Mortgagee Sales Auckland - Barfoot & Thompson

Q: What is your role in a mortgagee sale?

I provide the 'boots on the ground' service. I conduct the open homes across West Auckland — Henderson, Massey, Kumeu, Hobsonville — manage buyer viewings, answer questions about the property, and distribute the legal packs. The Barfoot & Thompson Mortgagee Team handles the lender instructions and statutory compliance. You get the safety of a corporate process with the agility of a local agent who knows which Swanson streets flood and which Glen Eden properties have hidden issues.

Statutory Duty. Local Hustle. Corporate Compliance

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Mortgagee sales require a dual approach. I partner directly with Barfoot & Thompson’s dedicated Mortgagee Team, who handle the strict statutory compliance and lender instructions. My role is to provide the “boots on the ground”: running the open homes across Henderson, Massey, Kumeu, and the Northwest corridor through to Orewa and the Hibiscus Coast managing buyer enquiries, providing documentation, and driving the competitive tension required to achieve the best price reasonably obtainable.

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Darren Ryder

BARFOOT & THOMPSON

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Darren Ryder, Auckland Real Estate Specialist

What is a Mortgagee Sale?

A mortgagee sale occurs when a lender exercises their power of sale under the Property Law Act 2007 after a borrower defaults on their mortgage. The mortgagee has a statutory duty to obtain the “best price reasonably obtainable” typically achieved through public auction. Properties sell “as is, where is” with no warranties, requiring buyers to complete all due diligence before bidding. In Auckland, mortgagee sales have reached a six-year high of 235 annually still less than 1% of total market activity, but creating opportunities for prepared buyers.

Mortgagee Sale Key Facts

⚡
Speed: Settlement typically 10-20 working days (vs 30-90 days for standard sales). Lenders want rapid debt recovery.
🔒
Deposit Security: Your 10% deposit is held in Barfoot & Thompson’s audited trust accounts for a minimum of 10 working days before release.
✓
Auction Integrity: B&T’s no-vendor-bidding policy (since 1996) ensures 100% of bids are genuine — critical for mortgagee legal compliance.
📢
Market Reach: 1,800+ agent network and 41% Auckland market share generates maximum competitive tension for lenders.
📍
Regional Expertise: 13+ years selling across Henderson, Massey, Kumeu, Hobsonville, and the Northwest corridor.

The “HQ & Field Operative” Model

Successful mortgagee sales need two things: Legal Safety and Market Heat.

One without the other fails. A compliant sale with no buyers achieves nothing. A packed auction room with procedural errors exposes the lender to legal challenge.

That’s why I work in tandem with the Barfoot & Thompson Mortgagee Team — a partnership that delivers both.

Mission Control

The B&T Mortgagee Team handles lender instructions, statutory compliance under the Property Law Act 2007, Section 119 notices, and ensuring every legal box is ticked to protect the mortgagee from challenge.

Field Operative

I’m at the property. Running the open homes in Henderson, Massey, Kumeu & Orewa. Answering buyer questions. Distributing legal packs. Making sure the market actually turns up on auction day.

Northwest Auckland | West Auckland | North Shore | Hibiscus Coast

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Mortgagee Sale FAQs

What is your role in a mortgagee sale?

I provide the “boots on the ground” service. I conduct the open homes across West Auckland — Henderson, Massey, Kumeu, Hobsonville — manage buyer viewings, answer questions about the property, and distribute the legal packs. The Barfoot & Thompson Mortgagee Team handles the lender instructions and statutory compliance. You get the safety of a corporate process with the agility of a local agent who knows which Swanson streets flood and which Glen Eden properties have hidden issues. Get started | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

What exactly is a mortgagee sale in New Zealand?

A mortgagee sale occurs when a borrower fails to meet their mortgage repayments or other loan obligations. The lender (mortgagee) exercises its power of sale under the Property Law Act 2007 to sell the property and recover the outstanding debt. Before proceeding, the mortgagee must serve a formal Section 119 notice giving the borrower minimum 20 working days to remedy the default. Auckland has seen mortgagee sales reach a six-year high of 235 annually — though this remains less than 1% of total market activity. Unlike standard residential property sales, mortgagee transactions have strict legal requirements the lender must follow. Discuss your situation | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

Why are most Auckland mortgagee sales sold by auction?

Auctions demonstrate that the lender has met their statutory duty under Section 176 of the Property Law Act 2007 to obtain the “best price reasonably obtainable”. The process is public, transparent, and creates a documented market-value result through competitive bidding. This protects the mortgagee from legal challenge by the borrower claiming the property was undersold. Barfoot & Thompson called 572 auctions in November 2024 alone — more auction volume than any other Auckland agency. Our auction strategy ensures maximum buyer competition on the day. Learn about auctions | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

What does “as is, where is” mean for a buyer?

