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 AUCTION PROPERTY- NEED ADVICE

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Glcotan
post Apr 16 2012, 03:31 PM


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just wanted to say thank you to michael for his valuable advices...

Glcotan
post Apr 21 2012, 07:13 AM


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QUOTE(clanzkiller @ Apr 21 2012, 12:58 AM)
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...
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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..
Glcotan
post Apr 21 2012, 03:48 PM


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QUOTE(jalsrix @ Apr 21 2012, 03:39 PM)
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 ?
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Hi, any of you went to any auction before?
Glcotan
post Apr 22 2012, 02:44 PM


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QUOTE(clanzkiller @ Apr 22 2012, 02:11 PM)
I probably understand the pros and cons of increasing the reserved price if there are more bidders. In fact, i just wanted to know if this is a norm, or it is flexible for the bailiff to decide during the auction. Since many experienced bidder has said it is a normal practice, i supposed that it is.
I dunno but claimed by the man, even single bidder, the reserved price is slightly increase a little bit. Let's say like RM100k, it will start at RM 102k or something..Just a little bit..To cover the cost maybe? lol..
Already did the best but that bailiff doesn't seems friendly to us...
Heheh got it, first time, and i do not expect 2 hours from cheras - shah alam also can be late.. Actually i already asked my agent to inform the bailiff that we will be late for 5-10 minutes, he just answer 'x blh'. And we actually reached at 9.36 at the auction room. We also tried to show sympathy while taking a high breath cause i ran all the way from the outside road, climb the staircase, and into the auction room. He just don't allow us. By fate..hahaha
What i've heard that day, even single, or 2 bidders, or 3, or 4, they also increase the reserved price.
Thanks Michael. Do you have any idea that auction law is under which enactment? Does it falls under National Land Code? Maybe is time for me to learn some law smile.gif.
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you went for the usj1 dslh?

actually you can ask your agent to register for you.. if he has your i/c copy.
Glcotan
post Apr 22 2012, 03:32 PM


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QUOTE(clanzkiller @ Apr 22 2012, 03:10 PM)
cannot bro cause the bailiff said he need the original IC and bank draft in order to register....
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ah.. yup.. forgot it's high court
Glcotan
post Jun 1 2012, 02:39 PM


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Anyone has experience with caveat?
Found one case whether the caveat was place almost same time with loan agreement... seems a bit strange.
Glcotan
post Jun 1 2012, 05:02 PM


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QUOTE(kurtkob78 @ Jun 1 2012, 04:32 PM)
from what i know, caveat require time to get it removed. IF the bank dont want to extend the 90-120 days period then your deposit will be forfeited unless you pay cash.

btw i got a question. is the success rate of removing any caveat 100% ????? (without waiting its expired date)
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Is it right the caveat will auto expire after 3 years?

 

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