How to buy at Auction
Buying at auction is the simplest and most straight forward method of purchasing a property. The process is quick and transparent. Our team members are highly skilled to assist you throughout the auction process once you have found a property that you would like to buy. Auctions are held fortnightly on Wednesday evenings at 7pm in our rooms located at our Auction Centre 746 New North Rd, Mt Albert. Entrance is from the rear of the building next to the car park. There is car parking available, either in the car park (our parks are indicated with red lines), or on the street. We suggest arriving 15 minutes prior to the auction to allow sufficient time for this.
Prior to Auction:
- Register your interest with your salesperson to ensure you are kept fully informed of all developments and if a pre-auction offer is made.
- Carry out your due diligence on the property.
- Check the contract details, settlement date, chattels, and any special conditions relating to the sale.
- Check the Certificate of Title and LIM Report are acceptable.
- Ensure you are satisfied with any building or structural matters. Obtain any Building Reports or pre purchase inspections. We recommend asking your solicitor to peruse the above documentation and reports.
- Organise your finance and obtain pre-approval. If you are the successful purchaser you will have purchased the property unconditionally and upon signing you will be required to pay a 10% deposit to Anne Duncan Real Estate Ltd Trust Account.
- If you wish to alter any of the standard conditions (usually relating to settlement or deposit) notify your salesperson, as this may be arranged prior to the auction. If you wish to pay the deposit by electronic transfer the next day, please notify the salesperson so they are able to arrange a variation of contract.
- Please be advised that if you are GST Registered, using the property for taxable supplies; or if you do not intend to use the property as your principal place of residence we will require your GST details under the GST Act. You should also obtain advice from your Accountant/Solicitor regarding your GST status; and seek approval of the Auction Contract.
- For properties on unit titles you will require a copy of the pre-contractual disclosure statement under section 146 of the Unit Titles Act 2010.
- Check the venue, time and date of auction so that you do not arrive too late to bid. Allow time for Registration.
At the Auction:
To comply with the Real Estate Agents Act (2008), you will need to register to bid. This involves completing a simple registration form. You will be given a bidding card along with the approved guide for Sale & Purchase Agreements by the Real Estate Agents Authority. Please note that registering to bid does not mean that you have to bid, it merely enables you to bid.
If you are unable or do not wish to attend the auction, but still would like to bid; you can arrange to bid via telephone or appoint another party to act on your behalf. This would need to be disclosed to the salesperson prior to the auction itself to enable he/she to arrange approval from the vendor and/or Auctioneer.
Position yourself where the Auctioneer can see you; to bid you may nominate the amount of your bid by calling out; or you may bid by a show of your hand or by nodding to catch the Auctioneers eye.
We do not have “dummy bidders” at our Auctions. All bids from the floor are from genuine buyers. The Contract of Sale and Sale of Goods Act 1908 permits the Auctioneer to place a bid on the Vendors behalf in order to move the bidding towards a price level more acceptable to the Vendor. The Auctioneer will place the property “on the market”, once the reserve price has been achieved or exceeded; and the highest bidder will be the successful purchaser.
The highest bidder signs the contract and is required to pay a 10% deposit of the purchase price to Anne Duncan Real Estate Ltd Trust Account. If the reserve is not met, the Auctioneer will pass the property in, and all interested parties are invited to make an offer.
Buying before Auction Day:
You can submit an offer prior to auction day. If the offer is at an acceptable level to the Vendor, 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 offer if you wish to make a pre-auction offer.
One of our team members will be happy to answer any further questions you may have prior to the auction. Wishing you successful bidding!