New Home Buyers Hot Tips: Part 8 Auctions:

 New Home Buyers Hot Tips

Property Auctions:

At the auctions all sales are unconditional as the property goes under the hammer. You must have all your finance approved in advance and have completed all your checks on the property. Most auctions in New Zealand require a ten percent deposit to be available straight away to be paid if you win the auction. Some Real estate agents firms allow you to negotiate a different amount before the auction has started. So if you win the property you only pay the deposit you have negotiated.The reserve price is what the seller would like to get for the property. This is normally only revealed once the auctioneer advises that the property is now on the market and will be sold today. The reserve price is not normally revealed. If the reserve has not been met in the auction then the highest bidder would normally get the first right to negotiate after the auction has closed. The agents will try and make you up your bid to get the current auction price higher.