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 process where a winning bid forms an unconditional contract. It is crucial to be prepared before the auction day.
Key steps include:
- Completing all due diligence, such as property inspections and title searches.
- Securing unconditional finance approval.
- Having a lawyer review all auction documents.
The property sells to the highest bidder once the seller's secret reserve price is met. If not, the property is "passed in," and negotiations may follow.
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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