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 bidder wins once the seller's reserve price is met. A successful bid is an unconditional commitment to purchase.
Thorough preparation is essential. Before bidding, you must complete all due diligence, including property inspections and legal reviews, and have your finances confirmed for the deposit.
If the property doesn't meet its reserve price, it may be "passed in," potentially opening up post-auction negotiations with the seller.
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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