An auction property is a property, be it residential or commercial that goes up for sale through an open and competitive process where interested buyers will place bids on it. The buyer who makes the highest bid during the auction process will get to buy the property as long as the bid price meets or exceeds the reserve price.

The highest bidder during the auction is legally bound to purchase the auction property at the bid price and is deemed to have agreed with all terms and conditions stated in the Conditions of Sale of the auction property.

Why buy an auction property?

Auction properties are usually offered at very competitive prices, sometimes even below market valuation. Moreover, the sale is done in an open and transparent manner.

Do note however, due diligence has to be practiced by prospective buyers as auction properties might not be free of encumbrances and property inspection can only be conducted externally.