Over the weekend I had a chat with a friend who mentioned about recently buying a property via electronic auction.
Previously auctions were normally done during weekdays and it was very tedious affair. You needed to prepare bank draft, call the agent and get the proclamation of sale documents.
Fast forward today, property auctions can be done via eBidding. Ng Chan Mau, one of the more popular auctioneers has a system that support electronic auctions already.
Just register and ID at Ng Chan Mau website. Browse the property you want and then there is an e-bidding registration button which you can register as a bidder, you need to upload a picture copy of your ic (front and back) in the registration form.
Some of the auctions are hybrid auctions, meaning that you can bid online via your phone, computer or onsite. Instead of passing bank draft of 10% of the reserved price, electronic transfers via ebanking can be done.
They have auctions for cars and real estate at the website.
Note : I have yet to try electronic auctions but I have registered an account and will be keeping an eye for good deals.
