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Auction house VS High court auction, the difference ? which is better ?
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Alvinyeo
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 May 23 2012, 10:46 AM
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QUOTE(Irresistible @ May 22 2012, 11:01 PM) I would like to know ... I go to high court auction, facing almost ALL PROPERTIES Call off due to new regulation imposed by high court to Bank (3% of selling price need to pay to High court from Bank b4 auction those houses).... A lot of banks not willing to PAY YET.... 1. DOcument more complete ?? high court ? 2. difference ? 3. Advantage & disadvantages ? I never seen such regulation before...  Usually is just the deposit of 10%. I prefer auction house rather than high court. Personal reason.  |
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Alvinyeo
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May 23 2012, 10:48 AM
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QUOTE(Irresistible @ May 23 2012, 12:04 AM) U mean the 3% , actually the bank can get it back ?? I don't understand why the bank refuse to pay or pay so late... I m curious to know that , WHY willing to auction the house to HIGH COURT, instead of auction it by themselves ?One of the reason from auction house switch to High Court because the property got no bidders for quite some time. Usually High court will pay all outstanding fees and reserve price more cheaper.  |
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Alvinyeo
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May 23 2012, 12:27 PM
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QUOTE(jalsrix @ May 23 2012, 12:00 PM) Thanks for giving info generously  (unlike that michaellee who is stingy with info when asked, but when we don't ask, he likes to shoot rubbish from his mouth  ) But maybe my info not 100% correct and always welcome new info. Personally prefer Auction house cause is easier to get compare with High court. Rather waiting to fight with 20-30 bidders better off with 2-3 bidders. |
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Alvinyeo
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May 23 2012, 04:51 PM
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QUOTE(michaellee @ May 23 2012, 02:28 PM) To be honest, most auction houses properties have less bidders than high court auction and in some ways Alvin may be right. High court auction attracts a lot of bidders due to a lot less inherent risks compared with LACA properties. A hot property will always be hot. The only difference is whether the property can only be sold via LACA or high court. An auctioneer cannot choose the method of auction, only the property, with or without title will determine the type of auction. I think i'm wrong in that part. How about land office ? Sometime auction take part in land office at government office there. What's the reason ? |
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Alvinyeo
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May 29 2012, 03:40 PM
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QUOTE(michaellee @ May 29 2012, 03:18 PM) If you buy high court auction, one should be prepared to have cash. Even if there are no caveat, sometimes, it does take time to do the drawdown from your end financier. LACA also depends on bank, most banks would allow extension, but there are some who might be recalcitrant. I think both high court and public auction need a lot of cash. At least 20-30% of the reserve price. |
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Alvinyeo
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Jun 1 2012, 10:37 AM
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QUOTE(cloner @ Jun 1 2012, 09:18 AM) thanks all for replying, i went for my very 1st auction & came back without the house... damn gan jeong but then its a good experience,.  Experience is a must. I go 10 times also doesn't mean i can get even 1. To not waste time, i usually set my budget 1st and research see that property will got a lot bidders a not. |
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