Hi Emman,
There are 3 major advantages to buying your property at a property auction. They include:
Better investment opportunities. Interested bidders are given the opportunity to buy investment properties which could have been offered to a selected number of buyers through a private tender or private treaty.
More organised. Legal documents pertaining to the sale of the property would be available before the day of purchase for the buyer's inspection. Furthermore, the contracts of sale can be signed and can exchange hands on the day of the property auction.
Hassle free. All offers on a property would be done publicly, allowing buyers to be aware of what others are offering. There is no need for the buyer to worry about any sudden surprises cropping up at the last minute, such as the seller backing out.
Buyers do not have a particular procedure to follow unlike
sellers, but there are several things that buyers should keep in
mind when entering into a property auction, such as:
Buyers must ensure there is enough money to make a deposit if the buyer is successful in a bid. A deposit of 10% of the sale price is expected on the day of the property auction. The other 90% would need to be paid after the completion of sale, which is around 10 to 12 weeks. Payment can be made by cheque.
Buyers must secure a loan before the property auction date. Take into consideration the time it takes for a loan to be approved, because backing out for not getting the loan in time could be costly!
Yes, an agent can represent you.
Do call me
9876 5130
to discuss.
Thanks.
TC Tan
Group Director
DWG
98765130
dennisweeagent@yahoo.com.sg
http://www.dennisweeagent.myweb.sg
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