Before you bid — the %%auction work%% that protects you.
Stage P1 of the 3Ps framework for auction purchases. When you bid at auction, every condition has been waived. This stage makes sure every piece of due diligence is signed off before the hammer falls.
The auction checklist, stage by stage.
The most common way first home buyers lose money at auction is bidding on a property where the due diligence isn't complete. This stage stops that.
Free initial document review
SPA, LIM, and title reviewed on or after our first Zoom call — at no cost, even if you don't end up bidding.
Finance live approval
Bank-specific approval for this exact property, not just generic pre-approval. Required for bidding.
Order the LIM report
Council file review before the auction — typically 10 working days, so start early.
Order the building inspection
Pre-auction building report so you know the condition of the property before you bid.
Insurance must be available for the property. A quote from your broker confirms it.
Insurance must be available for the property. A quote from your broker confirms it.
Chattels and tenancy status
Check what's included on Schedule 2 and whether the property comes with any existing tenancies.
Variation signing (KiwiSaver)
If using KiwiSaver for the deposit, we agree a variation clause before the auction so the mechanics work.
Angus Grayson, LLB
Auctions are unforgiving. Every condition is waived, the hammer falls, and you're legally bound. This stage of the 3Ps framework is my answer to that — a pre-auction checklist I work through with every buyer before they even think about bidding.
Send me the guide.
The most common way first home buyers lose money at auction is bidding on a property where the due diligence isn't complete. This stage stops that.
Before you download.
How far in advance should I start?
Three to four weeks before the auction is ideal. The LIM alone takes 10 working days.
What if I bid on multiple auctions?
The capped fee covers the pre-offer work regardless of outcome. You can bid on two or three properties for the same fee.
Can I skip the building report to save money?
Technically yes. Practically — buying at auction without a building report is the riskiest thing a first home buyer can do. It's uninsurable risk.
What if I win the auction?
We move straight into Stage P3 — Peak Summited — to manage settlement. No transition friction.