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 where a winning bid is a final commitment. Thorough preparation is essential.
Before auction day, complete all due diligence like property inspections and title searches. You must also secure your finances and have a lawyer review the sale documents. A pre-auction offer may be possible.
The property sells to the highest bidder once the seller's secret reserve price is met. If not, the property is 'passed in' and may be negotiated afterwards.
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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