Property Type:Residential Property, Residential-Landed Property, Residential-Town House (Landed where Foreigner Eligible to Buy)
Bank Sales Singapore Property let you find Property for sale by Banks from different Banks and Finance Company. These property are sold to recover the loan that was borrowed from the bank. You are allowed to negotiate on the price, but do know that the bank do have a reserve price to meet. If the reserved price is not met you would have to increase you offer price. Call Vincent 9379 9993 for viewing.
Bank Sales or Mortgagee sales are property put onto the market for sale by the bank when the mortgagor is unable to fulfil his/her financial obligation.
Very often, the property is put up for an auction to get the best price possible for the property at the shortest possible time. There’s a reserve price on the property to make sure that the banks can cover as much monetary loss as possible.
Apart from the auction, the banks may go into a private treaty to sell off the property. This is where we www,BankSale.SG comes in. All the properties listed in our website is private treaty sales.
You may ask, “Why don’t the bank hold the property until they could fetch a better price?” Well, they are in the money business, by holding onto the property, they lose out in the interest they could earn, and there are costs of maintaining a property.
Mortgagee Sales Price vs. Previous Owners’ Purchase Price
A mortgagee sales is very likely to be discounted from the previous owners’ purchase price.
For the 15 mortgagee sales listings (with the necessary data for analysis), 12 out of 15 mortgagee sales (80%) are discounted from the previous owners’ purchase price. Moreover, 9 out of the 12 mortgagee sales listings are marketed at more than 10% discount from their purchase price.
Not forgetting the newsworthy Marina Collection which was sold at 42.8% discount, a loss of SGD 2.24 million. Surprisingly, this is not a one-off event, another unit of the similar size was also hammered from SGD 4,869,800 to SGD 3,000,000.
How to prepare yourself for a good deal?
Good deals are hard to come back and to grab the good deal that appears right before us; we need to be prepared for it.
Here are some tips to prepare yourself to grab that
You are not the only one eyeing for a good deal, and when you spotted one, very likely someone else is also eyeing it.
Have the cheque ready and do your loan approval-in-principal (AIP) (while waiting for the right opportunity).
In case you are not aware of what is AIP. AIP is the loan that the bank’s promise to lend you when you purchase a property. The application is free and non-obligatory. You can visit any Bank branch to apply for AIP. Alternatively, if you require a more comprehensive assessment, taking into account, BSD, ABSD and other charges. Or contact us at 9379 9993 and we will get help you get your AIP done for you.
Do Your Homework
You need to keep yourself updated with the latest property market updates, be aware of the property values in the particular area you are interested in, the rental yield, etc. So that when a good deal comes along, you can recognize it and grab it with confident. You do not want to end up missing a good deal because you need to spend time finding out if it is really good.