i'm interested in going for auction property. i have never done it before. but i see there are potential of making money from auction property, therefore i would like to give it a try. i was reading at one of our local property guru's book, it stressed that it's very important to get the loan within 60 days for freehold and 90 days for leasehold property. if the successful bidder is not able to settle the remaining 90%, the submitted 10% would be FORFEITED! that's a really huge damage for investor, i have few questions in my mind:
1. i have no existing home loan, no car  loan, no credit card debt, i'm financially fit to apply for a home loan. what are the possibility that i'm not going to get a loan?
2. in the book, it suggested investor to have an overdraft account (existing home loan) to cover to remaining 90%, but i'm just starting out, is there any alternative for me to work it out?
3. is there such thing as pre-approved loan from bank before i go into the auction?
4. can anyone tell me what is the procedure from "after a successful bid" until "the name of the property is officially mine"?
5. the property i'm eying is a leasehold property, i realize that i need to get approval from Land Office, i wonder at what stage i need to do it? and do i hire a lawyer to do it?
please clear my doubt...seriously confused here