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A Guide to Property Auctions in Singapore  

 

It is high time that we buy a property. Unfortunately, securing a property is a complicated web if we are not familiar about it. With this, it is crucial that we get all the help that we need. If we are really serious about securing real estate, we have to consider auctions. Real estate auctions are popular here in Singapore especially now.

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Sellers are looking for ways to dispose their properties. As a buyer, we have to look for great deals which entails low prices. If we do not know what questions to ask, we will not get the right answers and surely we will not reach our goals. If we are new to real estate auction, we have to consider the following things:

  • Where property auctions are held: Let it be known that real estate auctions are always held at Amara Hotel. Amara Hotel is located in Tanjong Pagar. The next question is the frequency of the auctions. The real estate auctions occur once a month.
  • Where to get information about the auction: Two weeks before the actual auction, marketing strategies are in full blast. The property listings are advertised (in paper and online). If we subscribe to their email, we will get updates about the upcoming event. To receive updates and email, we have to subscribe.

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  • Conduct during auction: Auctions are open to public. The good thing is that we do not need to pre-register. All those who are interested, can come anytime but real estate agents need to pre-register. Real estate agents should state the client they are representing.
  • Advice for first-time buyers: If this is our first time at an auction and we already have something in mind, we have to scrutinize the unit first before asking for the conditions of the sale. We can do this by arranging a property viewing and this is usually through appointment. As a buyer, we have to check our loan eligibility; we have to talk to our banker so we will know the maximum bid. Auctions also require a ten per cent down payment upfront so it is crucial that we know our financial capability. We have to remember that once the hammer is whacked, the sale is complete.

There it is. Real estate is not so complicated if we ask the right questions. If we need help to make sure that things go smoothly, we can always seek for real estate agents and let them do the job. The crucial part here is the availability of our money. If we ready the money, we can surely get that property.

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