Bidding at auction in NSW ....for attention of agents.

[beachside]

Hi

For all those agents on here can someone tell me what the current rules are on phone bids or another person attending an auction on my behalf. I don't know if this is a REI or Fair Trading matter.

Without getting into discussion on the pros and cons of not attending personally I have come across two different attitudes of agents.

One (a large chain) was prepared to let a friend bid for me at auction if I completed their own office document giving authority with proof of ID.

The other agent (part of a local agency chain) would not accept a phone bid under any circumstances as conflict of interest (she would be voicing my bid), and a friend could not bid for me without having Power of Attorney.

I have inspected each property with the agent.

Thanks

 

[Propertunity]

Get your friend with the POA to bid for you.....or a BA with a POA.

No matter what the rules - I would NEVER let a selling agent bid for me at auction - conflict of interest.

 

[beachside]

Get your friend with the POA to bid for you.....or a BA with a POA.

Off topic, there is no POA in place, nor will there be. I am seeking answers to........ "can someone tell me what the current rules are on phone bids or another person attending an auction on my behalf."

 

[tez]

With no POA in place, then they can bid, although if they are successful at auction, then they will need to sign the contract in their name.

Whether someone bids on your behalf at auction or have you on the phone, if you are physically not there to sign the contract then no go.

 

[Propertunity]

What tez says is right. I suppose you could get around the signing thing by signing the contract pre-auction and if you are the "winner" they could fill in the purchase price details. Same with the cheque for the 5 or 10% deposit.

As to rules - the agent could bid on your behalf as could a friend. I see agents taking phone bids at auctions all the time.

However, if the agent's own in-house rules are that they will not bid for you - then they won't. This is up to the Licensee-In-Charge to do as he/she feels fit within their office. If they feel uncomfortable with the conflict of interest it represents - then I think you need to respect that. (Personally I like this agent's attitude - as to not wanting to bid on your behalf).