Buying by Auction with Total Realty
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    Buying by Auction

    At Total Realty, we realise that buying a property at auction can be a daunting task which is why our licensees will always go the extra mile to support you through the process should the property you wish to buy is being sold by auction. Remember, a property auction is a fast-paced, public sale. The property is sold to the buyer with the highest bid after the seller’s reserve price is reached. Our licensees are here to help although there is good supporting material available to assist the uninitiated.

     

    Here's a summary of important things to know:

    • The auctioneer will not reveal the reserve price.

    • Buyers should register their interest with the agent and ask to be informed if another buyer makes an offer before the auction date.

    • Auction bids are open so you know what everyone else is bidding. If you haven’t been to an auction before, it’s a good idea to attend one as a spectator so you can see how they work.

    • If you win an auction, you are committed to purchase the property. You will usually pay the purchase deposit on the auction day.
    • The auctioneer will not reveal the reserve price.


    We thoroughly recommend a buyer to "dig deeper" to enhance their knowledge of the process so that when they are working with their licensee, they are working with them with a good understanding of the process enhancing their chances of making their bid the final and winning bid - and a dream come true.

    The REA and REINZ have prepared excellent guides so, if you want to "dig deeper", follow the links below. Of course, our licensees are always on hand, as is our Company Auctioneer so, at any stage, please feel free to contact a member of the team.

    https://www.settled.govt.nz/buying-a-home/making-an-offer/buying-by-auction

    https://www.totalrealty.co.nz/resources/auction_best_practice_guide_reinz.pdf

     

    At Total Reality we pride ourselves to be of service to you so, if you are buying or selling and are looking to work with people who care, please feel free to contact one of our team anytime by calling 03 940 9797 or emailing enquiries@totalrealty.co.nz.