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AskarPerang
post Mar 25 2019, 12:52 AM

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Normally to use LPPSA (government loan) to buy lelong property, people will say must get from LPPSA auction. Normal bank lelong unit cannot meet the time.



But the above statement myth that normal bank lelong unit cannot use LPPSA (government loan) seems like no longer applicable.
LPPSA loan process is faster now, no longer like before.
And yes, able to settle within 90 days.
Real case study. Maybe mhs87 able to share his experience.
Bjorn1688
post Mar 25 2019, 01:11 AM

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QUOTE(AskarPerang @ Mar 25 2019, 12:52 AM)

But the above statement myth that normal bank lelong unit cannot use LPPSA (government loan) seems like no longer applicable.
LPPSA loan process is faster now, no longer like before.
And yes, able to settle within 90 days.
Real case study. Maybe mhs87 able to share his experience.
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It seems the process will be faster only after April 1, my buyer was telling me that a new system will be implemented then and currently no applications can go through.

Any idea if this is the reason it will be faster?
naqib0307
post Mar 25 2019, 06:26 AM

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QUOTE(Bjorn1688 @ Mar 25 2019, 01:11 AM)
It seems the process will be faster only after April 1, my buyer was telling me that a new system will be implemented then and currently no applications can go through.

Any idea if this is the reason it will be faster?
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Not sure if this is related to the loan application or not. Cause soon gov will announce something for properties soon.
chicharitos
post Mar 25 2019, 07:54 AM

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QUOTE(AskarPerang @ Mar 22 2019, 12:25 AM)
No taker last month.
This unit drop to RM 248,700 today: https://www.lelongtips.com.my/property/5760...or-for-RM248700

Guess what? End up sold at 300k just now.  rclxub.gif

Last month everybody tido?
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not sure if this the case but recently GLC companies just given out bonuses to their staff. banks too iinm
more2teayap
post Mar 25 2019, 09:21 AM

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QUOTE(AskarPerang @ Mar 20 2019, 10:50 PM)
Another example of buyer market is back.
This house got caveat being placed also attracted as many as 30++ bidders.
In seremban. 1 storey house.
From Reserve Price of 90k, sold at 170k.  sweat.gif



user posted image
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For properties with caveat, is it true that buyer won't be able to get a loan from bank?
AskarPerang
post Mar 25 2019, 09:31 AM

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QUOTE(more2teayap @ Mar 25 2019, 09:21 AM)
For properties with caveat, is it true that buyer won't be able to get a loan from bank?
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Yes correct. Either you buy with full cash.
Or keep on requesting for extension while in process to remove the caveat, will be charged penalty for each day lapse. But take note that not all banks will give such extension. There are well known few banks that will not allow any extension at all.
nexona88
post Mar 25 2019, 10:28 AM

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QUOTE(chicharitos @ Mar 25 2019, 07:54 AM)
not sure if this the case but recently GLC companies just given out bonuses to their staff. banks too iinm
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But how many staff actually active in auction market?
Don't think everyone involved....

But yeah, maybe partly contributed to the increase interest...

hmm.gif
BEANCOUNTER
post Mar 25 2019, 10:32 AM

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QUOTE(more2teayap @ Mar 25 2019, 09:21 AM)
For properties with caveat, is it true that buyer won't be able to get a loan from bank?
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wat was the caveat all about?

assessment never paid? title not transferred?

even bought cash, what is the point? can you obtain the title of the house?
Lcclcc
post Mar 27 2019, 05:11 PM

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QUOTE(AskarPerang @ Dec 7 2018, 01:24 PM)
Nope. Anyone can buy from auction.
But if the unit is a bumi lot, will still follow bumi quota.

This is the only available loophole investors can collect low cost property in their portfolio. And they are willing to bid above market price in lelong.
Now RUMAHWIP, RUMAH SELANGORKU, PR1MA, PPA1M will join this loophole.
Coz under normal subsale, they are not qualify to buy.

