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.
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.
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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- how to bid a lelong house (1)