But don't assume this is a free pass … Property Auction House Sdn Bhd executive director Danny Loh had the distinction of being the first person to give a talk on auctions in the history of The Edge Investment Forum on Real Estate. If a house isn't sold at auction, the property becomes what's known as an REO, or real estate owned property. 1. Foreclosure process step 4: Auction. In his session, titled “Auction 101”, he touched on the basics of property auctions in Malaysia, including the process and procedures, the benefits and risks of buying such a property … The steps are as follows: The Department of Property Management, through the Division of Real Estate and Records, locates property … Buying a home at auction is riskier than buying through the usual process. Understand the process These particular auctions are different than the Sheriff’s auctions or NORA’s auctions. The modern method of auction is just like an ordinary estate agency sale, but with the added control and transparency offered by an auction sale. The trick to avoiding foreclosure auction pitfalls is to do your homework. The process for bringing property any city owned property to auction is lengthy. All prospective buyers are told they can make an offer for the property by placing a bid online – and the process … To briefly summarise; an estate agent is appointed to drum up interest in the property and conduct viewings. It is vital to be well educated about how real estate auctions work. Foreclosure auctions — conducted on courthouse steps, in convention centers across the country and even at the property in foreclosure — can be intimidating.