Buyers for auction properties benefit in the following ways:
- A set auction date allows the buyer time to better plan and organise their finances and any searches or specialist inspections before purchase so that they can have confidence in the property and the contract.
- They know they are dealing with a seller who is ready and willing to make a decision on auction day.
- Buying at auction avoids the traditional offer/counter offer negotiation process. Everything is out in the open.
- They can see their competition on the day. Rather than missing out on the property to another buyer or having to guess what they need to offer in order to win it, the open bidding arena of the auction allows each buyer a fair opportunity to buy the property.
- On auction day they can feel confident of the property’s value as they witness other buyers bidding. If successful, the buyer will have the satisfaction of knowing they have purchased at `true market value’.
- On the fall of the hammer the successful buyer can know that they now own the property.
Download Pre Auction Purchaser form
Download REINZ Act Best Practice Guide
Download REAA Sale and Purchase Agreement Guide (English version)
Download REAA Sale and Purchase Agreement Guide (Chinese version)