Auction is the process of competitive and open bidding. In order for a seller to sell their property, an auctioneer has to visit the property to measure, inspect and assess it. There are few processes which a seller have to go through before having their properties auctioned in the world wide web.
Once the process is completed, auctioneers will produce an accurate report regarding the property. These information then will be given to potential buyers so their well informed about the property’s details.
Evaluation takes place to help seller with the value of their property. Values are given and the property will be advertise and market in the auction. Auction is being run live and the atmosphere has to be kept alive in order to reach the intended target.
There is a fine line between auction and open bidding. In auctioning property, it is not guaranteed that the bargain may take place. Potential buyers should set a limit during auction, for if buyers are the highest bidder when the hammer falls they are eligible to pay for the property. The terms are buyers need to pay 10% of the cost before leaving the auction, and the remaining balance has to be paid in full within 28 days. Furthermore, buyers must pay stamp duty and might be auctioneers’ fees and extra costs paid to the seller.
Where else in open bidding the process is very simple and quite transparent.
1. Properties are being listed (listing agreement)
2. Date and time for viewing property are given and noted towards potential buyers
3. Reserved price and terms pre-determined are published
4. Buyers that wins in the open bidding will then settle with the seller and agents from SriShanBid. Highlight of the event is the buyers and seller are eligible to negotiate until the intended price is met.
5. Once the process and bargaining is completed, the deal is closed very quickly within 7 days.
6. Within 7 days the transaction is complete.
Visit www.srishanbid.com for more information on real estate open bidding in Penang and Malaysia.
Difference between auction and real estate bidding