It means the property is sold in its current condition with no warranties whatsoever. The mortgagee does not guarantee that the property is habitable, that chattels work (or will even be there at settlement), that the building is compliant with council regulations, or that there are no hidden defects. Standard ADLS warranties are deleted or heavily amended. If the property is damaged, vandalised, or uninhabitable at settlement, buyers have no recourse against the vendor mortgagee. The only practical guarantee is clear title. This is why my tradesman background matters — I can help identify visible red flags before you bid. Discuss risks | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

Can I buy a mortgagee sale property with a finance condition?

No. Mortgagee sales are almost always conducted via auction or tender and are cash-unconditional at the fall of the hammer. No finance conditions. No building inspection conditions. No LIM conditions. Buyers must have their finance 100% pre-approved and all due diligence completed before bidding. Some lenders are reluctant to finance mortgagee purchases at all because they don’t know “what’s behind the walls.” If you’re a first home buyer considering a mortgagee sale, get your pre-approval sorted well in advance and understand the risks involved. First home buyer guidance | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

What notice must a bank give before a mortgagee sale?

Under Section 119 of the Property Law Act 2007, a mortgagee must serve a formal notice giving the borrower a minimum of 20 working days to remedy the default before proceeding with a sale. The notice must specify the exact nature and extent of the default and the action required to remedy it. Copies must also be served on any former mortgagors, guarantors, subsequent mortgagees, and caveat holders. These requirements cannot be contracted out of. If you’re facing this situation and need to sell quickly to avoid mortgagee action, a free property appraisal can help you understand your options. Get urgent appraisal | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

What is “no vendor bidding” and why does Barfoot & Thompson use it?

Vendor bidding is when an auctioneer places bids on behalf of the seller to drive the price up. While legal under certain conditions (below reserve, clearly identified), it creates doubt about bid legitimacy. Barfoot & Thompson has maintained a strict no-vendor-bidding policy since 1996. This ensures every single bid is 100% genuine — which is critical for the legal transparency required in a mortgagee sale. Borrowers can challenge sales on the basis that the mortgagee didn’t achieve best price; transparent auction processes provide defence. Learn about B&T auctioneers | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

Can I get a building report or internal access for a mortgagee sale?

Access is often severely restricted. The mortgagor (owner) may still be in possession and may refuse entry — they’re not obligated to cooperate with the sale of their home. Properties are frequently sold based on “kerbside viewings” only. Banks are not obligated to facilitate internal inspections, provide building reports, or disclose unapproved construction work. This creates a catch-22: your bank may require a building report for mortgage approval, but you can’t access the property to commission one. Due diligence you CAN complete: LIM reports, title searches, council property files, exterior inspections, desktop valuations. My tradesman background helps identify exterior warning signs that indicate deeper problems. Arrange viewing | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

Are chattels like curtains and ovens included in the sale?

Usually not. Chattels often fall outside the mortgage security and may be removed by the owner before settlement. Disgruntled mortgagors frequently strip properties of appliances, light fittings, curtains, and sometimes deliberately cause damage. Properties have been found “literally stripped” by the time the buyer takes possession. Assume nothing is included. Budget for replacing everything from curtains to heat pumps. Some fixtures (items permanently attached) may remain, but even these can be damaged or removed. If you’re buying as an investment property, factor replacement costs into your rental yield calculations. Calculate rental yield | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

Is there a reserve price set for a mortgagee auction?

Yes. The mortgagee sets a confidential reserve price based on registered valuations and marketing feedback. The auctioneer will announce when the property is “on the market” (reserve met), but the actual reserve figure is never made public. The reserve must be realistic — courts have found mortgagees breached their Section 176 duty when reserves were set unreasonably high, preventing sale. Mortgagees typically aim to recover the outstanding debt plus costs, not maximise profit for the borrower. Understanding auction strategy helps buyers know when to bid aggressively. Understand auction strategy | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

Can a mortgagee property be withdrawn from sale at the last minute?

Yes — and it happens. The mortgagor retains the right to redeem the mortgage by paying the debt in full at any time before the hammer falls or the contract becomes unconditional. If this happens, the sale is withdrawn immediately with no compensation to disappointed buyers for wasted due diligence costs. This is one of the unique risks of mortgagee purchases. Family members sometimes arrange last-minute bailouts. Refinancing may come through at the eleventh hour. Be prepared for this possibility. If you’re working with a buyer’s agent, they can help identify backup properties. Buyer’s agent services | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

What happens to my 10% deposit if I win the auction?

You must pay a 10% deposit immediately upon the fall of the hammer. Under the REAA 2008, this money is held in a secure, audited trust account for at least 10 working days before being released — providing essential buyer protection. Barfoot & Thompson’s trust accounts are subject to annual compliance audits, monthly reconciliations, and seven-year record retention. If the sale fails to settle due to buyer default, the deposit may be forfeited. If the sale fails for other reasons, it’s returned. Use our commission calculator to understand the full costs involved in any property transaction. Commission calculator | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

How long is the settlement period for a mortgagee sale?

