What is an auction?
An auction is a method of selling a property through the process of public negotiations. Purchasing property through an auction allows you to publicly negotiate the price, which helps ensure you are paying the true market value for the property at that time.
Registering your interest
If you are interested in bidding for a property, make sure you register your interest formally with a Piha Real Estate salesperson. That way, if a pre-auction offer is made, you will also be contacted and given the opportunity to submit your best offer.
Buying before auction day
In most cases you can place an unconditional offer prior to auction day. If the offer is at an acceptable level to the client, all other registered buyers will be contacted and given the opportunity to submit a bid by bringing the auction forward.
Your salesperson will assist you with your written offer should you wish to submit before auction day.
Before bidding at an auction you need to:
- Have read and understood the Auction Particulars & Conditions of Sale.
- Be in a position to bid on a cash unconditional basis. You can organise pre-approval through your bank or mortgage broker and then bid up to a price you are prepared to pay.
- Be able to pay 10% deposit (by personal or bank cheque) and sign the contract as soon as the auction is over.
