Selwyn Times: February 26, 2020

More documents

Recommendations

Info

14 Buying a property at auction If you’re keen on a property that’s going to auction, preparation is everything. A successful bid means you are immediately committed to buy the property; you cannot seek legal advice, arrange finance or even get the property valued or inspected when the auction is over. That means you need to do all your due diligence in advance of auction day. Before the auction (usually after you’ve viewed the property), the real estate agent working for the seller should provide you with a copy of the terms and Contract of Sale, which sets out what chattels will be included with the property. This document will also tell you the amount of the deposit to be paid by the successful bidder, and when the balance of the payment must be made. These documents should be checked by your lawyer. You should consider having the property checked (preferably by a qualified inspector who has professional indemnity insurance and carries out their work in accordance with the New Zealand Property Inspection Standards and obtain an up-to-date Land Information Memorandum (LIM) from the local council. It’s a good idea to get a valuation of the property, especially as you are likely to require one if you need a loan. Some websites provide free estimated market values that may be useful. There’s a lot to take in at an auction and it’s easy to feel overwhelmed. If you can, go along to one as an observer to see how the process works before you actually want to buy. Remember that the auctioneer is working for the seller and they want to get the highest price possible for the property. At an auction, the auctioneer will read the terms and conditions of the sale aloud and announce if a reserve price has been set. They must also state whether the seller has reserved the right to bid during the auction. This is called ‘vendor bidding’ and it is only allowed under strict circumstances, such as when the property being auctioned has a reserve price; when the reserve price has not yet been met; and the auctioneer has made it clear that the bid being made is a vendor bid. They must do this by saying, ‘this is a vendor bid’ rather than using any jargon. Auctioneers sometimes use vendor bids as a way to start off the bidding, or to move the bidding towards the reserve price. Vendor bids can be made by the auctioneer, or another person working on behalf of the seller, such as a real estate agent. An auctioneer can also use a preauction offer to start the bidding. The auction continues until there is only one bidder left. At that stage, if the reserve price is reached or beaten, the highest bidder will be the successful buyer. If the reserve price isn’t reached, the seller can tell the auctioneer to stop the auction without selling the property. If the auction is stopped without a sale, the highest bidder may have the opportunity to negotiate with the seller (via their agent) after the auction. If this happens, the terms and conditions of the auction no longer apply and you can negotiate new ones. For independent advice on buying property, check out www.settled.govt.nz. Property Brokers Limited Licensed under the Real Estate Agents Act 2008 6 Tennyson Street Rolleston rolleston@pb.co.nz Office 03 929 0306 Congratulations to our top salespeople for the month of January 2020: Top Lister Gareth Cox Top Seller Penny Dadson-Clausen Gareth Cox Residential Sales Consultant M 021 250 9714 P 03 929 0306 E gareth@pb.co.nz Penny Dadson-Clausen Residential Sales Consultant M 027 895 5943 P 03 929 0306 E pennyd@pb.co.nz pb.co.nz
15 FINAL NOTICE Boundary lines are indicative only Lincoln McDonald Road Stamp your mark • Two titled bare land lots to take your pick from • Each is a generous 5.05 hectares • No covenants on either lot • Minutes from the amenities of Lincoln • Enjoy the views of the hills and the peaceful location • Each block has boundary fencing • Purchase one or purchase both if you seek a largersized property – make your dreams a reality! Deadline Sale (unless sold prior) 1pm, Tue 3 Mar 2020 Chris Jones 027 220 5043 chris.jones@bayleys.co.nz Sam Sidey 027 346 3500 sam.sidey@bayleys.co.nz WHALAN AND PARTNERS LTD, BAYLEYS, LICENSED REAA 2008 bayleys.co.nz/5511634 Welcome Dawn and Nicola to Property Brokers Selwyn With extensive experience in selling your largest asset, built on many years of quality customer service, exceptional results and extensive referrals, Property Brokers welcome Dawn and Nicola to our growing team. You can be assured of an exceptional result with Dawn and Nicola’s true team customer service, coupled with a truly New Zealand owned, country wide, family brand. For a free market appraisal or confidential chat please contact: Nicola Bray Residential Sales Consultant M 027 755 8846 E nicola.bray@pb.co.nz Dawn Pollard Residential Sales Consultant M 022 073 7580 E dawn.pollard@pb.co.nz
Page 1 and 2: WEDNESDAY, FEBRUARY 26, 2020 Connec
Page 3 and 4: SELWYN TIMES Latest Canterbury news
Page 17 and 18: Selwyn Times Wednesday February 26
Page 37 and 38: THe BeST PRoPeRTieS AcRoSS THe SeLW
Page 39 and 40: 3
Page 41 and 42: 5
Page 43 and 44: 7 Another SOLD Another SOLD Another
Page 45 and 46: 9 Zealanders Zealanders New • •
Page 47 and 48: 11 Zealanders Zealanders New •
Page 49: 13 Property Brokers Limited License
Page 53 and 54: 17 Lincoln 38 Grangewood Drive Endu
Page 55 and 56: A large, quality home sited in a pr
Page 57 and 58: 21 New home! For the kids Green spa
Page 59 and 60: this Week’s 23 5.00pm - 5.30pm 12

Selwyn Times: February 26, 2020

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?