What your in law said is reasonable. A place filled with auction usually means people with poor credit credibility have bought. Either you have confidence that the place will be bought by people with good credit and will build up the place, otherwise the auction will be a perpetual problem.

Sorry I should add on, I hope your place will turn for the better.

This post has been edited by michaellee: Apr 26 2012, 12:50 PM

Went for my maiden auction yesterday.

I phoned up at 12 noon and he said the auction of the unit is still on and ask me to come at 2 pm to register.

When I reach the place at 2 pm, they say the auction unit is WITHDRAWN !

What trick are they up to ? They should at least give 12 hour notice so we dont' waste our time buying bank draft and wasting petrol money and taking leave !

When I went that time to register, there were no buyers for other auction units but a lot of agents there waiting and sitting.

What are the agents doing there ?

This post has been edited by jalsrix: Apr 26 2012, 01:39 PM

In-laws pressure huh?

The best way to find out your house value is to ask for a bank valuation. Bear in mind also, different banks differ in their valuations. But it'll give you a good estimate. The lelong advertisements you see are normally 20-40% below bank valuation, depending on your area. Agents like to pin up the most attractive offers in your neighbourhood (the lowest). Why? Simply, they will get more leads, and subsequently more customers due to the attractive pricing. The better/lower the reserve price is, the more agents will stick their advertisement. All want a piece of the action. Hence, you see a lot of lelong ads. It has nothing to do with them conspiring, they simply want to cari makan. All the many ads you see might actually just come from one auction case but different agents. And they never bother to remove their ads after the auction too. So you have accumulation of ads sometimes.

can i just cabut all the banner there? majlis also will be doing the same if they got maintenance around that area

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Added on April 27, 2012, 7:58 amalso, alot of hot properties get called off on the last day of auction. Any explaination on this? the owner manage to pay all the installment? how they get money? Ah long?

This post has been edited by kurtkob78: Apr 27 2012, 07:59 AM

Last time, I also receive a call from somebody trying to buy my house at the price quoted by the auction price on the ad in my area.

I told him off, "if you can buy at that price, go and buy and don't bother me !".

If you are free, go and remove all the banners because the majlis are mostly lazy people. They will thank you for removing for them.

Actually, it is illegal for them to post all these banners/ads everywhere. It was reported in the Star newspaper, they can be fined.

This post has been edited by jalsrix: Apr 27 2012, 09:17 AM

No wo,

My areas is BK wo. the price is up and never go down. some more the LRT will be built here.

The problem is those agent auction banner seem like the same person work.

& if you check the i property . Many offer the same auction price but use different agent name.

These agent are sure up to something. ie.. push down the price.

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Added on April 27, 2012, 10:26 amSee the avident: "trying to buy my house at the price quoted by the auction price "

The agent is sure up to something

This post has been edited by yankicip: Apr 27 2012, 10:26 AM

the agent is trying to cari makan from the title search and commission if their client successful winning the auction. they r putting advertising the lelong at reserve price. means, the price may or may not increase. even if the auction got called off, they may get the commission from the tittle search service they offer to client[s]

Sorry Sir,

I have to disagree with you.

It's a norm for a particular auction to have various agents. Any registered agents are free to take on the case. Hence, the many same price advertisements but different phone numbers. Also, they don't just put one advertisement. They'll paste all around your neighbourhood so that those who stays nearby (who is more likely to be interested) will take note.

From what i see, those 'agent' putting the signboard for auction house at tree, lamp post, etc, is not to make your property price goes down. I don't see that it is related to chop off the properties price around the area with the signboard hanging everywhere. Btw, it is illegal for a registered agency company to hang signboard like that. That's why you will never see the company name on the board, instead just the house address, info, contact. And the board would not be so free to call up each board's number like that and investigate, cause there are too many, or maybe they're...??

Sometime is good that at least you can see a benchmark of your property current value instead of asking bank, of course, value may be vary on condition and renovation.

Why there are so many agents and different company, numbers, name advertise the SAME property? Because like what beandk said, any agent that are panel with the bank can handle the case. If the auction won by their client, they can collect commission from the bank, normally.

