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How To Buy An Auction House

| Info | June 21, 2012

auctionhouse

 

Never been to an auction?

Step by step guide to bid during an auction

  • Identify the property auction

Take note of the desciption,address and the relevant information of the property you are interested in.

  • Inspect the property Auction

Inspect the property concerned to understand better the state and condition of the property.

  • Do a search on the property auction

Do a general search or seek independant legal advice on the property.

  • Call the Auctioneer / Sales Agent

Call the auctioneer or sales agent to obtain any other information needed of the property.

  • Prepare bank draft

Prepare a bank draft equivalent to 10% of the reserve price.Be prepared to topup the difference between the 10% of the reserve price and the 10% of the final sold price immediately (LACA Only) after the auction.

  • Register on the the auction day

On the day of auction,register with sales agent and obtain a copy of the Term and conditions of sale from the auctioneer.A bidder’s card with number will be issued to identify the registered bidder during the auction.

  • Read the condition of sale.

Take your time to read and fully understand the “Term and Condition Of Sale”and seek clarifications from the auctioneer before the auction commences.

  • Bidding

The Auctioneer will announces the commencement of the auction,bidder is to raise his hand to signify his interest to bid for the property.

  • Sign the contract.

Congatulations!
Sign the sales contract.Bidder will be advised to collect the stamped contract at a later time.Agent will arrange for financing loan.

  • Successful Bidder

The successful bidder is identified as the highest offeror during the bidding process.When the auctioneer’s hammer falls,property is sold.

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