How to Bid on a Lelong Property

The reserve price is the lowest price the bank will accept, and the bidding starts from it. The price shown on each listing is the reserve price, not necessarily what the unit will finally sell for.

Usually not. Auction units generally can't be entered, but you can inspect the property from the outside using the address in the listing.

Individuals and companies can generally bid, and a bidder can often be represented by an authorised person who carries the right documents. The auctioneer sets the exact requirements, so confirm them before the auction date. Message us and we will check for the unit you want.

Each listing shows the auction date. The venue, or the online bidding platform, is stated in the auction notice for that unit, and you normally need to register before the session starts. Arrangements differ between auctioneers, so ask us and we will tell you how it works for the unit you are looking at.

Your name, NRIC number and address. A company registers with its company documents and the details of the person bidding for it.

Look at the property from outside, ask about any outstanding amounts or fees that the buyer or bank must cover, and have a land (caveat) search done on the title.

When a unit does not sell, the bank can put it up for auction again, often with a lower reserve price. In the listings on this site, re-auctions have typically been priced about 10% lower. We link the earlier auction on the listing page so you can see the price drop.

You prepare 10% of your bid price, paid by bank draft or online transfer.

Yes. On top of the deposit, expect some auction-day charges, legal fees, loan-related fees and, depending on the unit, outstanding charges such as maintenance or assessment. The amounts vary from unit to unit, so ask us and we will go through them for the one you want.

Yes, bank loans are commonly used. Banks usually base the loan on the lower of the price and their own valuation, so the loan can be smaller than for a normal purchase and you should keep some cash ready for the difference. Get your loan approved in principle before you bid. You can see an estimate of the monthly instalment on every listing.

For salaried buyers, usually your identity card, recent payslips, EPF and bank statements. Self-employed buyers are usually asked for business registration, business bank statements and tax records. Companies are usually asked for company documents, financial statements and the directors' details. Each bank has its own list, so check with yours.

Banks usually look at your income, your existing monthly commitments, your repayment record and the value of the property. Keeping existing debts low improves your chances.

It is refunded to you in full.

You risk losing your deposit, because you are bound to complete the purchase once you win. That is why we recommend getting loan approval and a lawyer in place before you bid.

You sign the contract and complete your bank loan arrangements, so it helps to have your loan approved and a lawyer appointed beforehand.

Usually the buyer is responsible for taking over the unit. Some units are still occupied when they are sold, and taking possession can take time and cost money. We can advise on what to expect for a particular unit.

No. Ben Foo helps with the steps before and after bidding at no charge. Message on WhatsApp to get started.

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