Prepare before auction day. A successful bid normally commits you to an unconditional purchase, so finance approval, property checks and legal advice need attention before you raise your hand.
Contact the listing salesperson and ask for the auction documents, advertised venue or online arrangements, date, deposit and settlement terms. Ask to be kept informed of pre-auction offers or timing changes. Do not assume the property will remain available until the advertised auction.
Have your lawyer review the title, auction agreement and relevant council information. Arrange a suitable building inspection and follow up any concerns about repairs, consents, hazards or insurance. For Christchurch property, understand any earthquake claim and repair history rather than relying on a general description of the area.
Confirm with your lender that finance is suitable for this specific property and purchase. General pre-approval may still have conditions. Understand the deposit payment arrangements and ensure the balance can be paid at settlement.
If the standard settlement date, deposit or other terms do not work for you, speak to your lawyer and the listing salesperson before auction day. Any variation needs the seller’s agreement. Do not assume you can attach finance or building conditions after winning the auction.
Set a firm limit that accounts for your purchase and moving costs. Attend an auction as an observer if the process is unfamiliar. Confirm registration and identification requirements. If you cannot attend, ask in advance what authorised remote or representative bidding is available for that particular auction.
Our live-auction viewing page lets you watch the process. A video stream is not, by itself, registration or authority to bid. Confirm the correct bidding procedure with the listing salesperson.
The seller’s reserve is confidential. The auctioneer explains the terms and bidding. If the property sells to you, follow the agreement and deposit instructions. If it is passed in, ask what negotiation process applies; do not assume auction conditions immediately cease to apply.
Read Settled’s detailed auction guidance and obtain advice for your circumstances. See upcoming auctions or call 03 359 0384.