Buying at auction is probably the simplest and most straightforward method of purchasing a property. The process is quick, transparent and simple. Our Licensee Salespeople are skilled in this process and can locate a property for sale by auction in any of the Eastern suburbs of Auckland.
HOW CAN WE BUY THIS HOME?
Some answers to commonly asked questions about Auctions:
Our Auctions are conducted under the Code of Practice of the REINZ which are available for your perusal.
The Auctioneer will detail the ‘rules’ of the Auction prior to calling for an opening bid, so that everyone is very clear as to how the Auction will be conducted.
The Auctioneer usually nominates the amount of the bid he is looking for. If you are the successful bidder, you will be asked to pay the deposit and sign the contract.
Two of the main provisions are:
Once you’ve identified the property you desire, the simple steps to follow are:
Preparing for the auction:
Note: If you wish to alter any of the standard conditions within the Auction Conditions of Sale, discuss your requirements with the Licensee Salesperson who will, in turn, then discuss your request with the Vendor – if the Vendor is in agreement then the contract will be altered to reflect those arrangements. This must be done prior to the auction.
We always advise people to arrange finance a little beyond what you would like to pay – property is a long term investment and nothing is more frustrating than losing your dream home for the sake of a few thousand dollars.
There are no tricks to bidding – simply let the Auctioneer know you are bidding (usually by raising a hand). If the property has reached the Reserve and you hold the highest bid you will become the joyful new owner – if it goes beyond you, you have a period of disappointment, but knowing that you had equal opportunity to buy the property and also that you have learnt a great deal about the current market and are ready for investment in the next appropriate property you find.
At times, potential bidders and buyers may hold back and wait for others to do the bidding, wait for the Auctioneer to take $1,000 bids, or for the property to be “on the market”. Given this, the Contract of Sale and the Sale of Goods Act 1908 permits the Auctioneer to place bids on the Vendor’s behalf in order to move bidding towards a price level acceptable to the Vendor. The Auctioneer will be specific in naming/announcing that the bid is “on behalf of the Vendor.”
Any Vendor bids will only be exercised by the Auctioneer at his discretion and will most certainly be below the reserve price and below a price level which the Vendors would consider accepting (therefore helping buyers to buy – not penalising them in any way). This is set out in the Code of Practice of the REINZ which are available for your perusal.
Your Ray White Licensee Salesperson is especially trained to assist you should you have any questions or if you require further information about Auctions.
Good luck with your purchase.