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> Auction properties

musclemass
post Oct 15 2017, 08:40 AM, updated 2y ago

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Where and how do I get the latest info on upcoming auctions? Is there a site that I can refer to?

This post has been edited by musclemass: Oct 15 2017, 11:33 AM
TaipingTiger
post Oct 15 2017, 10:15 AM

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lelongtips
or just PM me with you budget and area of interest.
Donald Trump
post Oct 15 2017, 12:31 PM

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QUOTE(musclemass @ Oct 15 2017, 08:40 AM)
Where and how do I get the latest info on upcoming auctions? Is there a site that I can refer to?
*
never buy auction if u dont have experience and skill require....dont have cash as much as ur bidding price better dont touch
many agents other place cannot make it now getting comm from bank to push buyer bid....later many problems is not their problem

This post has been edited by Donald Trump: Oct 15 2017, 12:33 PM
CK15
post Oct 15 2017, 12:55 PM

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QUOTE(Donald Trump @ Oct 15 2017, 12:31 PM)
never buy auction if u dont have experience and skill require....dont have cash as much as ur bidding price better dont touch
many agents other place cannot make it now getting comm from bank to push buyer bid....later many problems is not their problem
*
Prepare rm100k cash for contigency. Later outstanding maintenance fees rm50k + rm50k for others payment. smile.gif
AskarPerang
post Oct 15 2017, 01:32 PM

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QUOTE(CK15 @ Oct 15 2017, 12:55 PM)
Prepare rm100k cash for contigency.  Later outstanding maintenance fees rm50k + rm50k for others payment.  smile.gif
*
Read the term and conditions. Some bank cover fully all outstanding cukai, maintenance fees, sinking fund, fire insurance and late charges penalty. Usually foreign bank like Hong Leong, SCB, Citibank very generous and will cover all.

AmBank cover partial. Only maintenance fees will cover. Sinking fund and cukai need to own pay.
PBB cover the outstanding with a limit cap base on the value of the property.

Utilities bill you need to pay. TNB, SYABAS, Indah Water. There are ways to check.

Your 100k statement is wrong. It is too general. Mostly will be the same cost involve like buying from subsale. Here I put down the cost:
1. 10% dp of the final winning price. rest 90% using loan or (70% loan + cash)
2. Legal fees for DOA & Loan Agreement. (lelong no S&P so legal cost will be slightly lower compare to buying from subsale).
3. Stamp duty (MOT & Loan).
4. Valuation fees.
5. Outstanding utilities bill.


AskarPerang
post Oct 15 2017, 01:47 PM

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This is what you called hit jackpot. won at 379k single bidder. 4th re-auction. Drop from first auction pricing of 520k. Subsale price 550k - 600k.



Example only. It will not be all rosy.
Just google search the story someone found a dead body in the fridge of the lelong property he won in Mont Kiara. Many many years ago.
Fat3Twister
post Oct 15 2017, 02:20 PM

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Although some banks will cover those fees, normally successful bidder will have to pay first then later bank will reimburse back. Make sure your solicitor knows how to deal with auction cases, if the solicitor didnt claim from the bank within the stipulated time, then gg
winner
post Oct 15 2017, 02:24 PM

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Deleted post

This post has been edited by winner: Oct 15 2017, 02:24 PM
winner
post Oct 15 2017, 02:26 PM

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QUOTE(Fat3Twister @ Oct 15 2017, 02:20 PM)
Although some banks will cover those fees, normally successful bidder will have to pay first then later bank will reimburse back. Make sure your solicitor knows how to deal with auction cases, if the solicitor didnt claim from the bank within the stipulated time, then gg
*
Exactly true. Some banks may take many months to process reimbursement. Successful bidders have to use their money to settle the outstanding charges first.
TaipingTiger
post Oct 15 2017, 02:26 PM

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QUOTE(Donald Trump @ Oct 15 2017, 12:31 PM)
never buy auction if u dont have experience and skill require....dont have cash as much as ur bidding price better dont touch
many agents other place cannot make it now getting comm from bank to push buyer bid....later many problems is not their problem
*
commission will be paid by the bank to the agent of the winning client.
got some agents will still ask the client to pay the commission even if lost the bid. some agents charge for to give you the auction POS.
my service is free of charge but some client will still pay me to cover the petrol money and effort after losing. not that i insist them to pay. I will help you settle up to the point of evicting the tenant out if the unit is tenanted.

newcomer better choose and select a good agent. not all agents are bad agents that only want you money.
winner
post Oct 15 2017, 02:29 PM

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Another cost to consider - eviction of tenants, if the previous owners/tenants refuse to move out.
jetwash
post Oct 15 2017, 03:26 PM

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Ah you guys make it sound difficult. I've never bid at an auction using an agent, wasting money only.

Lelongtips is quite ok, google up the full address as given on the free listing, most of the time you'll find the POS or a link to the actual auctioneer.

