Buying an auction property can be tricky if you’re not familiar with the procedure and process.
If you play your card right, you can earn some handsome profit from buying an auction property. But, if you’re inexperienced in buying auction property, this can be the biggest trap you walk in.
Last week, a gentleman asked us about tips and guides that he can follow through to safeguards his auction property investment.
We did share some of the tips and tricks that may help him in securing his auction property.
And then we thought. This is so useful. ” oh! why not I share with you guys too!” ?
So, here are a few tricks up our sleeve to share with you. We keep it short as we know how busy you can be.?
For auction property, you should be aware that the property disbursement period is within 90 or 120 days from the purchase date. The time frame considers being short. Therefore, it’s crucial to get everything in order fast without delay.
These are immediate steps that you have to take after the successful bidding.
1. Engage an experienced and hands-on lawyer to complete the property transfer.
2. Get your documents in order and apply for a bank loan.
3. Apply from multiple banks. Once approved, you can consider signing from one of the banks.
It’s important to apply for the bank loan with more than one bank.
Mistakes that most buyers do is applying with only one bank. For auction property, you don’t have such luxury. Using time wisely is crucial.
4. Get your banker to issue the Letter of Instruction to the loan lawyer and valuer fast.
5. Get your loan documentation sign as soon as possible without delay.
6. Quickly settle any differentiate sum between the purchase price and loan amount.
7. Always work as a team with your banker and lawyer. Get the person in charged name and phone number for easy follow up.
8. Follow up your case from time to time with banker and lawyer.
So, we hope you enjoy the tips and tricks we share and if you want any further consultation on the home loan or if you need a good lawyer to do your case, we have a few to recommend. Just let us know. ?
Let us know also if you want to learn more about auction property.
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See you soon!