Auction prep: the three-week plan
The bottom line
Every check happens before auction day: title, LIM, building report, bank approval for the property, KiwiSaver in trust.
Because an auction bid is unconditional, the due diligence you would normally do after signing has to happen before the day. We run it in three weeks: review the pack and order reports, confirm finance for the address and sort the deposit, then set your ceiling in writing and agree the pass-in plan.
The road map tool in this lesson lays the three weeks out day by day against your auction date.
Read this
Before you bid: the auction work that protects you
Do this
Build your three-week plan with the Road map to auction
Check yourself
When does due diligence happen for an auction purchase?
Before auction day.
What must be in a trust account before you bid, if you are using KiwiSaver for the deposit?
The KiwiSaver withdrawal.
What should you write down before the auction?
Your ceiling price and your pass-in plan.
Talk it through
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