BidSMART

BidSMART

1. Inspect the property first, take into consideration the condition and the environment of the housing area.
2. Check with the Land Office or developer on its condition, transferability of ownership and whether any restrictions have been imposed.
3. Read the proclamation of the auction carefully, which could be obtained from the auctioneer.
4. Prepare your bank draft of cashier's order in favour of the bank for exactly 10 percent of the reserve price. The bank draft is deposited with the auctioneer before the auction begins. If you are the successful bidder, the draft is treated as part of the deposit towards the purchase price. If you are unsuccessful, the bank draft is returned.
5. If you are planning to purchase more than one property, you must present separate cashier's order or bank draft for each property you wish to purchase.
6. Be prepared with extra cash or a Visa/Master card just in case you need to pay deposit that is higher than 10 percent of the reserve price.
7. Make an estimate of the highest bid you can afford.
8. Check the correct date and place of the auction.
9. Find out who will be responsible for paying the outstanding maintenance charges of the properties.