hmm, nowadays auction final price is close or higher than the market price. therefore, any advantage of choosing to buy at auction ?

i have lose interest in auction after knowing all this info ..... sigh

after winning the auction and the old owner still staying there using electricity and water.

can we ask the condo management to block the old owner from further incurring costs that the new owner have to pay ?

This post has been edited by jalsrix: Apr 23 2012, 03:11 PM

In fact post auction is where the actions are. When do you move in? When do you renovate? When do you chase the inhabitants out? How do you chase the inhabitants? Who are the people you use for your work done? Etc. I have a few advantages as I have a team which had been doing all these for me. Like the bankers who would approve the loan quickly so that the lawyer who would make sure my loans are drawn on time, then having the necessary people to make the appropriate police reports, breaking into the house via a various numbers of means (tailored to individual inhabitant), to schedule workmen to work. These are the exciting part of auction. To share my latest experience. I bought this run down house from auction in the second week of April at RM230k. Managed to convince one of my tenants to take the place at RM3,500 per month with the condition I can settle them in before the end of this month with the rental to start in May. Managed to get bank loan in third week of April with lawyers preparing drawing down this week. Work began last thursday with nearly 15 workmen and will be done by today. Furnitures will come in wednesday, electrical fridge, tv, washing machines on thursday. Tenant will move in friday. All in all precise clockwork. It can be done if you have the experiences and the team which has been following you. My workers have been with me for more than 8 years.

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Added on April 23, 2012, 3:16 pmAs per my above post, the biggest advantage with auction is that I could use the property straight away. Of course this is if you know how to do the right things and pull the right lever. The thing is, if you have known me in real life, I bet 50% of your purchases will be from auctions, with the occasional "don't mind the above market price premium" paid. I could probably get back some of these premiums from the 120 days draw down period.

This post has been edited by michaellee: Apr 23 2012, 03:16 PM

It depends, if the increment is 5k/bid. And if i'm inside the auction room, i might raise my hand try to outbid the additional 10k line, so become additional 15k from my line. If there are still people outbidding me after that, i think i would stop. Anyway, the real situation is 20k/bid, so i won't fight for it.


Yup i know about that. I know that the bailiff has every right to reject me cause i'm late. So i do not fully blame on the bailiff. What i'm not satisfy is that the bailiff is totally unfriendly as in how he spoke to us. Perhaps, if he said something like 'minta maaf, dah lepas masa registration, kta xle accept lgi". Then i won't be so piss. He said "sa ckap xle, xle laaa". Then we try to use our sympathy and reason to try luck, and he don't even bother to look at us, like we're talking with no one. No respond at all. Until we leave the counter ourselves.


WOW 230k with 3500 rental! very very very nice!

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Added on April 23, 2012, 6:15 pmNot all, depends on certain factors of course. The auction i went that day, plenty of single bidder. So most of the single bidder probably get it below market price.
Now subsale is way more higher than market valued (bank valued). So is ok if auction price is close or higher a little bit. But there are also some auction that goes par with current subsale value at that particular area, i dunno why, egoistic and emotional maybe xD

This post has been edited by clanzkiller: Apr 23 2012, 06:15 PM

Don't get discouraged la. You never try you never know....Just don't put your expectations too high.

lol, im discourage for a while only, i just dont feel like buying from the sellers who are selling way overprice. let them advertise for 10 years without buyer

Can the seller just gain the deposit penalty due to withrawal from buying or whatever from the intended buyer as the buyer does not get 90% loan due to too high selling price. is this even possible?

RM230k sounds like reserve price to me Anyway, the point is, you managed to do all those things within a month itself. Very commendable! This one requires strong cables and relationship building over time. The best thing is you already have an existing tenant willing to rent the place without even looking at it. This is one must learn kung fu......

Question: At what stage do you send out your letter of demand should there be occasions that requires so? After draw down or before? Thank you.

Honestly, i have yet to used the legal methods of getting the inhabitants out. Perhaps I have been lucky. One thing I always do is to pay the inhabitant a visit prior to the auction and explain my situation to them. And tell them that I am a better "winning bid" compared with others as at least I am more compassionate and willing to negotiate when they need to go. Once I even offered to pay for the lorry to bring their stuffs to the new place.

Have not really encountered this problem as well but have a near litigation experience. However, it does limit some of my choices as I tend to avoid the hostile ones and certain races.

You bought and kena litigation?

This one more of a tenancy case. Who would've thought a so call Datuk would default on payment? Sent a letter out, after that settled amicably.

Nowadays, very cautious about profiling. If I don't feel confident that I can get them off, I dare not touch. But I do like to explore other options. Then I can die die have that unit and have it 'working' as fast as possible. Speed is everything.

This post has been edited by beandk: Apr 24 2012, 05:01 PM

There are plenty of fake datuks around.

excuse me Datuk... i was talking about property effects due to upcoming GE...and nothing much on politics were discuss anyway.

before you tell people where to go...use your eyes and read...don't expect people to feed you with all the information as if you are paying people salary.

if u got nothing much better to offer...then better dont comment.

tq

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Added on April 25, 2012, 1:45 amwell said Michaellee.. kids these days are spoilt

This post has been edited by golfphunk: Apr 25 2012, 01:45 AM

Even with real datuk, some is still a pain in the arse and some without financial backup but still talk cock. Meet some and it just gives me a total headache.

So, got agong on the paper is king, datuk is not king.

But acted like king nevertheless. A little bit off topic here but just to let you guys know....this Datuk issued a cash cheque to me.....to be collected all the way at Senawang, Negeri Sembilan.

I am in the opinon that many road side hand written auction notice or the iproperty.com.my auction listing continues listed by different person / agents intention is.

example

2200 fts 2/sty auction 300K
tel 01x xxxxxxx


1) The make the onwer feel uneasy with their porperty
2) The lower down the market value of that areas particular property value
3) They are a group of people have some kind of other intention



Because the value auction is far too low and its sometime almost 50% only and we uncounter more and more such hand writen board

Anyone feel the same?

Erm, sorry. Don't really get you. Are you saying that all the roadside advertisements has ulterior motives, that is to mark down market value of that area?

Yes,

(Sorry, some character missing due to typing using smartphone.)

They purposely putting more and more hand written advertisement showing that particular areas property value. I suspect it send out message " your areas property is worth around this much only"

So, some resident that not familiar with the market price might sell at a lower price to these group of agent's customer.

It seem like they are working in quite systematic ways.

Anyone felt the same?

Not true la. These people are out to make money. If you contact them, they will give you info on the auction which they can either claim commission from you or from the bank or some even worse, claiming from both. I don't think it will reduce the property price as most people nowadays are not that dumb. They would do their homework and ask around before selling their house.

Oh.... hope what you said is true la.

My wife did complaint to me why our areas D/S value is getting lower and lower after seeing all those never ending "auction advertisement"

& it is rather depress when you check the iproperty and see the same and what worst is so many of them. You start to having this doubts that my house value maybe not that high.

& I my in law started to make comment like : " You areas is not good, you see so many auction, why so many poor people ".