My AuctionMartHi, guest

Login
Register | Lost Password?
1700-81-4883

Live Chat Box

For member only!
Log in now or Register now!

Loan Calculator

Area Converter

FAQs

  1. What is a Public Auction of property?
    It is a public sale of property though open and competitive bidding. The property will be sold to the highest bidder.

  2. What is the steps / procedure to participate in a public Auction of property?
    Please refer to Buyer Guides.

  3. What do I need to bring to the auction in order to bid?
    Please refer to Buyer Guides.

  4. Where will the auction be held?
    The auction is usually held at the auctioneer's office, High Court or Land Office. In order to participate, intended bidder should first register with us 2-3 days before auction date and then request for relevant information about the auction property.

  5. Is there any additional payment to be made on the auction date?
    In the event that the Purchase Price is higher than the Reserve Price, the Purchaser shall immediately deposit with the Auctioneer as stakeholder a sum equivalent to the difference between Purchase Deposit and the Bidding Deposit (the ‘Purchase Deposit Shortfall') either in cash of by way of a valid bank draft or cashier's order drawn in favour of the Bank which together will form the Purchase Deposit.

    Also, successful bidder will also have to bear the stamping fee of the sales contract, which cost between RM50 to RM100.

  6. What to note at the auction?
    Please refer to Buyer Guides.

  7. What should I know before coming to auction?
    Please refer to Buyer Guides.

  8. What happens to earnest money if a buyer decides at a later date not to buy the property?
    Many of the same things happen in an auction situation as in any other real estate transaction. The earnest money deposit is forfeited if the highest bidder is unable to complete the sale regardless of the reasons. If the seller fails to close because of defective title, etc. the buyer's deposit will be fully refunded immediately.

  9. What if I can't attend the Public Auction?
    If you are unable to attend the public auction, you can appoint your representative via a nomination letter. You can obtain the format or sample of the nomination letter from us.

  10. What are the advantages to the seller in an auction situation?
    Buyers come prepared to buy. "Lookers" are eliminated because most often bidders must qualify by depositing a bank draft or cashier"s order. Sellers get maximum exposure for their property. Many real estate agents now market auction property as auction properties are widely accepted. High holding costs are avoided. Through auctions, the seller is in control and knows that if the property is priced, his property will sell on a certain date from the auction listing. By selling quickly, the seller is able to avoid high holding costs and is also able to benefit from the use of the monies to reinvest in other opportunities elsewhere.

  11. What are advantages to the buyer in an auction situation?
    The buyer knows the seller is fully committed to sell. Auction agreements obligate the seller to transfer title to the highest bidder in an auction. The buyer knows he is getting the property at fair market price. The buyer feels comfortable with the purchase knowing that other would have been willing to pay for about the same amount for the property as his bid. The buyer sees many offerings in the same place at the same time. He is able to make market comparisons quickly and easily.