When you think of an “Auction” in Asia you may picture a venue where people are buying luxurious paintings, jewelry, or even huge land purchases.
But wait, it’s a residential real estate auction, and the live event is open to bidding by anyone, regardless of their location, using an absolute real-time internet application open to a global audience.
Asia is now embracing auctions as an alternative method to sell and buy newly developed and under-construction residential property – and it can offer buyers the chance to get great savings over the original asking price, because at auction, “the buyers set the price.”
Auctions save time and money for all concerned and are popular all over the world to sell various assets. At a real estate auction, property can trade quickly, at fair prices, in a surprisingly open, honest, transparent, and hassle-free process.
Surprisingly, 30% of all residential sales in Australian cities are sold through auction.
In Singapore, according to JLL, it’s now being recognized as an alternative method to sell high-end units.
About World Auction Alliance:
World Auction Alliance (WAA) is headquartered in Hong Kong and their management pioneered real estate auctions in the United States; having transacted over 2,000 units and $1.1 billion in auction sales in its first 3 years.
They also elevated themselves to be one of the top three real estate auctioneers in the US.
Continue reading Buying Real Estate at Auction in Asia: Interview with World Auction Alliance