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, unconditional process. Before bidding, you must complete all due diligence—like getting property reports and legal advice—and have your finance fully confirmed, as a winning bid is final.
Register your interest with the agent to stay informed about any pre-auction offers. The property sells to the highest bidder once the seller's secret reserve price is met. If you win, you are legally bound to purchase the property.
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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