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 a property at auction is a fast-paced, unconditional sale where the highest bidder wins once the seller's secret reserve price is met. Winning the bid is a binding legal commitment.
Before the auction, it's crucial to:
- Complete all due diligence, including property inspections and title searches.
- Secure unconditional finance approval.
- Have a lawyer review all auction documents.
If you're the successful bidder, you must sign the agreement and 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
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