\n<\/p>\n
An auction usually begins with an auctioneer introducing a property and its key attributes before commencing the bidding at an opening price.<\/p>\n
Interested bidders raise their bids until no higher bids are made.<\/p>\n
When the auctioneer accepts the successful bid and brings down the hammer, a binding commitment to purchase arises under the applicable conditions of sale, said Mr Tan.<\/p>\n
The buyer must sign the sale documentation and pay the prescribed deposit \u2013 usually about 10 per cent of the sale price \u2013 immediately.<\/p>\n
Mr Tan said this is a commitment to buy, rather than an option to decide later. If the buyer is unable to fulfil the sale, the deposit is forfeited in accordance with the conditions of sale, and legal recourse may follow, he added.<\/p>\n
The buyer\u2019s solicitor will coordinate the legal documentation and payment of the balance, and the sale will be completed within the contractual timeframe, he added. \u00a0<\/p>\n
If there are no bids, or bidding does not reach the reserve price – the minimum price the seller has authorised for the auction sale – the property remains unsold.<\/p>\n
The property may be offered again, or negotiations may continue afterwards through private treaty, said Mr Tan.<\/p>\n
\u201cAn unsuccessful auction does not automatically mean the seller will accept a lower price,\u201d he said.<\/p>\n
Anyone may purchase a property at an auction, ETC\u2019s Ms Tan said. That is provided they meet the legal and regulatory eligibility criteria for the property being sold.<\/p>\n
Prospective buyers should also ensure that they have obtained the necessary In-Principle Approval from their bank, where applicable, and are strongly encouraged to inspect the property where possible and conduct their necessary due diligence before the auction, Ms Tan said.<\/p>\n
Interested bidders are also required to register their intention to participate in advance with the appointed salesperson or representative before attending the auction, she added.<\/p>\n
Members of the public may also attend auctions as observers, subject to the event\u2019s arrangements and venue capacity.<\/p>\n
Mr Tan said their events usually attract anywhere between a handful and dozens of attendees, depending on the type of listings offered and prevailing market interest. For Knight Frank\u2019s auctions, registered bidders can also use their app.<\/p>\n
Mr Mak said property auctions usually attract more \u201cbusybodies and speculators\u201d than buyers.<\/p>\n
\u201cThe parties who will be watching the auctions of the seized assets more closely than other people will include interested buyers, owners of properties in the same condominium project or nearby projects because either they are interested to buy or they are simply curious,\u201d he said.\u00a0<\/p>\n<\/div>\n
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What is the process of an auction? An auction usually begins with an auctioneer introducing a property and its key attributes before commencing the bidding…<\/p>\n","protected":false},"author":1,"featured_media":85301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/dam.mediacorp.sg\/image\/upload\/s--Wq1WS7dQ--\/c_crop,h_1125,w_2000,x_0,y_39\/c_fill,g_auto,h_676,w_1200\/f_auto,q_auto\/v1\/mediacorp\/cna\/image\/2026\/09\/15\/martin_modern_facade.jpg?itok=UuKT1k5n","fifu_image_alt":"","footnotes":""},"categories":[2],"tags":[10066,596,15,1339,6196,4342,7578,29114,2160,947,1451],"class_list":["post-85300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-news-sg-global","tag-auction","tag-case","tag-cna","tag-explains","tag-laundering","tag-money","tag-properties","tag-s3b","tag-seized","tag-week","tag-work","wpcat-2-id"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/85300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=85300"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/85300\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/85301"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=85300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=85300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=85300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}