You can organise finance through your bank or finance company, with approval to bid up to a certain price. If at the auction the reserve price is not reached and the property is passed in. The highest bidder then usually has the option to purchase the property immediately after the auction at the reserve price. Otherwise the property will be offered for sale to all other interested parties. At this stage potential buyers have the chance to negotiate the price.
Auctions are a simple and effective way of buying a home.
The information contained in these articles are to the best of the publishers knowledge true and accurate. They have been submitted by authors who either work or have a personal interest in the 'property' related fields. Some are only personal opinion. They are not necessarily the opinion of all registered real estate agents or the opinion of the Real Estate Institute of New Zealand. No liability is assumed by the author or publishers for any losses suffered by any person relying directly or indirectly upon any information contained in these articles.