Tips of Auction
- Draw a comparison of prices involving comparable properties in the vicinity of which the subject property is located and other comparable areas. Potential bidder's is encouraged to instruct their own valuer to conduct a formal valuation on the subject property and not to rely on any indication of market value as stated in the auction flyers.
- Plan your budget wisely, set price range for property/ies that is within your budget. Endure your financial standing is favorable should you decide to apply for financing with financial institutions.
- Financing facilities will be provided for eligible successful bidder's. Successful bidder's are encouraged to apply for financing from the auctioning bank, as documentation process will be smoother and faster.
- Take into account the possible cost of repairs that need to be carried out on the subject property; as well as outstanding utilities / other outgoings payable ( including but not limited to legal fees water, electricity, sewerage, etc ).
- Investor's on the one hand, would be on the lookout for ROI ( Return on Investment ), i.e. Rental per annum divided by purchase prices, multiplied by 100%.
- You can view the auction property externally, but remember NOT to trespass into the subject property.
- Be ready for up-bidding situation where you may not be able to buy at the Reserve Price. In such a situation the amount of deposit required would necessarily increase, hence should you become the successful bidder you ought to top up the difference between the Reserve Price and the amount so increased, equivalent to five per centum or ten per centum, as the case may be.
- Successful bidder's may call up the Bank for enquiry of general procedure's for matters after auction.
- Obtain your own legal advice to better protect your interest.
- Last but no least, create your own tangible asset portfolio and passive income by buying more auction properties.
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