Thursday, March 26, 2009

How to participate in an auction sale

  • LOOK out for advertisements in the classified pages as auction houses usually advertise one to two weeks before the scheduled auction date.
  • Alternatively, you can call the auction house and ask to be put on its mailing list so that you are kept posted of the auctions on a regular basis.
  • Call the auctioneer to make an appointment for viewing.
  • Obtain a copy of the property's particulars and conditions of sale, that is, whether it is to be sold with tenancy/vacant possession and the completion period for the sale.
  • Do your homework. Check the valuation figure with the bank and the quantum it is prepared to finance. Some banks have mobile teams who can visit your home and are able to revert within three days with an in-principle approval for your loan.
  • Determine the price that you are willing to bid for the property and discuss it with the auctioneer.
  • Arrive early on the day of the auction to get a seat so that you can bid in comfort. Due to the overwhelming response, latecomers may not be able to get into the auction room.
  • Bring your cheque book and identity card as you have to pay the deposit and sign the sale and purchase agreement immediately if you are the successful purchaser.
Source: Business Times, 26 Mar 2009

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