QUOTE(Icehart @ Dec 31 2021, 03:42 PM)
How much cash is needed to standby for a 405k auction property?
1. 10% deposit to enter bidding. (few bank required only 5% nowadays).
2. If win, then need to standby to appoint lawyer and take bank loan to cover the remaining purchase price.
Same like subsale, legal fees and stamp duty (if you take 90% loan) is approx 5% of the purchase price.
Some portion of loan legal fees and stamp duty can be financed into the bank loan. So no need to have full 5% cash in hand.
Then there will to pay outstanding maintenance fees and cukai taksiran. Mostly bank will cover but is you pay first then only claim back from the auction bank.
So far base on experience, only auction under Citibank will issue you cheque to pay the outstanding, so you dont have to pay first.