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chandler

Anyone Know Where To Look For Bank Auction Terrace House?

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google for it.

Will try to google later. Thought asking u guys got short-cut instead of start from rawww.

almost everyweek newspaper got publish

Which newspaper? Chinese or ang mo? morning one or wan bao?

 

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If you just wana look at auctions thinking of a bargain, you will be disappointed.

Buying properties is not like buying some electrical products; each property is unique by itself and sometimes cannot be compared. At auctions, many of the properties are actually abandoned by the owners.

Also, auctions are often mistaken to have cut-throat prices; more often than not, the property's value had fallen below the mortgage loan, that's why the owners abandon them and just let the bank do necessary foreclosure. Thus the banks will be putting an auction's reserve price at least equivalent to the outstanding mortgage amount in order to recover their debts, which can be higher than the value of the property.

Also, given the bad economic situation, most banks would go all the way to negotiate a win-win situation with their mortgagee rather than doing a foreclosure on the property to auction off at the first instance of arrears. So those owners with nice houses who are in real difficulties will work closely with their banks to come to a solution.

Need more proof? Read this: http://client.knightfrank.com.sg/auc/AH20082H.pdf

If you want to find a good property at a good price, I suggest you list down your requirements and look at all avenues; auctions should be just one of them, and do note they may not be the cheapest.

 

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If you just wana look at auctions thinking of a bargain, you will be disappointed.

Buying properties is not like buying some electrical products; each property is unique by itself and sometimes cannot be compared. At auctions, many of the properties are actually abandoned by the owners.

Also, auctions are often mistaken to have cut-throat prices; more often than not, the property's value had fallen below the mortgage loan, that's why the owners abandon them and just let the bank do necessary foreclosure. Thus the banks will be putting an auction's reserve price at least equivalent to the outstanding mortgage amount in order to recover their debts, which can be higher than the value of the property.

Also, given the bad economic situation, most banks would go all the way to negotiate a win-win situation with their mortgagee rather than doing a foreclosure on the property to auction off at the first instance of arrears. So those owners with nice houses who are in real difficulties will work closely with their banks to come to a solution.

Need more proof? Read this: http://client.knightfrank.com.sg/auc/AH20082H.pdf

If you want to find a good property at a good price, I suggest you list down your requirements and look at all avenues; auctions should be just one of them, and do note they may not be the cheapest.

Wow zirhk, Zoe Tay actually goes to your house to do filming. So envy, I also want her to sign on my wall. :dribble:

 

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Google Colliers & Knight Frank auctions.

But zirhk3355 is right - u may be disappinted if u r looking at bargain prices. There's this same semi-d unit i knew with owner asking for 1.5-1.6mil around last year but now under auction for about 2.2-2.4mil. Either previously sold and now owner looking at earning quick profits or owner simply trying luck at auction to fetch good price. I think the auction price may be more realistic if it's a bank sale than a mortgagee/owner sale?

 

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The four major auction houses are:

Jones Lang Lasalle

Knight Frank

Colliers

DTZ

You can google their Singapore websites and asked to be put into their emailing lists. There is an auction cycle this week. The auction market is rather small and these auctioneers arrange among themselves such that their auctions do not clash. They are always held in the same place - Amara Hotel level 3 and the dates are published in advance. For bank sale properties, I've observed that some properties are rotated among auctioneers - if an auctioner cannot sell the property in an auction, the bank gives it to another auctioneer at the next cycle. I've staked out at the auctions for several months but I find the bank sale landed homes that come on the market generally unattractive. The reserve prices of the owners' sales are high. Contrary to the popular belief that there are good bargains that the auctions, banks are reportedly holding back from repo-ing homes and putting them on the auction block, because prices are pushed down for assets on distressed sale, so banks are instead allowing owners to list the properties as as owners' sale even if they are put up for sale via auction, so as not to press down the prices.

Also, once you are interested in a property that is on the auction list, you can usually enter into private negotiations using the auction bids as reference if it has be withdrawn in a previous auction. The only exception is when the bank instructs that the property is strictly to be sold via auction only, and this is generally when a property is first put up for auction.

Hope this helps.

Edited by horseman
 

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