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
Property auctions are fast-paced and sales are unconditional, so thorough preparation is essential. Before bidding, you must complete your due diligence by arranging finance, getting legal advice, and researching the property thoroughly.
If your bid is the highest above the seller's secret reserve price, you are legally committed to the purchase. You will be required to sign the agreement and pay the deposit on auction day. Some properties may accept a pre-auction offer.
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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