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It’s always a good idea to seek out an alternative to traditional home buying and selling methods. Property Auctions is one such option for those who want to buy or sell quickly and without having to pay a huge fee for the privilege of doing so. Property auctions can be a great way to get a good price on property and are also a true test of whether or not you can get the price you want.

Here are 3 reasons why you should not overlook these auctions, even if you’re just considering them as an option:

Exposure to more interested buyerProperty auctions are an excellent way to increase interest in your listing and get your home sold faster or at a higher possible price. A misconception is that auction properties are sold at rock bottom bargain prices. Sometimes this isn’t the case, but chances are buyers can still snag a good value-buy at times. And, if the property is not sold, you have the opportunity to renegotiate the price at the next auction. Buyer protection and peace of mind in auctions are a way to give buyers a safe option to buy a home. If buyer have an offer accepted, the home is protected by the auction process. This attracted more buyers.

Transparent and straight forwardAuction is done in a very straight forward and transparent manner with the information given to you so you know there are no hidden tricks unlike a typical buying process. Every auction starts with a base price, meaning there’s no need to worry about the initial price being too high or too low. Virtual tour and video presentation of the home will be conducted before the auction, so you know the condition of the home and can make an informed decision about the home. Do take note that the bid can also be rejected if it does not meet seller’s reserve price. If there are no bids or no successful bids, property will be withdrawn from auctioning.

Current Market ConditionEvery auction starts with a base price, meaning there’s no need to worry about the initial price being too high or too low. Auctions give you an opportunity to see how your property will sell in the market currently. In other words, you get a true market value for your home. This is a true test of how other homes in your area are selling. The reason why a property auction is so effective is the high bidder success rate. Many homes sell for more than the asking price, even in a difficult market. The bidding process is very exciting, and the bidding often gets very intense.

Before attending a property auction, do check whether you are eligible to buy the properties. For foreigners, land ownership is restricted and they cannot purchase landed homes in main land Singapore from an auction. Have you secured the necessary financing arrangement, and are there any revisions to the conditions of sale for the property. Those who are interested in at least one of the auction properties should arrange for a viewing and thoroughly assess its location as well as how it is currently affected, such as by recent transactions. They should set out to decide how much they are willing to pay before attending the auction. Property auctions typically occur once a month and interested buyers can register with auction firms or real estate agencies ahead of time.