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Auction Guide: How to bid for an auction property
 
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Auction Guide: How to bid for an auction property
Posted Date: Oct 06, 2009

Interested bidders of auction properties must register with the auctioneer before the auction. Registrations are usually done on-site and sometimes even online, depending on the auctioneer.

 

For on-site registrations, it is usually advised that interested bidders arrive at the auction site earlier to accommodate the registration process as well as to allow bidders to review details of the properties on auction.

 

If the interested and registered bidder is not able to attend the auction personally, an authorisation/nomination letter is needed for his/her representative during the auction.

 

What to bring to an auction in order to bid

 

All bidders are required to bring to the auction these items:

 

1.       Their Identity Card (IC) for registration and identification of the bidder

 

2.       A Banker’s Cheque or Bank Draft order equivalent to 10 percent of the auction property’s Reserve Price

 

3.       Additional funds (cash or credit card) to pay for the difference between the deposit of the Reserve Price and 10 percent of the successful bid price

 

4.       An authorisation/nomination letter if you are bidding on someone’s behalf

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