Education - property auction

Benefits of auction

• Buy lower than market price properties. Usually properties are auctioned at a fraction of their current value.
• Get the property you want – sometimes good properties at good locations are hard to come by. 

 These are good enough benefits! I do not want to list more!

Preparation before auction

1. Register yourself with the agency (us!)
1. Property details 
2. Full name as per I/C
3. I/C number
4. Contact number 
5. Email address
6. Physical address
7. We shall email/post you the P.O.S.
2. Check and analyze the Proclamation of Sales (P.O.S.).
3. Go check out the property personally.
4. Check with the land office on the property title, caveats and etc.
5. Purchase bank drafts of 10% the reserved price (check the Proclamation of Sales P.O.S.).
6. Check if the property is still up for auction – it might be withdrawn at the last minute.
7. Go for auction. 
8. Bring additional money / cash / check book to pay the balance of 10% as final auction price might be more than the reserved price. 
9. If you are unable to go there personally, you can assign a proxy to bid for you. Please contact us for details on how to do so. 

Auction process

1. Arrive at auction venue.
2.  Bring your I/C.
3. Pass 10% bank draft to court’s registrar.
4. Auctioneer explains the terms and conditions.
5. Auctioneer announces the bidding and starting price will be the reserved price.
6. Bidding starts and people raises their hand / bat to bid.
7. Price is repeated to let everyone know the new price and this goes on with other people bidding.
8. This continues until no more people bids at the last price.
9. After 3 calls, hammer drops and the winner takes the property.
10. Winner then signs the contract and pays the balance.
11. Take back your bank draft if you did not win the auction.
12. In 90 days, you’ve to pay the balance of the auction property price.

Happy bidding / winning!