Buying an auction sale pty

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Buying an auction sale pty

Postby Jennifer » Sun Dec 12, 2010 7:50 am

There is an pte apt on auction sale advertised in the classified ads.

Can someone advise me what is an auction sale abt? What possible reasons lead to an auction sale? Is it advisable to buy an auction sale apt (from Fengshui pt of view, esp)? TQ for the inputs.

Jennifer
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Postby Busymom » Wed Dec 29, 2010 12:55 pm

An auction sale is usually a mortgagee sale, the mortgagee being the bank financing the property bought by the current owner/borrower. Likely reason for the bank to want to sell the property would be that the owner/borrower has defaulted on the property loan. An auction sale may help the bank fetch a higher price? or maybe it is just a more transparent process for the bank.

As for fengshui, my mom used to tell me not to buy properties that are put on mortgagee sale... Anyway, many years ago, we were looking at some of these properties, and an interesting thing that I noted was, many of these properties have the house number as #xx-01. Good fengshui or bad fengshui, you judge.

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Postby Jennifer » Thu Dec 30, 2010 11:48 am

Thanks, Busymom.

We went to view the apt. Very well maintained and the furnishings are good quality. Very hard to associate it with bad publicity. So I asked the agent. Her response was the owner wanted a more transparent process via interested party bidding.

Sometime ago, we went to view a condo apt. Neighbour's door was splashed with white paint! So shocked to see such incidence in a condo.

Jennifer
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Postby verykiasu2010 » Mon Feb 21, 2011 11:36 am

share123 is spamming
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