Bidding for brother

Hey All,

Tomorrow I have been asked to bid at auction for a property for my brother and his fiance.
Apart from knowing there limit what other considerations are there?

Does the agent need to know at the time of bidding I am for a 3rd party? Or only if successful in the signing of contracts?

Any advice would be greatly appreciated.

 

Hi @albanga you will need a letter of authority from your brother (and his finance if her name is to be on the contract) before you can register to bid. Depending on the agency, you can actually pre-register so perhaps find this out today, so you don't have to get there early tomorrow. Good luck!

 

Will the bro be there with you>

 

If you're bidding in Victoria and you win, you have two options:

1. Sign the contract in your name, then complete the nomination paperwork so that the property is ultimately owned by your brother and his partner. You are still legally on the hook, however, for the contract to be completed.

2. Organise a general power of attorney ASAP, which your brother gives you so that you can fill in and sign the contract in his name, as his attorney (avoiding the nomination).

The agent doesn't need to know anything, although if you go with option 2, you need to bring along a certified copy (or original) of the power of attorney to show the agent when you sit down to sign the contract.

Good luck!

 

Actually in Victoria, you don't need to register to bid at an auction, unless it's a boardroom-style / silent auction scenario.

A letter is insufficient: it must be a duly executed power of attorney, or a purchase via a nomination, as detailed in my last post.

 

Thanks for all the feedback.
Just got the call i am no longer required as they just received an offer over what my brother and finance were willing to offer.
Good to know the process though for the future.

I just wasted 30 minutes of my life doing arm raising exercises to get warmed up as well.

 

Maybe try tennis as the next career either that or darts might have good use of raising an arm

 

Oops my bad- speaking as a NSWelshwoman
@albanga arm raising-exercises are never wasted. You can always put them to good use by hanging out washing LOL.

 

Haha well I just got a letter from Jemena telling me to cut down a tree which is interfering with power lines. So I'm all raring to go now!

 

Haha, awesome.
What was your preferred technique, the slight point or the did my hand go up it was down so fast?