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Added on April 27, 2012, 8:22 pmWould you mind to elaborate more on HOW the agent can get their commission from the title search???
You meant that, when a client called up the agent, and the agent give him the POS, maybe additional title search copies, and thus, the agent are entitle for commission? I don't think there are such services, but i do believe there are agent doing that, and yet, there are people who willing to give them 'commission' for the POS + title search? I would just pay RM 1 for that, as in photocopied fee..

This post has been edited by clanzkiller: Apr 27 2012, 08:22 PM

as for the title search, you have to go to the land office, and the land office will charge for the title search. So the agent which offer this service will impose extra charge to the client if the client want the to search for land title. But if not, the agent just get the commission if they win the auction property.

The more people call the more they have the chance to give this services to cari makan.

Oh...how much can they charge? Probably just a small fee that pay for the travels and waiting. Like so called runner in JPJ and some gov agency. Biasala, everything is business. Runner = business entrepreneur..hahahah..
Anyway, we can request for a photocopied as well, since we only want to check if the property is under any caveat for the land search. I doubt they won't charge photocopied for the POS and land search right?

frankly i never did any title search but from my understanding the search cost RM30++. Maybe Any experience bidder can confirm this. so the agent sshould charge higher due to transportation, runner commission and so on. you also can do the title search but its kind of troublesome. if the auction got canceled, your search will just be a waste.

By right, the agent shouldn't charge so much if there are many enquiries, they only search one time and then photocopied the rest.

For shah alam land office, if you do official search is RM 50. And actually is very easy. Just that if many people, you need to get number and queue, as usual. That's the most troublesome part when come to waiting. So some people do not intend to waste their time waiting, and they asked the agent to do for them. And true, like what michael had advice, that title search is unnecessary for high court cases.

Agreed, but not by right. Normally agent will only give a photocopied POS + Title search to the intended bidder who had inquired for it. But i guess mostly ppl would just want the POS instead of the title search. And it does not cost a buck for that. If the agent are asking for money for that, either you pay a very low fee like rm10, or don't pay at all and told him you will call other agent to ask for the document, and from this, they will give you free. Think widely, if because of RM 1+- photocopied fee, and your client goes to other agent, you lose your commission which is like few thousand, which one worth? And from what we've saw and experienced, that a particular property that goes for auction, will be handle by plenty of agents, thus there is competitor among agent. If the auction listing are from bank directly, whereby the banker alone doing that particular auction, therefore, he/she can charge whatever he/she want otherwise you wouldn't get the information of the auction such as POS.

This post has been edited by clanzkiller: Apr 28 2012, 02:17 PM

why title search not necessary for high court case? some of high court case got caveat. from my understanding it takes more time to remove the caveat than the given time to settle the payment to bank

regarding the title search service, not sure how much the agent charge. anyone can confirm this?

This post has been edited by kurtkob78: Apr 28 2012, 04:32 PM

Truth be told, nowadays, properties with caveat, orang mati dalam peti sejuk, left only 4 walls, in front of a sewerage treatment, no. 4, end of T junction, below road level, or whatever disability or bad feng shui, you can be sure there are other bidders. So unless you are keen on that particular property and has the spare cash in case you cannot draw down in 120 days (which can happen even in smooth sailing cases), don't even go if you have other worries like caveat. Which is why I feel a caveat nowadays is meaningless. No one is scared of it.

Not necessary cause you can get those information from the agent, also, they might give u a photocopied of the title search if they did it and provide such services.
High court case normally free from encumbrances except gov caveat, pls read back the thread, Michael said it before.

No one can confirm the fee charged for the service of obtaining the title search. AFAIK, the fee charged by shah alam land office for official search is rm50. So maybe if u insist on an official search and ask the agent to help you, perhaps he cab charge u rm100 for that? I dunno cause normally there will give a photocopied for free if u registered with them as an intended bidder.

This post has been edited by clanzkiller: Apr 29 2012, 01:39 AM

ive seen high court case with private caveat , so i dicide to back off .... private caveat should be better than gov cavet. as michael said, he will not touch auction with gov caveat

Before the auction with private caveat is normal I guess. Free from encumbrances only apply after the auction where the bank will help to remove it by their own cost. Correct me if I'm wrong . In the mid on learning.