this post was submitted on 09 Jun 2024
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[–] [email protected] 31 points 6 months ago (7 children)

In France there is a law that forces you to sell to your tenant if he has the highest bid

[–] [email protected] 26 points 6 months ago (1 children)

Why would you need a law to make someone sell to the highest bidder?

[–] [email protected] 18 points 6 months ago (1 children)

Because sometimes there's a tie

[–] [email protected] 14 points 6 months ago

Or the landlord might just want to spite the tenant, or he might want to sell to a "new" buyer who turns out to be business partner/cohort/shell LLC/etc.

[–] [email protected] 6 points 6 months ago (1 children)

This happened a lot during the Great Depression. But then I believe the owners found a way to withdraw the auctioned property if the minimum bid didn't suit them. The French law might bring back the Penny Auction by saying, "You put it up for bid - a sale has to go through."

[–] [email protected] 3 points 6 months ago

They can still do that through proxy buyers. If you go to enough auctions, it's easy enough to pick them out.

[–] [email protected] 6 points 6 months ago

It's even better than that because it is illegal to make bids on a property you sell so the seller name a price and if someone want to buy it at that price it's sold. Most of the time buyers tries to bargain on markets where the demand is low

[–] [email protected] 4 points 6 months ago (1 children)

Wouldn't you sell to the highest bidder anyway?

[–] kata1yst 15 points 6 months ago (1 children)

I mean, my wife and I didn't sell to the two highest bidders on our first house because the fuckers were obviously going to rent it out.

One was a bid entered by a piece of software often used by flippers and rental companies (had branding at the bottom of the pages etc) and the other was a cash in hand bid with an overt offer of more under the table, which is fairly illegal where we live.

We selected third place, someone who had messy handwriting, obviously has been written by two different people, and ended the bid with "777" which was cute and showed us not only were they human, they really wanted the place. And no wonder, with offers like the first two likely happening on nearly every sale in the area.

[–] [email protected] 9 points 6 months ago

I did that myself with a home. I ignored the high bid in favor of selling at a steep discount to a young family.

[–] [email protected] 3 points 6 months ago (3 children)

Wouldn’t most people sell to the highest bid anyway?

[–] [email protected] 10 points 6 months ago (1 children)

Never any history of racial segregation in the housing market, nope. No Sir. Never.

[–] [email protected] 5 points 6 months ago (3 children)

Are people really accepting less money so they don’t sell to brown people? Like why would you care? You’re selling the property. You don’t have to deal with the new owners if you happen to be racist.

[–] PoopDelivery 3 points 6 months ago (1 children)

Gotta keep the community pure.

[–] PoopDelivery 2 points 6 months ago

I'll add, as a minority there are neighborhoods that are off limits because I know I would not be accepted, and, I have an "ethnic" name, so I assume some bias may be held towards people selling in neighborhoods like that.

[–] [email protected] 3 points 6 months ago

Granted, this article was from all the way back in… last week.

“An African-American woman’s quest to buy a pricey condo near the Virginia Beach Oceanfront – impeded by the white homeowner’s refusal because of her race – is just the latest example.”

“…landlords frequently use subtle methods or mask the real reasons why they don’t want people to move in.”

Virginia Mercury News

[–] [email protected] 2 points 6 months ago* (last edited 6 months ago)

The neighbors care. So unless you don't live in that town it could make for some interesting neighborly interactions. Wouldn't be surprised to find court cases of neighbors suing for loss of property value.

[–] [email protected] 2 points 6 months ago

Yes but we had our fair share of assholes

[–] [email protected] 2 points 6 months ago

There have been auctions in the past, mostly farm, that the community got together to drive off outsiders and then proceed to lowball every item on the auction. They would then return everything to the owner after the auction.

It was a fine 'fuck you' to the bank, until the bank closed or sold out because they no longer had the assets and cash reserves needed to stay open themselves. Which then screwed the rest of the community over.

[–] [email protected] 2 points 6 months ago* (last edited 6 months ago)

More precisely, when you sell the tenant has the right to buy it first.

If the landlord is thinking of accepting an external offer under the initial price then he has to ask again to the tenant if he would buy it at this lower price.

[–] [email protected] 0 points 6 months ago (1 children)

Umm, you can legally sell it to someone else and not the highest bidder?

[–] [email protected] 13 points 6 months ago

Not in France. If the tenant wants it, the tenant gets it