Expert in Mortgage market have already predicted an increase in the mortgages listed for sale in auctions this year. A report by The Business Times quoted one banker attributing the expected rise to the increase in the number of foreign Clementi Condo near NUS investors in Singapore. The investors have subsequently defaulted in the payment of their Clementi Ave 1 Condo mortgages. It is this kind of property that is expected to future highly in the mortgage listings of most auctions in UOL Singland Homes Condo.
Mortgage Rates for Clementi Ave 1 Condo
In fact, this has been the trend in the recent years in auctions. In the year 2015, mortgage listings in the auctions were the highest it has ever been in the last seven years. This is expected to increase this year. Of interest is the fact that more than three quarters of the listed property in auctions was residential; property. The Business Times reports that though much of this Clementi Ave 1 Condo property is coming up for sale in auctions, this is not an option of first instance.
The Business Times also quoted the banker asserts that in case of a default on the side of the customers, they will first advise the customer on the existing options. First is the reconstruct the term of the agreement. This is done with the view of adding the customer more time to make his payment. The second option is to have the customer seek his own buyer. This is because unlike a bank that will do a quick auction sale, the owner may take time to find a better buyer.
Buyer for Clementi Condo
It is of important to note that though so much Singland Homes Condo mortgage property is being listed in the auctions, the actual sale is quite minimal. Less than 5% of the listed property is sold through auctions. Grace Ng of Coilers blames the low sale on the lack of a meeting of minds between the buyer and the sellers. The bank while setting the reserve price will be guided by professional evaluation and the need to stay in business.
However, the buyer comes expecting a lower price in Clementi Condo near NUS than they would find in the normal market. They assert that by turning to the auction as a source of their property, they were escaping the stiff competition in the otherwise market, competition and poor prices in UOL Clementi Ave 1 Condo.
Auctions near Clementi Avenue One Condo
Sharon Lee, Another Clementi Avenue One Condo expert who auction with Knight Frank attributes this low sale in auctions to the fact that most buyers prefer to buy this property after the auctions. Thy will prefer to buy these property that has lacked a buyer at the auction market. This is because at such a sale the property will only attract 1%deposit in the deposit amount. The same property will attract between 5% and 10% of the purchase price as the deposit fee in the auction. In fact, a buyer may be attracted to do the buying after the failed auction because at such times, they may be able to negotiate a better deal.…Read More