Buying guide
Buying by auction
Property auctions move quickly, so it's best to go in prepared. Here are some tips from the team at Settled.govt.nz
AI summary
Buying property at auction is a fast-paced, unconditional sale where a winning bid is a binding commitment. The property sells to the highest bidder once the seller's secret reserve price is met.
Thorough preparation is crucial. Before bidding, you must complete all due diligence, get legal advice, and secure unconditional finance. You can sometimes make a pre-auction offer if the property is advertised as 'unless sold prior'.
If you win, you pay the deposit immediately.
Summary of important things to know:
Identifying properties for sale by auction
Before the auction
Auctions can be high pressure environments, so it's good to know what to expect
At the auction
After the auction
Author
Discover More
‘We’ve loved the fact that it’s unconventional and quirky’
A character-filled 1950s Mangawhai bach with sleep-outs and a caravan is heading to market.
.jpeg)
Rare 1980s architectural gem with lush gardens for sale in Te Puke
A distinctive Te Puke home with lush gardens and a 32-year family history is on the market.
Search
Other articles you might like
