QUOTE(Enigma7484 @ Aug 17 2023, 11:43 AM)
I was one of the bidder for this unit when the price was around RM 167K. The amount that was owed by the ex-owner to the developer was around RM 35K. But this info wasn't disclosed to me by the management / the lelong bank / or the agent until I won the bid and secured the unit. Then the nightmare happen when the developer demand me to pay the extra RM 35K+ excluding RM 18k Maintenance fees to get them to transfer title to them. When I asked the agent/ bank, both side say they dont know about this amount as well, bank claimed they already disburse money to developer, nothing left, but developer said the opposite.
My lawyer helped to fight but after back and forth, developer still insist I pay this RM 35k only they can settle. So I forfeit the lelong and lost my RM 16k down payment for the lelong.
After that, the agent only list down the total outstanding amount for the ex-owner (RM 35k) to warn any buyer that are interested in this unit.
Rather unfair for me, but i guess lesson learnt for a lelong unit.
Oh my, you mean except the picture I posted, there are another 35k? Holy.
Because sofo is under commercial title, so it maximum only 85% loan. So I not sure is it developer give how many percent Rebate for the project, but 35k must be (downpayment + interest 10% per year). Since this project launching at 2014, and vped at 2017, so until now it's maximum go through 9 year.
===
Edit
Misunderstanding, saw the outstanding amount 19750, I though this mean maintenance & sinking fund outstanding.
So the picture listed amount totally 35k+ is the money bond by bidder, and another 18k+ / or maybe increase to 19k payable by bidder but claimable from bank.
Mean for this unit, the cash amount need to prepare is
12.3k + 35k + 19k(claimable) + legal stamping.
Sorry to hear this from you as this kind of hidden trap only can disclosed when people appoint lawyer to check with developer, and most of the time people will not waste a monies to appoint lawyer to check if they are not comfirmed to bid a unit.
It's like, doing a land search is the max I can do before enter to bid auction, but spend few hundred to appointment lawyer to check hidden information from developer is a huge not. If someone interest try to bid 10 unit (to get 1 unit at RP) every unit want hide lawyer to check, it will be a big cost too.
This post has been edited by Aldo-Kirosu: Aug 17 2023, 12:35 PM