Otherwise, you can go through auctioneer (not agents) listings here;

Credit Ibrahim Khalil's FB

http://auctions.com.my
⏩http://www.jtraj.com/
⏩http://arenaauctioneers.my/home/
⏩http://www.leongauctioneer.com
⏩http://cahaya-auction.com
⏩http://masterauctionhouse.com/
⏩http://www.heritageauctionhouse.com.my
⏩http://www.ehsanauctioneers.com
⏩http://www.mnp.com.my/mnp/
⏩http://www.rsmaniam-auctions.com.my/
⏩http://www.proauctionhouse.com/
⏩http://www.auctioneers-sejahtera.com
⏩http://www.ngchanmau.com
⏩www.rajanauctioneers.com
⏩http://www.eszamauctioneer.com/
⏩http://www.srico.com.my/
⏩http://www.kenauction.com.my/
⏩http://swt-auction.com.my


TaipingTiger
post Oct 15 2017, 03:34 PM

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QUOTE(jetwash @ Oct 15 2017, 03:26 PM)
Ah you guys make it sound difficult. I've never bid at an auction using an agent, wasting money only.

Lelongtips is quite ok, google up the full address as given on the free listing, most of the time you'll find the POS or a link to the actual auctioneer.

Otherwise, you can go through auctioneer (not agents) listings here;

Credit Ibrahim Khalil's FB

    http://auctions.com.my
⏩http://www.jtraj.com/
⏩http://arenaauctioneers.my/home/
⏩http://www.leongauctioneer.com
⏩http://cahaya-auction.com
⏩http://masterauctionhouse.com/
⏩http://www.heritageauctionhouse.com.my
⏩http://www.ehsanauctioneers.com
⏩http://www.mnp.com.my/mnp/
⏩http://www.rsmaniam-auctions.com.my/
⏩http://www.proauctionhouse.com/
⏩http://www.auctioneers-sejahtera.com
⏩http://www.ngchanmau.com
⏩www.rajanauctioneers.com
⏩http://www.eszamauctioneer.com/
⏩http://www.srico.com.my/
⏩http://www.kenauction.com.my/
⏩http://swt-auction.com.my
*
For most banks, they will be the one paying the agent the commission money. Not the client.
If you bid on your own then bank of course will be happy. Save up their cost.

And for first timer, it's surely better to use a reliable agent. Not everybody got the time to do site visit, check this and that etc.
Fat3Twister
post Oct 15 2017, 10:15 PM

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Ya man, the banks are paying commission, give a chance for the agents to earn their comm. Unless the agents are asking u to pay them extra then you cant just f them off.
jcts
post Oct 15 2017, 11:26 PM

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You don't have to pay the agent a single cent, the auction bank will pay them. They just assist you on checking your document and make sure you qualify for the bid. They get nothing if you lose the bid.
Sand Dust
post Oct 15 2017, 11:45 PM

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QUOTE(AskarPerang @ Oct 15 2017, 01:32 PM)
Read the term and conditions. Some bank cover fully all outstanding cukai, maintenance fees, sinking fund, fire insurance and late charges penalty. Usually foreign bank like Hong Leong, SCB, Citibank very generous and will cover all.

AmBank cover partial. Only maintenance fees will cover. Sinking fund and cukai need to own pay.
PBB cover the outstanding with a limit cap base on the value of the property.

Utilities bill you need to pay. TNB, SYABAS, Indah Water. There are ways to check.

Your 100k statement is wrong. It is too general. Mostly will be the same cost involve like buying from subsale. Here I put down the cost:
1. 10% dp of the final winning price. rest 90% using loan or (70% loan + cash)
2. Legal fees for DOA & Loan Agreement. (lelong no S&P so legal cost will be slightly lower compare to buying from subsale).
3. Stamp duty (MOT & Loan).
4. Valuation fees.
5. Outstanding utilities bill.
*
Still confuse if you apply new account for electric, water and undah water, you still need to pay off the previous outstanding bills?

Sand Dust
post Oct 16 2017, 12:11 AM

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QUOTE(jcts @ Oct 15 2017, 11:26 PM)
You don't have to pay the agent a single cent, the auction bank will pay them. They just assist you on checking your document and make sure you qualify for the bid. They get nothing if you lose the bid.
*
What the agent will provide? Site visit, utilities check, infor sharing etc?
landplus
post Oct 16 2017, 02:52 AM

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QUOTE(musclemass @ Oct 15 2017, 08:40 AM)
Where and how do I get the latest info on upcoming auctions? Is there a site that I can refer to?
*
This is the latest and got many: https://www.land.plus/malaysia/listings/for-auction
TaipingTiger
post Oct 16 2017, 11:03 AM

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QUOTE(Sand Dust @ Oct 15 2017, 11:45 PM)
Still confuse if you apply new account for electric, water and undah water, you still need to pay off the previous outstanding bills?
*
Yes, you need to clear the outstanding amount before able to change name. Cannot offset the amount from the ex-owner deposit as well. Cannot cash out the ex-owner deposit. You need to place a new deposit.

QUOTE(Sand Dust @ Oct 16 2017, 12:11 AM)
What the agent will provide? Site visit, utilities check, infor sharing etc?
*
Depend. Some property need to do title search. Some property is a sure hard to obtain bank loan. Need use liquidator.
I will mention this again. Engage a good agent to clear your doubt.
Auction is not everyone cup of tea.
jetwash
post Oct 16 2017, 11:44 AM

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Here's what I do before I bid;

1. Google around for auction properties.
2. Get the Proclamation of Sale. Read terms esp on who pays the outstanding maintenance fees, quit rent, assessment fees etc.
3. Site visit. Estimate for repairs. If owner stays at the property, cancel and go back to step 1. Get a copy of utility bills for checking.
4. Do title search at land office. Can skip this if master title. If got private caveat by individual then go back to step 1.
5. Go for bidding with a set budget (always below bank valuation).
6. Win - sign contract; lose - return to step 1.


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