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Auction In Singapore

Singapore is witnessing a boom in the real estate market as never before in history. Singapore Property Realtor Auction in Singapore is a process (is a naturally occurring or designed sequence of changes of properties or attributes of an object or system. More precisely, and from the most general systemic perspective, every process is represent able as a particular trajectory in a system's phase space) of buying and selling (Trade is the voluntary exchange of goods, services or both. Trade is also called commerce.

A mechanism that allows trade is called a market. As a result, buying can be separated from selling or earning. The invention of money greatly simplifying and promoted trade. The trade between two traders is called bilateral trade, while trade between more than two traders is called multilateral trade.) goods or services by offering them up for bid, taking bids and then selling the item to the winning bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

Singapore Property Realtor is Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of sources, including telephone and internet. Auctions are generally funded by a sales commission paid by the seller to the auctioneer or auction company.

Types of auction in Singapore Property Realtor

Prices are bid by buyers and asked by sellers. Auctions may also differ by the procedure for bidding: In an open auction participants may repeatedly bid and are aware of each other's previous bids. In a closed auction buyers and/or sellers submit sealed bids. Auctions may differ as to the price at which the item is sold, whether the first price, the second price, the first unique price or some other. Auctions may set a reservation price which is the least/maximum acceptable price for which the goods may be sold or bought.

Primary types of auction

• English auction: This is the type of auction commonly used by the English auction houses like Sotheby's, and Christie's. Participants bid openly against one another, with each bid being higher than the previous bid. The auction ends when no participant is willing to bid further, or when a pre-determined "buy-out" price is reached, at which point the highest bidder pays the price. The seller may set a 'reserve' price and if the auction fails to have a bid equal to or higher than the reserve, the item remains unsold. If there is no reserve price, the auction is called absolute.

• Dutch auction: which is lowered until some participant is willing to accept the auctioneer's price or a predetermined minimum price is reached. The winning participant pays the last announced price.

• Sealed-bid first-price auction: Also known as Sealed High-Bid Auction or First-Price Sealed-Bid Auction. In this type of auction all bidders simultaneously submit bids so that no bidder knows the bid of any other participant.

• Sealed-bid second-price auction: This is identical to the sealed first-price auction, except the winning bidder pays the second highest bid rather than their own. This is very similar to the proxy bidding system used by eBay.

• All-pay auction: An auction in which all bidders must pay their bids regardless of whether they win the prize. The highest bidder wins the prize. The all-pay auction is often used to model lobbying or other competitions.




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Mindy Yong
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