Auction - The procedure(Any previous similar post?)

Anybody experienced in auction can share with me how property auction works?

My understanding towards property auction is very limited. I understand that we need to prepare the downpayment during the auction day itself and the successful bidder would need to pay the downpayment on the spot. And the auction is being carried at a premise advertised.

Instead of asking lots of questions which might not be relevant, I ask for the guidance from those who is experience in this matter to share.

This post has been edited by GangHo: Sep 4 2010, 06:40 PM

Hope you find this useful. Please visit my website for full listing www.auctionmalaysia.blogspot.com

Thank you very much!

Can anybody then share the experience participating in the property auction? Things to take note.

Always have Plan B.

In the event a loan couldn't be obtain or couldn't disperse in time due to unexpected issues, u need funds to pay for the interest (if extension is granted) or even pay the balance in cash, one shot.

Next, auction property doesn't promise delivery of vacant possession. If there're ppl staying at the said property, be prepared for some grandmother stories.

Thanks for the advice.