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 at auction is a fast-paced sale where a winning bid creates a binding, unconditional contract. It is crucial to prepare thoroughly beforehand.
This includes completing all due diligence—like property inspections and legal reviews—and securing unconditional finance before you bid. If you are the highest bidder after the seller's reserve price is met, you must sign the agreement and pay the deposit on the day. This process requires significant preparation for a successful purchase.
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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