd item was sold a LOT of people would leave !!
Jay
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Ken(MI)
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Posted: 24 Aug 2016 at 6:48am |
Not really uncommon, especially in bankruptcy and court-overseen auctions. I've been to quite a few where after all the bidding was done the auctioneer had a meeting with the secured creditors or other interested parties along with a court representative to decide if the bids would stand. It's always been upfront and you knew you were taking a chance on wasting your time before going, never seen one where the option was ever exercised though, and the deals were usually good because it seems to keep some buyers away. As mentioned above, always read the fine print.
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AC7060IL
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Posted: 24 Aug 2016 at 6:51am |
 ac45dave wrote:
which meant she got to buy which ever ones she wanted after the auction ended for what ever the ending bid was.
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If this court order is true, she pays for tractors of her choice (given tractor is within court order listing) & takes possession of them. The winning bidder pay nothing. But, I fear how these winning bidders will react to the Auctioneer?? If Auctioneer was hired by the estate, then auctioneer acted on presented knowledge from estate. Marilyn's estate was probably an unknown quantity to Auctioneer.
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DanD
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Posted: 24 Aug 2016 at 6:52am |
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This whole mess is like a never ending soap opera.
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Jordan(OH)
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Posted: 24 Aug 2016 at 6:53am |
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"All items have a right of first refusal" and "ALL SALES ARE FINAL." Sound like two contradictory terms to me.
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Play Farmer
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Posted: 24 Aug 2016 at 6:58am |
Jordan(OH) wrote:
"All items have a right of first refusal" and "ALL SALES ARE FINAL." Sound like two contradictory terms to me.
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Thats what I was thinking. Seems to be 2 polar opposite statements.
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AC7060IL
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Posted: 24 Aug 2016 at 7:06am |
GreenOrange wrote:
Here it is... the importance of the fine print. From the auction's website - Terms & Conditions:
All property is sold in an (AS-IS WHERE IS) condition, All items have a right of first refusal and ALL SALES ARE FINAL.
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This fine print answers my previous post about Auctioneers knowledge. Amazing! I guess this Fanetti Auction was just like another consignment type auction where owner has a reserve?
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Dmpaul89
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Posted: 24 Aug 2016 at 7:17am |
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Guess that's why it was online only!
Over on ag talk someone posted a few pics of tractors leaving the property. Couple d21s and a 200 looked like. They were local sales because they were being drove home.
Got to look for the words "selling absolute" when looking at auctions, IMO there should be no reserve ever at a auction. Or buyers premiums. Went to a estate auction once where the owner was bidding on his own stuff it was infuriating
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shameless (ne)
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Posted: 24 Aug 2016 at 7:22am |
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you can correct me if i'm wrong here....but I believe the auctioneer has to ask the secured person if it can be sold before they say sold! I know when I've sold items on auctions, and I wanted at least so much for that item, the auctioneer would stop when no more bids came in and look at me for a yay or nay before he said sold! if I nodded yes to him, then he would say sold to such and such, if I nodded no, he would say to the crowd this item does not sell. I know this can be an iffy thing now when they have internet bidding, but I believe a rep has to be there for the auctioneer to converse with at time of bidding for each item! i'm pretty sure this is a universal system with all auctioneers in every state unless it's a non reservable auction, which has to be stated before the auction begins!
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PaulB
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Posted: 24 Aug 2016 at 7:25am |
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More proof that many auctioneers are crooks
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randy
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Posted: 24 Aug 2016 at 7:25am |
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She didnt own the tractors? Who did?
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Daehler
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Posted: 24 Aug 2016 at 7:40am |
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This has been somewhat of an exciting auction to see, but something hasn't seemed right since it was first posted being for sale. The whole selling process has been weird for a collection like this. What a joke.
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8070FWA,7080 BlackBelly, 7045,2 200s,D19,D17,G, WD,45,UC,7 AC mowers and lots more!
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DanD
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Posted: 24 Aug 2016 at 7:44am |
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Fred in Pa
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Posted: 24 Aug 2016 at 7:58am |
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Cracker Jack Auction , surprise for everyone .
Edited by Fred in Pa - 24 Aug 2016 at 8:03am
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He who dies with the most toys is,
nonetheless ,still dead.
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Don(MO)
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Posted: 24 Aug 2016 at 8:04am |
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All I'm going to say is; There's more to the story than we might know now!
Good luck to the buyers and I hope it all works out OK for them, the buyers are in the middle of this and didn't know.
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3 WD45's with power steering,G,D15 fork lift,D19, W-Speed Patrol, "A" Gleaner with a 330 corn head,"66" combine,roto-baler, and lots of Snap Coupler implements to make them work for their keep.
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HD6GTOM
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Posted: 24 Aug 2016 at 8:25am |
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I've been to the Chariton Machinery auction many times over the years. (Large consignment auction.) Many times they would announce the item was being sold with bank approval. If it did not bring so much money they would call the banker and find out if the bank would let it go. A good friend of mine who has auctioneered for many years told me "Once I drop the gavel that piece of equipment is sold--the seller must holler no sale before I drop the gavel and say sold". If there is a reserve on equipment and it was not announced at the beginning of the sale there could and should be legal trouble for the seller and auctioneer.
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farmtoybuilder
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Posted: 24 Aug 2016 at 8:29am |
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Agree with Don! Damn Shame! I didn't catch the fine print either! Goes to show that if we want to leave property and our collections and such to others, We need to have it all worked out and done legally before we pass on!
Edited by farmtoybuilder - 24 Aug 2016 at 8:30am
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steelwheelAcjim
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Posted: 24 Aug 2016 at 8:42am |
Any item "offered" at auction is considered having a reserve price unless otherwise stated! Please remember that. If it is absolute, then it should be stated.
My questions would be in regards to who signed the contract? Is Mr. Fanetti of sound mind? Is this an Estate? Who was the proper representative? Was proper UCC filings done to determine creditors(if any)?
I can go on and on.
The buyer can still pursue this. If you bid on a item, and was told that you won by declaration in some form i.e. "sold" "winning bidder", "you won", then you entered into a purchase contract, and can claim breach of contract by the seller.
Whew!!! What a cluster....
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ac45dave
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Posted: 24 Aug 2016 at 8:52am |
randy wrote:
She didnt own the tractors? Who did? |
dons nephews owned the tractors.auctioneer was hired by them.
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54 wd-45gas ; 56 wd-45d N/F w/fact p/s ; 63 d-17 sIII N/F gas ; 60 D14 N/F ; 67 d-17 sIV N/F gas ; 63D15 sII W/F; 39rc#667 ; 2021 massey 4710 fwa ; gravely 2 wheel tractors
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Don(MO)
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Posted: 24 Aug 2016 at 8:53am |
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One more time we don't know all the details of this mess, it will get worst before it gets better. This is going to a bad deal for all before it's done!!!
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3 WD45's with power steering,G,D15 fork lift,D19, W-Speed Patrol, "A" Gleaner with a 330 corn head,"66" combine,roto-baler, and lots of Snap Coupler implements to make them work for their keep.
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Scott B
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Posted: 24 Aug 2016 at 9:18am |
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Starting to look like a "sham" auction to solely determine the true market value of the goods....which is necessary to settle the estate.
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D17 Series 1
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