Future reselling of the property back again got no info. Need to check with local authority.
Bank just want to recover back their loss.
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Mind to share your experience on Auction for Low Cost Flat.

I have bought one unit of low cost apartment some two years ago, it's title as low cost apartment.

After i won the bid, then i am getting confused by the lelong agent as well as my lawyer if it's categorized as low cost flat.
And was worried there might be Authority Conscent required for such Low Cost Unit.
Both the agent and lawyer can not give me certain criteria if an property is categorized as low cost flat.
And many confusing criteria which can not be confirmed:-
1. The First Purchase Price are less than RM40K
2. If the property are more than 10years it's free to transfer to anyone
3. The unit should be smaller than 650 sq ft.
4. Both KL and Selangor, or every state have different policies on this.

I make the full payment to the auction bank and eventually the title transfer was completed with no hassle.

I bought the unit at RM80K at Reserve price and spend around 8k to paid the unpaid bills and small make good, and it has been renting out RM700 since then.
I would say that it is good on rental return, but it's not much on price appreciation, and not viable on financing/selling, as each transaction will involved with a lot legal fees.

I wonder if Sifu have any deep knowledge and what is the standard procedure that you have handled in the past to shared with.

I definetely want to purchase more of this kind to my portfolio very much like a saving for long term if i have the knowledge.

Thanks
AskarPerang
post Mar 27 2019, 09:29 PM

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QUOTE(Lcclcc @ Mar 27 2019, 05:11 PM)
Mind to share your experience on Auction for Low Cost Flat.

I have bought one unit of low cost apartment some two years ago, it's title as low cost apartment.

After i won the bid, then i am getting confused by the lelong agent as well as my lawyer if it's categorized as low cost flat.
And was worried there might be Authority Conscent required for such Low Cost Unit.
Both the agent and lawyer can not give me certain criteria if an property is categorized as low cost flat.
And many confusing criteria which can not be confirmed:-
1. The First Purchase Price are less than RM40K
2. If the property are more than 10years it's free to transfer to anyone
3. The unit should be smaller than 650 sq ft.
4. Both KL and Selangor, or every state have different policies on this.

I make the full payment to the auction bank and eventually the title transfer was completed with no hassle.

I bought the unit at RM80K at Reserve price and spend around 8k to paid the unpaid bills and small make good, and it has been renting out RM700 since then.
I would say that it is good on rental return, but it's not much on price appreciation, and not viable on financing/selling, as each transaction will involved with a lot legal fees.

I wonder if Sifu have any deep knowledge and what is the standard procedure that you have handled in the past to shared with.

I definetely want to purchase more of this kind to my portfolio very much like a saving for long term if i have the knowledge.

Thanks
*
Definitely can buy those low cost units or affordable housing scheme projects via lelong. Dont have no meet the criteria to buy.
As mention previously, got investors even willing to bid more than the market price for such units, coz via normal method, they got no chance to buy such property. Yes, still need to ask for consent. It will be given. Is just formality to complete the process. Here copy paste from somewhere:

QUOTE
(a) Pemilik rumah kos rendah tidak dibenarkan menjual rumah dalam tempoh lima(5) tahun selepas Perjanjian Jual dan Beli ditandatangani kecuali jika rumah tersebut digadai oleh pihak bank yang mana harganya tertakluk kepada harga pasaran; dan

(b) Selepas lima (5) tahun,  pemilik rumah kos rendah boleh menjual rumah mereka mengikut harga pasaran dan penjualan/pembelian ini tidak lagi akan tertakluk kepada syarat- syarat/kriteria kelulusan permohonan untuk pemilikan rumah kos rendah swasta.


Buying such units from lelong certainly no problem. You should be more concern about how to sell back in the future.
Coz your future potential buyer need to meet all the criteria. Easy to find such buyer? Easy to dispose off after 5 years? Here an example of the syarat-syarat (might not be the latest and other state will have their own set of criteria):

» Click to show Spoiler - click again to hide... «


Additional: Some state such as Johor and Penang even got criteria you can only sell back to Johorean or Penang ppl. The buyer I/C as proof.

