Why so secretive ?

This is not political so it can be discussed in open forum .

Haha..I'm afraid later moderator ban me.

To be honest, it is OPTIONAL for us to share our experiences. And OPTIONAL for us to share with those that we wish to share it with. The way you have asked me both in private message and on open forum is as if I owe my living to you and unfortunately that's not the case. Especially even after giving you GOOD advices, you questioned as if you must know the reasons behind even though we have decided to stop sharing. Remember, it is OPTIONAL for us to share not compulsory and I am pretty sure I have provided enough lead for people to google and read up further to decide. You, on the other hand, refuses to read up and learn. Cheers.

Don't worry, moderator are not so bad.



This post has been edited by jalsrix: Apr 20 2012, 09:35 AM

Hi michaellee,

is there any book/blog or anything that talks about property auction activities in malaysia? the do's and don'ts expecially. thanks!

michaellee,

Ok, i've attended an auction few days ago at Shah Alam High Court.
Unfortunately, i'm late for the registration which is at 9.30am. I reached at 9.36am. So we went to the auction room and meet the bailiff who are still in the mid of sorting the cases. And no matter what reason we use, the bailiff do not allow us to register. So nvm lo.

Under the POS, it written the auction supposed to start at 10.30am. But we wait and wait and wait, and the auction start at 11.42am. The reason we waited is because to see what's the final price for the property i'm bidding.

Few question before i continue:
1. under the POS terms and condition, it stated that if the registration is after 9.30am, it will be have to depends on the bailiff decision. We've shown this terms to him, he just simply say, ' i cakap x blh, x blh laaa'. without any valid reason given.
2. The bailiff are so concerned on the registration time, but do not concerned on the auction time which is late for 1 hour+. Malaysia Boleh

I fully understand is my fault that i'm late and if they simply let me register, then everyone will do the same. But why do they written the clause like that, and why even the bailiff closed the registration at 9.30, the auction will also be late??

Ok continue with the story..
bla bla bla, alot of auction, until the property that we're bidding, which is at 1.23pm. total 13 bidders inside the auction room.
What happened was, before the property that we're bidding, all others property before that, the reserved price let's say RM 200,000. But the auctioneer will announced the price will start at RM 220,000 even before anyone rise their hand and bid for it. Is that common practice in KL??

And, for the bid increment, let's say RM 200k, is there any standard guideline for the increment or decided by the auctioneer? Is a RM20k increment of every single bid is common as well in KL??

Waiting for your kind reply, thanks..

This post has been edited by clanzkiller: Apr 20 2012, 07:13 PM

what is the final bid price?

How can they simply announce the starting price at rm 220,000 when the reserved price is already stated at rm 200,000 ?

Isn't that unethical ? That's why we need to know all the tricks they used before deciding whether to go for auction.

Finally, I heard that bank themselves can bid for the property.....

This post has been edited by jalsrix: Apr 20 2012, 07:59 PM

Sorry bro but i don't think there is any help even i posted the final price xD...

I dunno...Even for single bidder, the single bidder have to pay few thousand higher than the reserved price. It is not a proper way of doing it in east Malaysia, claimed by an auctioneer from east malaysia who accompany his friend to bid for a property. And i think he going to rise the issue when he go back to east malaysia cause he seems very unhappy and angry about what is going on here..(personal judged from his emotion and expression before he leave the court, lol...)

And, same goes to the property i'm bidding for it. One of my friend's friend managed to register and went into the auction room. Surprisingly, she said the auction start 20k higher than the reserved price, and the bid increment is 20k per bid...

This post has been edited by clanzkiller: Apr 20 2012, 08:44 PM

I had attended auction by bank once and they marked up few thousand from reserve price.

This is called cheating. Can we hire a lawyer to sue them ?

If you are the only bidder, then you must take that price or else your deposit is forfeited.

Very sneaky ....

Sad to say in Malaysia in the last 1 year or so has been practising the same procedures which I think has more good than bad. In the ever challenging auction landscape, rules are ever changing. Personally I would have went for registration at 9am. I think in the POS it does mention that you need to register before 9.30am. Just need to read it again, i supposed. Auction starting time is dependable on the registrar. And the amount of auctions for that day. Auction is said to start at 10.30am. It will start anytime from 10.30 onwards. Unfortunately you live by their rules. I have seen a lot of time wasting. But unfortunately there is nothing much you can do. I will check in at 9am and go for a quick meeting and back before 10.30 to save time. I had to wait a bit after 12pm the longest so far.

