Thank you. For auction property it is crudely call paying up rather than redemption. Once we have paid the auction bank the balance of the successful bidding price, the lawyer will arrange for a transfer. If it is high court, it is quite easy as the auctioning bank would have most documents ready and being approved by the courts, transfer can take place quite fast. You will be given your title (or a copy if you charge it to the bank). Floor plans are not included in those documents. you need to contact the management office for a sample floor plan. However, some offices might take a little bit more effort in asking for it.

For LACA cases (and in high rise) it could be a little more difficult. Having a good lawyer is of vast importance as  a clumsy lawyer could screw up your timing, and hence you might not be able to draw down by 90 or 120 days (depending on POS). Once that happens, you need to come up with  the cash to pay up the balaence. Again, this would not be good especially for the investors as once you have the ability to pay up, then you cannot claim interests payable against tax.

The temporary contract is called Memorandum of sales is actually quite an important document and it is not temporary. In some ways, that is the "SPA".

Hope the above helps.

Why so secretive ? 

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

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 am
The 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 ?

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..

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.

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

The final price is only 10k higher than my budget...

There is a couple of time, when I realised that there is no subsale in that region and I die die want to have the location, I am happy to pay a slightly above market premium in auction. The beauty of auction if you are a snaky person, is you can reap a lot of benefits post auction.

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

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.

---

Added on April 23, 2012, 3:16 pm

As 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.

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.

You bought and kena litigation?

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.

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?

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 ".

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.