Sellers have a set of procedures to follow when it comes to selling a home at a property auction, including:
• Providing a photocopy of the seller's IC and the seller's property details to the auctioneer. They also have to sign an Auction Agreement Form. In addition, an upfront fee of $800 has to be paid for the property auction, preferably as a cheque. The Reserve Price, the lowest price the seller will accept for the property will also need to be mentioned.
• Sellers must appoint a lawyer to do-up the Particulars And Conditions of Sale, and send it to the auctioneer at least 5 days in advance of the property auction.
• Getting the auctioneer to advertise the property prior to the property auction. The seller may be asked to arrange a time for the auctioneer to carry out an inspection, take photos, and invite interested parties to view the place. Sellers will also be given the opportunity to review the Reserve Price once more after some prospective buyers have viewed the property.
• Paying a 1% commission to the auctioneer upon the sale of the property. The seller will also have to pay a set Auction Fee for the auctioning of the property. The fee varies between the different auctioneers, and is expected to be paid by cheque.
These four guidelines are a basic introduction for sellers looking to participate in a property auction. Of course, we encourage all sellers to contact their auctioneer directly to confirm these procedures.
Mary Sai, Executive Director of Auction Department, Knight Frank:
"As one of Singapore's leading auction providers, Knight Frank is pleased to be collaborating with PropertyGuru on this new initiative to reach out to a wider network of property buyers and sellers."
Shaun Poh, Senior Director, Investment Advisory Services & Auction, DTZ:
"As one of Singapore's leading auction providers, DTZ is pleased to be collaborating with PropertyGuru on this new initiative."