May 24, 2008

Jamaica Auction


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Auction is the sale of goods usually in public, in which articles are sold to the highest bidder.

Auction in Jamaica is done under powers of sale contained under mortgage. A property is placed on a private-treaty listing for auction after mortgage payments are more than 60 or 90 days in arrears.

Private treaty sale is more often used by financial institutions to legally recover outstanding mortgage loans in default, and which are secured by properties, such as residential homes. It offers the lending agency the opportunity to recover its debts or a portion of it, while the buyer is often able to secure assets at bargain prices. The value of properties being sold by private treaty is not disclosed to prospective purchasers, and no price is set until a bid is accepted.

Persons desiring to purchase a home through this medium will see the address, volume and folio number and a brief description of property that is shown to the public whether by print or via the internet advertisement. Purchasers will have to do their own research to come up with a price to make a bid.

Normally a twenty-five percent (25%) deposit is required, but this not a set amount, as some Jamaica auction house will ask for their desired amount. This deposit is payable immediately on all successful bids by a certified cheque. For those purchasing the property by way of cash and for loan purchases provided other associated costs can be covered by the mortgage loan. All offers are subject to contract and the auction house reserves the right to reject or accept any offer that is made.

Tags: Jamaica Auction | Jamaica Real Estate | Jamaica Property | Real Estate In Jamaica |

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