Time to pick up dead chicken, especially those >700psf soho unit
Auction properties
Auction properties
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Jun 17 2019, 12:34 PM
Show posts by this member only | IPv6 | Post
#1341
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Senior Member
1,537 posts Joined: Nov 2008 |
Time to pick up dead chicken, especially those >700psf soho unit
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Jun 17 2019, 12:46 PM
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All Stars
23,138 posts Joined: Aug 2007 From: Outer Space |
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Jun 17 2019, 06:49 PM
Show posts by this member only | IPv6 | Post
#1343
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Junior Member
461 posts Joined: May 2015 |
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Jun 19 2019, 01:12 PM
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All Stars
23,138 posts Joined: Aug 2007 From: Outer Space |
Old is gold?
24 bidders. High court auction. 1 bid increment 10k. Hahaha. Expected already. When the price is too cheap, price also jack up beyond last round reserve price. Why last round everyone still waiting for the price to drop further? This post has been edited by AskarPerang: Jun 19 2019, 01:13 PM |
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Jun 20 2019, 10:38 PM
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Junior Member
102 posts Joined: Apr 2018 |
This was happen on last week RHB night auction.
There was a bidder registered for this office lot BUT he refused to win at reserved price when he found out he was the only bidder for this unit. Obviously, he want to create the unit "UNSOLD" and further drop 10% on next round. Even Tauke from auctioneer also unable to convince. Please remember, bank are as smart as you, bank won't drop 10% in this case. Why bank will drop 10% when there know got bidder registered at this reserved price? Yes, next round reserved price are maintained same as last round. You think he still can be single bidder on next round? |
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Jun 21 2019, 05:42 AM
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All Stars
20,795 posts Joined: Jul 2012 |
QUOTE(Lelong King Jeff Low @ Jun 20 2019, 10:38 PM) This was happen on last week RHB night auction. Whether bank will drop 10% on next round is depending on priority; whether the speed or value of recovery is more important.There was a bidder registered for this office lot BUT he refused to win at reserved price when he found out he was the only bidder for this unit. Obviously, he want to create the unit "UNSOLD" and further drop 10% on next round. Even Tauke from auctioneer also unable to convince. Please remember, bank are as smart as you, bank won't drop 10% in this case. Why bank will drop 10% when there know got bidder registered at this reserved price? Yes, next round reserved price are maintained same as last round. You think he still can be single bidder on next round? |
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Jun 21 2019, 09:41 AM
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Senior Member
6,818 posts Joined: Aug 2015 |
QUOTE(Lelong King Jeff Low @ Jun 20 2019, 10:38 PM) This was happen on last week RHB night auction. Maybe he's having second thought above buying the property.There was a bidder registered for this office lot BUT he refused to win at reserved price when he found out he was the only bidder for this unit. Obviously, he want to create the unit "UNSOLD" and further drop 10% on next round. Even Tauke from auctioneer also unable to convince. Please remember, bank are as smart as you, bank won't drop 10% in this case. Why bank will drop 10% when there know got bidder registered at this reserved price? Yes, next round reserved price are maintained same as last round. You think he still can be single bidder on next round? |
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Jun 21 2019, 09:42 AM
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Junior Member
960 posts Joined: Mar 2018 |
QUOTE(icemanfx @ Jun 21 2019, 05:42 AM) Whether bank will drop 10% on next round is depending on priority; whether the speed or value of recovery is more important. For landed, almost always the bank will drop 10%, even if there were interested parties. It could take up to 6 months until the next auction. |
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Jun 21 2019, 12:34 PM
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Junior Member
233 posts Joined: Jul 2008 |
Can someone pls post some auction beginner guide here for newbie.
Like how to register, requirement, procedure, rules ? Can know whether the unit is vacant or tenaneted ? Must register which project you want to bid ? If you are the only bider, you must pay for the reserve price even you not bid ? |
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Jun 21 2019, 12:46 PM
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Senior Member
990 posts Joined: Jun 2016 |
QUOTE(sai2 @ Jun 21 2019, 01:34 PM) Can someone pls post some auction beginner guide here for newbie. preprare 10% bank draft, then follow auction specialist agent.... they will do all for you.. win only pay, lose then take full refund of 10% learn experience.Like how to register, requirement, procedure, rules ? Can know whether the unit is vacant or tenaneted ? Must register which project you want to bid ? If you are the only bider, you must pay for the reserve price even you not bid ? experience is learn with body de, not by become keyboard warrior |
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Jun 21 2019, 12:55 PM
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All Stars
20,146 posts Joined: May 2011 |
He was player.
His sole purpose there is to jack up prices, not to bid for property. |
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Jun 21 2019, 03:43 PM
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Junior Member
466 posts Joined: Jun 2019 |
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Jun 21 2019, 03:51 PM
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Senior Member
6,818 posts Joined: Aug 2015 |
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Jun 21 2019, 04:02 PM
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Junior Member
466 posts Joined: Jun 2019 |
QUOTE(coolguy99 @ Jun 21 2019, 03:51 PM) I remember when I went to a bank auction a few years ago they did state in the rules that if you are the only bidder, automatically you will become the winner and you must sign the Proclamation of Sale. Failure to complete after (automatic) winning will mean forfeiture of deposit. This is what I remember, not sure if this rule applies to all auctions or this particular bank made those rules for their auctions. |
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Jun 22 2019, 12:14 AM
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All Stars
20,146 posts Joined: May 2011 |
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Jun 23 2019, 05:19 PM
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Junior Member
466 posts Joined: Jun 2019 |
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Jun 23 2019, 07:04 PM
Show posts by this member only | IPv6 | Post
#1357
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Junior Member
124 posts Joined: Apr 2019 |
QUOTE(leodinouknow @ Jun 21 2019, 12:46 PM) preprare 10% bank draft, then follow auction specialist agent.... they will do all for you.. win only pay, lose then take full refund of 10% learn experience. to know vacant or not just go visit the property.experience is learn with body de, not by become keyboard warrior which unit just ask the agent. rules may vary so everything else u can ask the agent. |
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Jun 23 2019, 08:11 PM
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Senior Member
990 posts Joined: Jun 2016 |
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Jun 23 2019, 11:41 PM
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Senior Member
1,924 posts Joined: Jan 2019 |
QUOTE(BEANCOUNTER @ Jun 21 2019, 12:55 PM) Does the auctions here work like those in UK? Say this prop's reserve is RM1m. Buyer 1 bids RM1m as the opening. Buyer 2 (the Player) Bids RM1.01m Buyer 1 Bids RM1.05m Buyer 2 Bids RM1.06m Auction ends. Buyer 2 wriggles out of the sale, does Buyer 1 have to buy it at RM1.05m?? |
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Jun 24 2019, 01:00 AM
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All Stars
23,138 posts Joined: Aug 2007 From: Outer Space |
QUOTE(Bjorn1688 @ Jun 23 2019, 11:41 PM) Does the auctions here work like those in UK? No. Say this prop's reserve is RM1m. Buyer 1 bids RM1m as the opening. Buyer 2 (the Player) Bids RM1.01m Buyer 1 Bids RM1.05m Buyer 2 Bids RM1.06m Auction ends. Buyer 2 wriggles out of the sale, does Buyer 1 have to buy it at RM1.05m?? If that case happen (the winner unable to complete or forfeit the process), a new auction will be set and start back at reserve price of 1M. Everyone got another chance to bid again. |
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