Buying at Auction - best technique

[chilliblue]

Slightly off the topic.

We are interstate and will be bidding on a NSW property tomorrow morning.

The selling agent has not forwarded any documentation stating that they will simply call us when the auction starts so we can bid via the telephone.

Should I not have to sign something to ensure that I will sign the contract if successful?

 

[Propertunity]

Slightly off the topic.

We are interstate and will be bidding on a NSW property tomorrow morning.

The selling agent has not forwarded any documentation stating that they will simply call us when the auction starts so we can bid via the telephone.

Should I not have to sign something to ensure that I will sign the contract if successful?

Firstly, the selling agent will need a signed authority from you to do telephone bidding on your behalf. The auctioneer has POA by default to sign contracts on your behalf.

Secondly, if you are appointing a member of the selling agency to bid on your behalf, I know people do it, but that's crazy IMO.

 

[chilliblue]

Thanks for the heads up. Might give Matt a call seeing its his area.

 

[Propertunity]

Thanks for the heads up. Might give Matt a call seeing its his area.

Which suburb is the property in and what time is the auction? I might be around and could possibly help out too (if Matt can't).

 

[chilliblue]

Which suburb is the property in and what time is the auction? I might be around and could possibly help out too (if Matt can't).

Thanks Alan. Just been informed that the auction may now be cancelled as one of the vendors children has decided that they do not want to sell.

 

[Peterw]

This just came through on an email, which I thought I would share.

http://www.smartpropertyinvestment....gn=investorsecrets09_02_2015&utm_medium=email

What do you think?

 

[Propertunity]

This just came through on an email, which I thought I would share.

http://www.smartpropertyinvestment....gn=investorsecrets09_02_2015&utm_medium=email

What do you think?

ALWAYS in a hot market, buy before auction, if at all possible. I'd agree with Chris Gray in what he said in the article EXCEPT I never pay an independent valuer every time I bid. But that's only because I know the market as well or better than a valuer in the same area AND if you go a little over to win, then you have a very difficult time getting a higher valuation (from the same valuer) post auction.

 

[Peterw]

I definitely think this is a subject, to which there will be many opinions.

 

[Big Will]

I do them all except engaging a buyer agent, although I would prefer to let them go to auction and not buy before auction.

End of the day there is always another one around the corner but also I know what other are bidding. If they take the offer before auction a competent REA will ask other interested parties that they are taking offers before hand and it may sell.

Also from my REA days if an agent is calling you 2 weeks before auction saying they are taking offers before auction and they do not have an offer it would usually mean there is very little interest in the property and it will flop at auction.