Dummy biders



From: Sergey Golovin

I hear on the radio that state NSW (?) property law will be overhauled in regards to property auctions and dummy bidders would not be allowed any more.

Hopefully it will help to all of us.

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Reply: 1
From: Paul Zagoridis

I don't think making it illegal will get rid of dummy bidders.

How can you prove the bid from the agent's mate isn't genuine? No finance or deposit? I've bought without either.

Paul Zag
Oz Film Biz is at
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Reply: 1.1
From: Waverly Bay

Yes, Sergev, a package of proposed changes to the RE legislation were introduced into the NSW State Parliament yesterday. The changes should be available shortly for public comments prior to being incorporated into legislation. A couple of the more interesting changes include:

1) requirements for Agents to quote the estimate selling price more accurately during the marketing campaign. The final drafting into the legislation of what constitutes an accurate selling estimate will probably include dreaded words like "not substantially less" (than the final selling price)

2)one day cooling off period for buyers at auctions

3)introducing a system to register the bidders intending to participate at the auction (similiar to QLD)

4)formal licensing requirements for buyers agents

5) A failure to comply with new changes will result in a penalty of $4400.
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Reply: 1.1.1
From: Owen .

Who would pay the penalty. The agent or the vendor?
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Reply: 1.1.2
From: Sim' Hampel

Actually... from what I read it is not a 1 day cooling off period for purchasing at auction... (that would be unworkable) it is a 1 day cooling off period for vendors after they sign a contract with an agent to sell their house.

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