The DIY Buyer's Assistant Service - Auction Bidding Service

Buying at an auction is always a difficult task, even If you have already located your property, especially if when you have arrived at the auction for the first time. You may find it difficult to take the emotion and stress out of purchasing the property at the auction. 

Auction Bidding Service is also helpful when you want to remain anonymous to the selling agent at the auction.

We, at 888 Property Finders, provide a valuable assistance for the buyers as a licensed buyer’s agent. We have the bidding technique and strong mindsets for our clients to bid at auction.

We will develop a clear auction strategy with you well before the auction day:

  • We will inspect the property and review copy of contract before auction.
  • We may also need to arrange all the relevant paper work on your behalf, for example, the letter of authority or the buyer’s agency agreement and deposit payment, etc.
  • We will help you to set the maximum price with you prior to auction.
  • We will attend the auction and bid on your behalf with well prepared information and confidence. 
  • This will prevent your emotion, stress and worries from pushing your bid above the true value of the property and could save you tens and thousands dollars.

Please note that this is purely auction bidding service and there is no written property valuation report, although we can help you to set the maximum price prior to auction.

 

There are 3 ways to bid at auction on behalf of the buyers:

  • Letter of authority

Clause 15(2) of the Regulation allows a licensed buyer’s agent can enter the details on the Bidding Record with the agent’s license no. and the address of the agent’s registered office on behalf of the buyers by producing the “Letter of authority”, required by under the section 69(1)(b) of the Act

  • Buyer’s agency agreement

Clause 15(5) of the Regulation allows the “Letter of authority”, required by under the section 69(1) (b) of the Act, can be replaced by a copy of the Buyer’s agency agreement.

  • Limited power of attorney

Clause 15(4) of the Regulation allows an exemption from the requirements of disclosure of the person’s details, required under the section 68(2) (b) of the Act.

So, when a buyer’s agent is acting under the limited power of attorney, a buyer’s agent put only agent’s name, not actual buyer’s name. If you require anonymity, confidentiality or you just can’t be present at auction day, you can organise with your solicitor to give us the “limited power of attorney”, which allows us to bid at auction and sign a contract on your behalf.

 

Fees:

Auction attendance & engagement fee of $500 (inclusive GST) is payable up-front.

If we are successful at auction under the fall of the hammer, remainder of the success fee of $400 (inclusive GST) is payable upon exchange of contract. Please note that these fees apply to any price range.

If the property is passed in at auction and we are instructed to proceed to negotiate the price after auction with the intent to purchase by our client, our fee reverts back to 40% of the ‘Negotiation Assistance’ option. (Please refer to our “Negotiation Assistance” service.)

Initially we need to complete your ‘Buyer's Brief.   You can do this via on-line by simply clicking on-line form. 

 
 
 
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