Open Bidding

Last Updated on Sunday, 25 December 2011 15:15 Written by Administrator Monday, 19 December 2011 02:38

FREQUENTLY ASKED QUESTIONS ON www.SriShanBid.com™?

1) WHAT IS RESERVE PRICE?
Price whereby the owner will sell at.

2) WHAT IS INDICATIVE PRICE?
Price which is set to encourage buyers to participate and usually will be lower than Reserve Price.

3) WHY BIDDER NEED TO REGISTER WITH 2 % DEPOSIT?
Since the property will be auctioned off of the Indicative Price,the properties buyers is not sure of getting it on that day. It is something like putting on offer to the owner and to show the commitment.

4) HOW TO ASCERTAIN THE RESRVE PRICE?
Srishanbid.com TM will provide appraisal on the property and recommend the ideal selling price (reserve price) to the owner. It's the owner that will decide the (Reserve Price ).

5) IS MY 2 % DEPOSIT  SECURED & GUARANTED?
Yes,our solicitor will guarantee your 2 % deposit.

6) WHO WILL ARRANGE THE FINANCING TO PURCHASE THE PROPERTY?
The succesfull purchaser need to arrange the financing on the own. Encourage to get it done prior to Bidding Date.

7) WHAT WOULD HAPPEN IF THE OWNER OF THE PROPERTY DOES NOT WANT TO SIGN THE
OPEN BIDING CONTRACT EVEN THE PROPERTY IS BIDDED AT/ ABOVE RESERVE PRICE?
The owner has signed a listing agreement, whereby it is started the conditions of the Open Bidding.

8) WHEN SHALL I REGISTER AS BIDDER WITH THE 2% DEPOSIT?
Advisable, few days prior to the Bidding date.

9) WHAT WOULD HAPPEN TO THE PROPERTY IF THE WINNING BID IS LOWER THAN THE RESERVE PRICE?
The highest bid will be forwarded to the owner for consideration and price may be negotiated.

10) IS THERE ANY COMMISSION NEED TO PAY BY THE BIDDER/ BUYER?
No.Commission or reffurl fee is payable to anyone.

11) WHAT WOULD HAPPEN TO MY 2 % DEPOSIT IF I WISH NOT TO BID/ PARTICIPATE AFTER I REGISTER AS BIDDER?
Will be returned to you without any condition.

12) WHO WILL TAKE THE RESPONSIBILITIES TO SETTLE ALL THE AREAS (TNB, INDAH WATER, QUIT RENT, ASSESSMENT OUTSTANDINGS)?
The vendor will get it done as to the date of transfer.

13) WHO WILL TAKE THE RESPONSIBILITIES IF THERE IS A 3rd PARTY CAVEAT ON THE TITLE?
The vendor will be responsible to remove the caveat.

14) WHERE CAN I GET THE INFORMATION ON THE CONDITION OF SALE?
At our website, office of Sri Shan realty SDN BHD and Raine & Horne office.

15) WHY DO I NEED TO ENGAGED THE SOLICITOR OF SRI SHAN REALTY.SDN.BHD IN ORDER TO COMPLETE THE SALE/PURCHASE?
All the necessary checking and guarantee has been done by our solicitor. They know the case well and easy for Sri Shan Realty Sdn Bhd, the vendor's solicitor to conclude the sale.
If the purchaser want to engaged the own solicitor then is no reason for our solicitor to give the guarantee and checking on the transferable of title.

16) I AM INTERESTED IN THE PROPERTY BUT THE RESERVE PRICE IS TOO HIGH?WHAT SHOULD I DO?
Example: Suppose if the Indicative price is RM 250,000 but I can afford only RM 240,000.
Is there a chance for me to participate and win the bidding?
Yes, you can participate as a bidder on that day.You have the chance to win the bidding if there is no other bidder registered for that property and your offer will be forwarded to the owner for negotiation.