All Topics / Help Needed! / If you cant make it to an auction what are your options?

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of TiffanyGTiffanyG
    Member
    @tiffanyg
    Join Date: 2010
    Post Count: 34
    October 22, 2010 - 1:23 pm

    Hi,

    I think I found a property I might like, and its going to auction but I am unable to be there. Can anyone advise what options I might have in order to secure this property without actually being there?

    Thanks,
    Tiff

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    October 22, 2010 - 1:28 pm

    Hi Tiff

    Ask the Agent to arrange phone bidding for you.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of TiffanyGTiffanyG
    Member
    @tiffanyg
    Join Date: 2010
    Post Count: 34
    October 22, 2010 - 4:29 pm

    Thanks Paul,

    you mean just the agent who is selling the property? Is there an extra charge for this do you know?

    Thanks,
    Tiff

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    October 22, 2010 - 11:04 pm

    Hi Tiff

    Yes, talk with the selling Agent.  They will usually assign one of their people to make your bids for you at the auction.  She/he stands in the crowd and you instruct him/her over the phone.  The Agent usually charges nothing for this service as they're very pleased to have another bidder on the property.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Charles 1Charles 1
    Participant
    @charles-1
    Join Date: 2010
    Post Count: 65
    October 23, 2010 - 5:19 am

    I would suggest you get a buyers agent to represent you – not the selling agent. If you found the property – they should just charge you a small auction bidding fee

    Profile photo of TiffanyGTiffanyG
    Member
    @tiffanyg
    Join Date: 2010
    Post Count: 34
    October 25, 2010 - 5:04 am

    Thanks for all the advice, I’ve contacted both the agent and a buyers agent now and will let you know how I get on :)

    Profile photo of TiffanyGTiffanyG
    Member
    @tiffanyg
    Join Date: 2010
    Post Count: 34
    October 25, 2010 - 5:13 am

    One more question regarding this, is the cost of a buyers agent tax deductible even if you don’t get the property? Actually also is it tax deductible if you do get the property?

    Thanks,
    Tiffany

Viewing 7 posts - 1 through 7 (of 7 total)

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