Settlement is typically faster than standard sales, often ranging from 10 to 20 working days after the sale becomes unconditional. This compares to 30-90 days for voluntary residential sales. The compressed timeline exists because lenders seek rapid debt recovery and do not provide warranties for vacant possession. You need to be ready to complete quickly. Arrange insurance immediately after winning — risk passes to the buyer at unconditional date, not settlement. If you’re purchasing as an investment, contact our property management team early to prepare for tenanting. Property management | Call: 021 307 014 | Email: d.ryder@barfoot.co.nz

About the Expert

Darren Ryder is a Licensed Real Estate Salesperson (REAA 2008) with 13+ years experience across West and Northwest Auckland. He works in tandem with the Barfoot & Thompson Mortgagee Team, providing on-the-ground agent services (open homes, buyer management, property documentation) while the specialist team handles lender compliance. Former tradesman background enables forensic property assessment.

Call: 021 307 014 Email: d.ryder@barfoot.co.nz Book Consultation

Last Updated: January 2026 | Verified by: Darren Ryder, Licensed REAA 2008

The Heavy Artillery

Why Barfoot & Thompson dominates Auckland mortgagee auctions

41% Auckland Market Share

8 Full-Time Auctioneers

572 Auctions Called (Nov 2024)

1,800+ Agent Network

When a lender needs to demonstrate they achieved the “best price reasonably obtainable” under Section 176 of the Property Law Act 2007, infrastructure matters.

Barfoot & Thompson operates Auckland’s largest auction program — three purpose-built auction rooms including the 110-seat Shortland Street facility, online bidding capability, and more auction volume than any other agency. Lead auctioneer David Johnstone has called 31,000+ auctions over 48 years.

The no-vendor-bidding policy — in place since 1996 — means every bid is genuine. No dummy bids. No artificial price inflation. This isn’t just good practice; it’s essential legal protection for mortgagees facing potential challenge from borrowers.

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Transforming AUckland's
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The Legacy of the Barfoot Family
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Founded by the Barfoot and Thompson families, this powerhouse has been dominating the market for decades. And let’s be clear: Peter Thompson isn’t just a name on the building. His leadership has taken Barfoot & Thompson to new heights, making waves in the industry that others can only hope to surf.

Why Barfoot & Thompson Leads the Market

When it comes to real estate in Auckland, Barfoot & Thompson isn’t just playing the game—they’re changing it. If you’re serious about finding your next property, you need to pay attention.

Thompson Barfoot A Partnership
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Thompson Barfoot isn’t just a company; it’s a legacy. The Thompson family and the Barfoot family have been shaping Auckland’s skyline together. AKA Barfoot & Thompson.

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Community Involvement Beyond Real Estate

Ever heard of the Barfoot & Thompson Auckland Marathon? It’s just one example of how deeply rooted the Barfoot & Thompson families are in the community. They’re not just selling properties; they’re investing in Auckland’s future.

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They’ve even supported local theatre, showing their commitment to enriching the community beyond just property dealings.

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So, you’re ready to sell your home in Auckland. You don’t want guesses or maybes—you want results. That’s where Barfoot & Thompson Kumeu comes in. We’re not just another real estate agency; we’re the powerhouse that turns listings into sales.

Leading the charge is Darren Ryder, the real estate agent who doesn’t just talk the talk. Darren knows the Kumeu market inside out, and he’s committed to getting you the best deal possible. With Barfoot Kumeu backing him, you’re not just hiring an agent—you’re gaining a strategic partner.

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With over 95 branches throughout Auckland and Northland, our team of over 1,800 salespeople specializes in luxury, lifestyle, residential, rural, and commercial properties.

As recipients of industry awards, including being named the 'Best Real Estate Agency in the World,' we continue to surpass expectations.

Still run by the original Barfoot & Thompson families, our commitment to exceptional service is ingrained in everything we do.

100 Years Old:
Family Business
New Zealand icon

Over the decades, the company has continued to grow, despite fluctuating market cycles, economic downturns, war times, changes in government regulations and more. Throughout our history, the families have maintained their integrity to make the company a success story and iconic New Zealand brand.

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The story began in 1923
Val Barfoot bought a
land agency for £75

In 1934, the Barfoot brothers were joined by Maurice Thompson and in 1940 the business became "Barfoot & Thompson" as we know it today.

From those small beginnings in Newmarket, we quickly grew to become Auckland's market leader. For over 100 years we've remained steadfastly family owned.

The current Directors - Peter Thompson, Stephen Barfoot and Kiri Barfoot - are the grandsons and the granddaughter of the original owners.

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Barfoot & Thompson residential & rural commission rates

Residential: 2% of the purchase price*, except for the first $300,000 at 3.95%

Rural :2% of the purchase price*, except for the first $400,000 at 3.95%

Minimum commission rate of $11,000 + GST applies

*Purchase Price: Where the price is:
a) ‘Inclusive of GST (if any)’ the fee is charged on the GST inclusive amount.
b). ‘Plus GST’ the fee is charged on the GST exclusive amount.

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