That's the main reason why such property got no appreciation. Very limited subsale market.
Rental return wise no doubt is fantastic but some people will argue say you will find trouble collecting rent from those "lower income" group, and better not to waste effort venturing in such property.
Plus some people will say just leave it to those that really need, those that can only afford such property people. Not morally right to take away their "hak", as per this illustration:

» Click to show Spoiler - click again to hide... «


Haha. No right or wrong. Just general opinion from keyboard warrior, those netizens.
BEANCOUNTER
post Mar 28 2019, 07:56 AM

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Better biy those low mid cost below 150lk.

Less restriction.
gld998
post Mar 28 2019, 03:10 PM

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QUOTE(BEANCOUNTER @ Mar 28 2019, 07:56 AM)
Better biy those low mid cost below 150lk.

Less restriction.
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Penang cannot buy low cost if u already a property owner.
BEANCOUNTER
post Mar 28 2019, 04:56 PM

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QUOTE(gld998 @ Mar 28 2019, 03:10 PM)
Penang cannot buy low cost if u already a property owner.
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Lelong can...

We taljk abt lelong.
gld998
post Mar 28 2019, 07:32 PM

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QUOTE(BEANCOUNTER @ Mar 28 2019, 04:56 PM)
Lelong can...

We taljk abt lelong.
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Err, dunno why agents keep on saying cannot buy etc when i wanted to big for one flat in penang last year. sad.gif
Syahrim Naim
post Mar 28 2019, 08:58 PM

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Lelong looks yummy nowadays. Hmmmm
eric.tangps
post Mar 28 2019, 09:19 PM

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QUOTE(AskarPerang @ Mar 25 2019, 09:31 AM)
Yes correct. Either you buy with full cash.
Or keep on requesting for extension while in process to remove the caveat, will be charged penalty for each day lapse. But take note that not all banks will give such extension. There are well known few banks that will not allow any extension at all.
*
Private Caveat is basically a lock on the land transaction making it problematic to transfer or charge the land.

Even if you buy with cash, the land title is still that previous owner name and still not yours unless you are able to uplift this private caveat. Bank will not release $$$ unless the land is caveat free.

So best to conduct land search a day before auction, also pray no new private caveat after auction.
BEANCOUNTER
post Mar 28 2019, 10:51 PM

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QUOTE(gld998 @ Mar 28 2019, 07:32 PM)
Err, dunno why agents keep on saying cannot buy etc when i wanted to big for one flat in penang last year. sad.gif
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it could be bumi vs non bumi quota....my guess.
gld998
post Mar 29 2019, 08:58 AM

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QUOTE(BEANCOUNTER @ Mar 28 2019, 10:51 PM)
it could be bumi vs non bumi quota....my guess.
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I can confirm not bumi unit. Mayb the project got title restriction on income. Oh well, got alot of other properties, just not cheap enuf to buy.
AskarPerang
post Mar 29 2019, 10:52 AM

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QUOTE(AskarPerang @ Mar 1 2019, 11:27 PM)
Lelong unit check in. Can wait for price drop.
Jalan Metafasa U16/1G
Not sure from which phrase.


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Guess what.
This lelong unit sold. At first auction = bank valuation = subsale price.
Wow. Very very rare this thing happen in today's market. People willing to buy from auction rather than via normal subsale process.
Is a brand new condition unit. Owner did nothing at all.

Anyway congrats to all Elmina Valley owner. thumbup.gif


potenza10
post Mar 29 2019, 11:06 AM

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QUOTE(AskarPerang @ Mar 29 2019, 10:52 AM)
Guess what.
This lelong unit sold. At first auction = bank valuation = subsale price.
Wow. Very very rare this thing happen in today's market. People willing to buy from auction rather than via normal subsale process.
Is a brand new condition unit. Owner did nothing at all.

Anyway congrats to all Elmina Valley owner.  thumbup.gif


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