What is the process to get a bank lelong house? What is the bad thing to get bank lelong house?

from what i heard,u cant go in to take a look at the interior of the house as the gates will be lock so u will hv no idea how the inside looks like. a fren of a fren of mine successfully lelong for a house n when they collect the keys they were in for a shock as the walls,ceilings were in deplorable conditions and the wirings all kena cabut d so he spend quite a fortune to refurbish the house.

well...if you're buying a lelong house...make sure there's nobody occupying it first...sometimes its hard to get them out....
you might have major problem with it....

If you intend to go for lelong property, you have to be prepared for the worst. like what that have been mentioned earlier, you are not able to view the actual condition of the property. Thus there could be additional cost to repair, etc.
You need to aware that there could be other misc cost that you need to pay like outstanding quit rent, maintenance fees, etc.
As for your S&P agreement, some lawyers will not want to take up the case as it involves additional work and can be long and tedious. Have heard of cases taking more then 6 months before he can actually have VP on the property. Mind you the property is Freehold and there is nobody occupying at that time.

Having said that, I hope this will not discourage you is trying your luck n getting a lelong property. Good luck.

How to get a lelong house !!

Normally lelong's house !! It is THE OWNER did not pay for the monthly installment till the day, Bank decided to sell it as LELONG !!

LELONG, You will have to Bid it or you can buy it directly, it is depending on different bank!!! You're the highest bid, you may get the property !!! The world in lelong quite dark. Anyone is the rich person, Rich person able to get the property

The disadvantage of LELONG HOUSE, you may not go inside the house and see what is the condition in the house as well !! After you bid successful !! You only can enter the house !!!

If you're lucky, The house are renovated and not much problems. But if you're bad luck, the house will have a lot of problems .. Good luck to you

Unless u can bid in very cheap prices. Banks will reserved price

remember a few years ago, a lelong apartment got a coprse in the fridge? I can't imagine how horrible it is when we really face this kind of situation

hehe yupe.. but normally when the price is lower than the market's value.. it worth it as for investment

u can go and try to have a peek inside if possible

u also have to get ready loaded with cash....due to unforeseeable case like outstanding electric bill, water bill, assessment (cukai pintu), management fees (if got like condo) which will easily cost you thousands more than the value u bet....

as my fren who bought this lelong house....total up outstanding is almost RM25k.....so u must include this value too....

For the outstanding bills, you must read the S&P agreement carefully, some of the bank will absorb the fees, but ofcourse will need you to clear outstanding fees to the appropriate ppl 1st..
Then u can claim back the money from bank.

cut padlock?

what kind of house ur getting actually....if its landed then its fine...but not too sure on the investment for stratified lelong property though....

They will sure have a list of houses going out on auction. You can always visit that location and ask the neighbours what

Doubt very much if the neighbours will know much in most cases. The property would have been vacant for some time before the bank starts to lelong. After many attempts to recover the outstanding amounts.

What about those lelong houses in iProperty.com.my? Do the same problems apply?

as for lelong case.. it is all the same )
if u have the details on the property .. u can go survey around (neighborhood) to see the property from outside )

one more important thing... if u buy lelong house must make sure at least 20% from the market value....then can conclude it as a successful (in terms of lelong)......buy if u bid almost market value or over it.....hhmmmm........its not lelong anymore, it s a subsale house....

just my opinion.....

So far i've bought 2 houses through lelong. not much problems encountered. do your homework lor

That 10 percent cash is a big problem for me

I saw a lelong web site....most of the lelong unit is low cost apartment!!!

Some of the mega auction like 'CIMB Mega Auction' offer a deposit of 5%

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Added on May 26, 2011, 5:30 pmthere is also a land. i help my client to get a land in terengganu. 8 acres for 1.34M (reserve price 1.1M). the land just beside the main road.

This post has been edited by wan110236: May 26 2011, 05:30 PM

Can share the website ?

lelong.com.my

lelongtips.com need to pay la.

how to get POS for free?

where to find out who is the auctioneer?

Find the auction agent. They will get you all the POS you need.

let say the unit is a condo and currently default a huge maintenance fee

new owner gonna pay for it? or bank?

Typically it will be stipulated in the Condition of Sales.

As far as I know, it will be borne by the new owner. The outstanding utility bills will be settled by the bank but up until your auction date.

Read the Proclamation of Sales.
Will be stated what cover and what not cover.

AskarPerang Pending your new update for auction properties thread

Lelong house can find on FB super Kang Tao actually.