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 the highest bid wins once the seller's secret reserve price is met. A winning bid is an unconditional, legally binding commitment to purchase the property.
Thorough preparation is essential. Before bidding, you must complete all due diligence, such as property inspections and legal checks, and secure unconditional finance. You may also make a pre-auction offer if the seller is open to it.
If the property doesn't sell, it's 'passed in'.
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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