Tips from Soon on HOW TO SCREEN GOOD BUYS FOR AUCTION PROPERTIES

I come across this article written by Soon on Livintrend magazine about tips on aution properties and would like to share with you.

“Fristly, you need to know if the auction property that you are interested to bid is occupied. If the unit is unoccupied , taking over possession will be relatively easier than those being tenanted or owner occupied.”

“For tenants who expressed their intention to continue renting after the sale is completed, the new owner will be saving time and cost to look for tenants!”

It is better to reconsider bidding for a property that is owner occupied. Although this scenario consists of some workable solutions, Soon advised seeking for proper assisstant before bidding.

“Do not wait for the price to drop if you think that the reserve price is fit to bid because the lower price will attract more buyers to bid. Eventually the selling price will be sold higher than the previous reserve price!”

Since the different bank have different conditions of sale, Soon said, “You must know who is absorbing previous owner’s arrears such as quit rent, assessment and maintance charge up to the date of auction.

“Generally, most banks will absorb the developee’s arrears but not th utility charges like telephone, electricity and water bills.”

“For the banks that are not responsible for any of the above, check on the arrears from the relevant authorities, developer and land office. You must take note that certain auction properties are still a good buy after add on the arrears”

Source: LIVINTREND (www.livitrend.com)