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Bidding at auction over the phone

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Richard | 11 Mar 2013, 11:45 AM Agree 0
Hi,

My wife and I have found an Investment property we are very keen on. Trouble is that we can't make it to the auction.

My understanding is that I can bid over the phone but I'm not sure how it works? Can anyone please explain phone bidding to me. I'm a bit wary that if I'm on the phone with the agent they may play tricks on me.

As an alternative approach I've contacted a buyers agent to ask how much they old charge to be there on my behalf. They've quoted a no win no pay fee of 1% which turned out to be $5000. He does seem to have some good background knowledge with the real estate agent selling the property and with the area itself but it seems pretty expensive.

What are your opinions?

Thanks
  • Eos Property | 12 Mar 2013, 11:15 AM Agree 0
    Not sure which state you are buying in but make sure you spend some time researching auction buying.

    As I understand it when the hammer goes down you are pretty much unconditional on the deal so your finances need to be in order, inspections done and so on. While some people do very well out of auctions they also have some experiences and expertise they can rely upon.

    If you are considering phone bidding then ring the agent directly and speak about your concerns and have your questions answered by them.

    Only you will know whether or not it is worth your while employing an agent to bid on your behalf.
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