Buy Auction Properties Steps

Have you started to make more money from Klang Valley property auctions? How to own cheap property at KL and PJ below market price from auction? How to win a good deal from property auction competing with others bidder?

Property auction is always recommended by property expert as a good medium for property investor to make more money by buying cheaper property. Auction property with price 20% lower than market price usually is advisable to deal with it.

Win your bid in cheap price with following tips:-

STEP 1: CHECK THE PROPERTY

§  To conduct on-site inspection

§  To check on encumbrances

§  To check on the outstanding maintenance charges / rates / taxes / utilities charges and vacant possession

§  To consult a valuer to get indication of the property price and compare with the reserve price

§  Go ahead to bid if the property price is under the market price for atleast 20%

STEP 2: PREPARE YOURSELF FOR THE AUCTION

§  Organize your finance (include preparing document needed for loan application)

§  Set on the maximum price that you are willing to bid

§  Bring extra money with you during auction

STEP 3: FAMILIAR ON THE AUCTION PROCEDURES

§  Think twice and get used to auction first before put up your hand for an auction

§  Talk to agents, talk to friends, talk to lawyers, talk to valuers

§  Attend as many auctions as you can before start to bid

STEP 4: BIDDING PROCESS AND PROCEDURES

§  Confirm with the auctioneer that the property still under available for auction

§  Be aware the auctioneer may withdraw the property last minute

§  Register your name and prepare 10% or 5% bank draft on the reserve price (depends on the auctioneer)

STEP 5: START BIDING (THE GAMES IS ON)

§  Be there 30 minutes earlier to get yourself ready for the battle

§  Don’t influence by others people

§  Be focus and be clear with your objective

§  Be clear on your objective to win property that you are target for

§  Be clear on your bottom line

§  Listen carefully on the terms and conditions (as they might change it)

Start biding only when the property you target is on auctions. Be firm with your bottom line. Stop when the price is over the bottom line that you set earlier. Remember there are plenty of auctions or opportunities out there.

STEP 6: WIN OR LOSE THE BID

Congratulation, if you win the bid:

§  You are required to sign the Memorandum at the bottom of the Proclamation of sale (or the Sales Contract)

§  Pay the balance of the 10 % or 5% if the price is higher than the reserve price

Don’t be upset, if you lose the bid:

§  The streets are full of them and there are plenty of opportunites or auctions out there

§  Don’t forget to claim back the 10% or 5% deposit that you have submitted

§  If you want a baby boy:

Deep penetration by the husband is suggested.