Dec 5 2020, 03:30 PM
QUOTE(amphard @ May 14 2020, 11:16 PM)
typical stereotype by ignorant
TS, to add on to all the cons that larry pointed out:
1. they are legally obligated to inform you about the address of the property. go do a site visit if its landed house. ask the neighbours about the property
for condo, abit more difficult to see the unit, but u can check with mgmt office for outstanding maintenance and utility bills and previous occupants
2. 99% of the time u wont find gold nor deadbody, but repair bills can be hefty since you dont know the inside condition of the unit [it could be pristine condition, it could be trashed by previous occupant [like cluster kayangan quarantine center]
3. depending on location and property, the hammer price could exceed market value. hence, always check for bank/fair market valuation first, and know ur max limit you are willing to pay for the property. know ur limits. stop when it exceed. do not bid with emotion [if u are bidding for investment]
4. prepare a contingency amount for repairs [refer #2] if u manage to bid without ur required budget
as for subsale:
nothing much at risk unless the unit has defect that owner failed to inform, or didnt know of such defect
you get to see the unit in entirety, and ask as many questions as you want
you can bring your wife mother father auntie uncle pet cat mistress to view the property as many time as u want before u decide on buy.
u sometimes, also can check for loan eligibility before u decide to pay deposit [auction is only ONE DAY, and its harder to check your loan qualification this way]
and if u pandai nego, you can get ur deposit refunded if ur loan fails. auction cannot [though u have 120 days to settle full amount, instead of 90 days for subsale]
PM me if u have further questions
p/s: yes i'm a real estate agent. and yes i've been to auctions
any restriction in getting the loan for the property obtain from acution like limit too how many % loan?TS, to add on to all the cons that larry pointed out:
1. they are legally obligated to inform you about the address of the property. go do a site visit if its landed house. ask the neighbours about the property
for condo, abit more difficult to see the unit, but u can check with mgmt office for outstanding maintenance and utility bills and previous occupants
2. 99% of the time u wont find gold nor deadbody, but repair bills can be hefty since you dont know the inside condition of the unit [it could be pristine condition, it could be trashed by previous occupant [like cluster kayangan quarantine center]
3. depending on location and property, the hammer price could exceed market value. hence, always check for bank/fair market valuation first, and know ur max limit you are willing to pay for the property. know ur limits. stop when it exceed. do not bid with emotion [if u are bidding for investment]
4. prepare a contingency amount for repairs [refer #2] if u manage to bid without ur required budget
as for subsale:
nothing much at risk unless the unit has defect that owner failed to inform, or didnt know of such defect
you get to see the unit in entirety, and ask as many questions as you want
you can bring your wife mother father auntie uncle pet cat mistress to view the property as many time as u want before u decide on buy.
u sometimes, also can check for loan eligibility before u decide to pay deposit [auction is only ONE DAY, and its harder to check your loan qualification this way]
and if u pandai nego, you can get ur deposit refunded if ur loan fails. auction cannot [though u have 120 days to settle full amount, instead of 90 days for subsale]
PM me if u have further questions
p/s: yes i'm a real estate agent. and yes i've been to auctions
i always heard story of middle man in Auction house asking for a cut i,e somemoney of the property u wanted..
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