Today I am going to tell you how to find properties that are at least 20% cheaper than the ones you find in popular sites like propertyguru. Especially for commercial properties that are hit hard by COVID, you are more likely to get a good deal out of this auction listing.
Bank Auction Sale
Every month, real estate companies will list down all the bank auction properties. They can be HDB, condo, landed or commercial properties. They are foreclosure properties which the previous owner fail to make their mortgage commitment. Homeowner do fire sale their properties for auction as well.
These properties then sell at a discounted price, much lower than current home prices. Real estate companies will represent the banks, individual, liquidator or any financial institution to offload those properties.
Banks usually don’t wanna hold on to this properties for too long and wanna sell it without making a loss. The longer it is listed, the higher the chance of asking for more discount on the properties.
Usually most properties ended up not selling during auction and buyer usually work out a deal privately with the owner.
Auctions are usually held once every month at the office of the brokerage firms or a function room in a hotel.
Below are the few companies that release their listing monthly.
Take note, Properties can be sold before the auction if the price is right. During auction, if you bid successfully for a property, you’ll need to fork up a non refundable 10% of the property value as deposit.
Founded in 1940, Knight Frank Singapore is one of the country’s first real estate companies. They updated their listing monthly here.
Here’s their monthly listing link
Wa their office quite nice. Here’s their listing.
Tip to getting the best price
Be sure to ask the agent this 3 question. 1) What’s the guide price. 2) What’s the last asking price. 3) How long has the properties been listed
This can gauge interest and increase your chances of getting the best price. Lastly, please research your ideal property online and compare the pricing from the auction.