Property Hunter and CIMB Auto & Property Mart will be undertaking a partnership to promote auction properties on the Property Hunter portal. Home buyers and investors can now have more options when in the market for the next buy. Rather than having just new and sub-sale properties, the Property Hunter portal will now feature auction properties specific to Sabah and Sarawak to give a more holistic view to the users and buyers.
Traditionally, interested parties looking for properties soon to be auctioned had to comb through the daily newspapers for classifieds and announcements from auction houses. With the dawn of the internet, everything is now a click away with full listings easily viewable and all information transparently available. So, if you are interested, here are some steps to keep in mind when dealing with auction properties:
1. Identify the property - search the classifieds and various auction pages online, or simply visit www.propertyhunter.com.my
2. Know the property - this means finding out the location, the neighbourhood the environment.
3. Visit - Physically be there to have a look. Do not rely too much on what you read. Instead, find out for yourself. You may not be able to enter the unit, but a quick inspection outside may give you a better idea.
4. Talk to the auctioneer - You might still have some questions, so it is best to be thorough.
5. Prepare 10% - Once you have identified the property you are willing to bid on, prepare a bank draft equivalent to 10% of the reserve price.
6. Auction day - Obviously, you will need to be there on the day of the auction. Register yourself and you should receive a bidder's card with a number and you should also receive the terms and conditions of the auction.
7. Get bidding - The property goes to the highest bidder during the bidding process. So, prepare beforehand and gauge how much you are willing to stretch.
8. Close - Congratulations! When the hammer falls you are now the winner of the auction. You will need to sign the sales contract and proceed to arrange financing.
Auction properties do come with certain caveats sometimes. If a private caveat is active on the property you just acquired, you will still need to challenge the party who submitted the caveat to have it removed. If an auctioned property has a caveat imposed, you will not be able to get a home loan. So, keep this in mind when bidding as caveats usually involve a gruelling legal case.
Property Hunter is proud to have CIMB Bank onboard and to be able to give more value to the players in the industry. So, there you go, auction properties are not as scary as it may seem. With the partnership between CIMB Auto & Property Mart and Property Hunter, you are now equipped with options and more importantly the tools to make stronger decisions on your next buy. Good luck!
Visit www.propertyhunter.com.my and check out the properties that are up for auction.