***Sorry, kind of a double-post***

Glad I came across this thread.

Have been eyeing this out-of-town condo on auction for the last few months. There were no takers on the last 2 auctions. As of last auction, the price was only 20% off market price. We are thinking of playing the waiting game especially in this economic climate.

Questions please, sifus :

- How many times would a property be listed ? Is there a maximum time frame in which the bank or auctioneers would list ?

- We have noticed some adverts where the property is said to be 'withdrawn' or 'called off'. Is there an opportunity for an offer to be made to purchase, i.e. non-auction scenario ?

- Is it possible to attend the auction at the date advertised, armed with the required bank draft, etc etc but then (should it be observed that there is zilch interest in the property) not put a bid on it ? i.e. wait for another 2 months for the next listing and hence, another 10% off reserved price. Will that alert the syndicates operating ?

- And to all the sifus who have indeed purchased a few auction properties, are there really syndicates operating in EVERY auctions ?

Phew, so many questions and more ..... ! We are not newbies in the property purchase game. Just looking at dipping our fingers in an auction property for a change.

Thanks in advance.

Scorgio, your words of wisdom above are very much appreciated.

As mentioned, we do have a number of property purchases under our belts but when it comes to auctions, we are definitely greenhorns. Hence, we are more interested in the nitty gritty of an auction proper rather than explanation of POS, caveat etc.

A similiar property to the one we are eyeing have gone for much, much lower just a year ago. So, we are hoping to play the waiting game here. Not intending to dive in till another 2 or 3 auction listings. Not sure what is the minimum the bank's valuer has put on it, I am convinced that with the current economic climate we can take a chance.

Thanks, again, Scorgio. All the best in the your property ventures.