Hi Guys,
I am unable to attend an auction as a potential buyer, however a family member can attend in my place.
Are they allowed to bid on my behalf? If so, what is required?
If they win it for me, what happens next? I would most likely be unable to make it the entire day, but if I did win the auction I may be able to excuse myself to sign paperwork etc.
Any help appreciated and apologies if the question is silly.
Kind Regards
FS
Bidding on behalf of a purchaser If you want someone else to bid on your behalf, they must give the auctioneer written authority from you before the auction starts. The letter must include your name, address and details of proof of identity, such as your driver’s licence or passport.
Source: http://www.raineandhorne.com.au/northsydney/cms_lists/2155/c…
…or really, just call your REA up and ask.
People have been using proxy bidders in auctions for decades.
Get them to sign the paperwork, in the section of buyer write 'nominee'.
I had some first hand experience.
First I printed this form
http://www.proauctionbid.com.au/download_forms/PAB_BiddingAu…
filled it out
included a copy of my driver's license and Aussie passport.
that's it really.
You can negotiate with the Agent (at least in QLD) to allow for bidding and arrange the deposit payment on the next business day after the Auction so if you win, you can relax.
Ask the agent what is required, but also ensure that they have clear instructions on the maximum that you are prepared to go, the last thing you want is for your family member to win the auction at a higher price than you can afford.
Are you a foreign invader investor?
ask the real estate agent….