This practise of increasing the reserve price has been happening since 1 year ago when they sort of reform the entire country's high court auction system. POS seemed to be standardised and if you read carefully, it says that if there are more than 2 bidders, they will raise the reserve price. Do blame the auction snakes who had been out there trying to outsmart the system. Unfortunately for genuine bidders, it will prove to be a hassle. One final word of advice, do learn to play by their rules. Otherwise your only other option is NOT to bid at all. Cheers and good luck.

---

Added on April 20, 2012, 11:13 pmNot too sure on that, perhaps someone else can help. My stories are all from personal experiences. Cheers.

---

Added on April 20, 2012, 11:14 pmFor the first story, it is impossible and I don't think the court registrar would want to risk his or her job by increasing the price if there is ONLY ONE bidder. However, if there are more than one bidder, then it is stated quite clearly in the POS, that the court has the power to increase the first bidding price.

This post has been edited by michaellee: Apr 20 2012, 11:14 PM

Ya it is my bad for being late, i would not blame them for that. But the bailiff or registrar are being very very unfriendly and rude. Besides, i've seen one people register at 10.12am, but for another case, which i remember that guy and he won a single bidding. Maybe because that property has no one register that day that's why the bailiff allow him to do so.

I've to double check the clause that if more than 2 bidders, the reserved price will be increase. i remember i didn't read about something like that, or maybe i mis-read or something, let me double confirm...

I heard the east malaysia old man like very angry talking with a group of people, so i also curi2 sneak beside them and hear the story. He is very unsatisfied with the system here, and he also mentioned about the previous single bidder, he questioned the group of people if that is common in west malaysia for that the reserved price can be increase regardless of how many ppl are bidding for it. And seems like no one answering his question.

The single bidder case was before that east malaysia guy...so that time the east malaysia guy is inside the room..i viewed the entire auction at the side from the glass there only..and i noticed he sat down there alone quietly for 5 cases already. And then after the single bidder case, suddenly someone go and talk to him. And i supposed is his friend cause after that he stood up and stood behind the guy who talked to him when the auction start. there are 3 bidders.
Then after the auction, he and his friend walked out the door. And started to talk loudly, like dissatisfaction.

And micheal, how about the price increment? can they increase the price at any amount they like as well? like the property i'm bidding for, 20k increment was huge, given that the reserved price is +-RM250k only...

This post has been edited by clanzkiller: Apr 21 2012, 01:00 AM

FYI, it was RM50k per bid for a dslh with reserve price at RM430k. Bailiff set the starting bid at RM500k. It seems to be a norm for hot properties nowadays. Maybe the bailiff wants to cut the process shorter.

Anyway, there is plus point to raising the reserve price and increment amount....helping genuine buyers. False buyers could be those who are making a living out of "settlement" or the owner's people trying to jack up the price. With a higher stake, these people would think twice before they raise their hands in the courtroom.


To me, the increased reserve price is no big deal because eventually the final price will be much higher anyway.

I double check the POS/COS that I obtained, there is NO such clause that if more than 2 bidders they can increase the reserved price. But mine is not from high court.

---

Added on April 21, 2012, 6:47 amThe owner's people try to jack up the price so that the owner can get more money out of the balance...
But what if the owner's people are the ones who win the bid ?

The owner cannot pay the bank, why would his people try to buy the property from the bank ?



This post has been edited by jalsrix: Apr 21 2012, 06:47 AM

most of the prop i went they started with slightly higher than reserved price, as long as got 2 or more bidders.
it's at their sole discretion on the quantum of increase... what i see so far is, if more ppl, they increase the increment, or if reserved price is high, they increase the increment.. to shorten the process...

it's normal to start late as well... for late registration... try sweet talk or act innocent..

what if both the bidder do not suscpect that the reserve price at the high court auction will be increased, so both do not bid. Will their deposit get forfeited? because in cos, it stated that if any person deposit but do not bid, their deposit will be forfeited. Is this for single bidder only or apply to all?

Anyone can PM me where to check for good auction listing web or sources? thank you

Good question, i would like to know too.

If one bidder, then it must be sold at reserved price.

If two bidders, then if both don't bid ?

Hi, any of you went to any auction before?

That's why it's called false buyer. Purpose is not to buy.

---

Added on April 21, 2012, 4:09 pmYup. It is also to make their lives easier as some final bidding prices can double the reserve price.

Whether they accept late registration or not will depend on your luck mostly....get one in good mood, they will accept anytime before the auction starts. However, in this kind of matter, it's better be punctual la.

This post has been edited by beandk: Apr 21 2012, 04:14 PM