Multiple Signs of Malaysia Property Bubble V20
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 Nov 1 2018, 12:34 AM
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#1
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Senior Member
756 posts Joined: Dec 2016 
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can loan to buy auction unit?
what are the expected upfront costs for buying auction units? or has to be total price + costs? what about the other parties (bank's people) who try to inflate the transacted price during the auction? |
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Nov 1 2018, 12:40 AM
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#2
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Senior Member
756 posts Joined: Dec 2016
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QUOTE(wild_card_my @ Sep 30 2018, 11:04 AM)  Those are lelong units. They are unable to repay the installments so the banks exercised their power of attorney to force-sell the unit. Unfortunately, even the banks can't sell it to cover the principal outstanding, and the difference still has to be paid back by the borrower.  now there are 3 scenarios...or more? correct me if wrong - sell at market value. bank earns the $ previously paid by borrower, plus the wholesome of the market value $. handsome profit. - sell below market value - can cover principal outstanding, bank breakeven with normal profit on interest. - sell below below market value - cannot cover principal outstanding, bank still chase borrower to pay even though he already lost the house??? cannot sell at all then how? |
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