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Auction properties
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mrKFC
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 Feb 21 2018, 03:02 AM
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Getting Started
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I appreciated it since it really remind me before trusting the value price by looking at it. QUOTE(Sand Dust @ Feb 20 2018, 10:59 PM) Again my comments remind people to be cautious of the first round price, which suppose to be the so called market value of the said property. But if one do more homework this is not neessarily true. I do dream and at the same time do my best to understand the reality by reading more. Auction property is great but do your homework to minimize the risk. |
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icemanfx
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Feb 21 2018, 03:27 AM
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Registered valuers based their valuation on transacted price, hence tend to lag behind "current" market value when there is a rapid change of value either rise or drop.
Given unknown factors i.e risks in foreclosure property, it is sensible to bid or buy at substantial below market price.
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AskarPerang
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Mar 1 2018, 11:49 AM
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Bold berani mati move. Take note that the property is not own by you yet even after you win the bidding. Be patient! Use the proper ways. This post has been edited by AskarPerang: Mar 1 2018, 11:50 AM |
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topearn
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Mar 1 2018, 02:34 PM
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QUOTE(AskarPerang @ Mar 1 2018, 11:49 AM) Bold berani mati move. Take note that the property is not own by you yet even after you win the bidding. Be patient! Use the proper ways. Can pl give us the link for auction properties ? |
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AskarPerang
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Mar 1 2018, 02:47 PM
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QUOTE(topearn @ Mar 1 2018, 02:34 PM) Can pl give us the link for auction properties ? |
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AskarPerang
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Mar 2 2018, 10:52 AM
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topearn
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Mar 2 2018, 01:44 PM
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QUOTE(AskarPerang @ Mar 2 2018, 10:52 AM) U R vip member in lelongtips ? If yes, how much need to pay ? |
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mrKFC
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Mar 3 2018, 01:07 AM
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Getting Started
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QUOTE(topearn @ Mar 2 2018, 01:44 PM) U R vip member in lelongtips ? If yes, how much need to pay ? 300k for a big double terrace not too bad huh |
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mrKFC
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Mar 3 2018, 01:07 AM
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Getting Started
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QUOTE(topearn @ Mar 2 2018, 01:44 PM) U R vip member in lelongtips ? If yes, how much need to pay ? 300k for a big double terrace not too bad huh |
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acougan
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Mar 17 2018, 03:09 PM
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icemanfx
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Mar 17 2018, 03:32 PM
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QUOTE(acougan @ Mar 17 2018, 03:09 PM) National land code 1965 apply only if title is issued. Even if borrower could prevent auction to take place, liability remain unchanged, still need to repay loan. This post has been edited by icemanfx: Mar 17 2018, 03:32 PM |
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acougan
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Mar 17 2018, 03:45 PM
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QUOTE Extension of time to settle balance purchase price
The usual requirement under the Proclamation of Sale is that the purchaser at the public auction is normally required to settle the balance of the purchase price within 90 days after paying the required 10% of the purchase price. The chargor (borrower) must be consulted and his consent obtained if there is any application by the purchaser for any extension of time to settle the balance of the purchase price.
The bank cannot on their own, unilaterally grant the purchaser the extension of time they applied for. Failure on the part of the lending bank to obtain the chargor’s (borrower’s) consent will render the sale of the borrower’s property at the public auction void (has no legal effect and unenforceable) (refer to M&J Frozen Food Sdn Bhd v Siland Sdn Bhd & Anor [1994] 1 MLJ 294 SC).
Even after your property has been sold by the lending bank at the public auction, you will need to monitor the progress of the sale. You will know when the balance 90% of the purchase price has to be paid by the purchaser (90 days from the date of the public auction).
On the 91st day after the public auction, go to the bank to ask if the purchaser has paid the 90% of the purchase price. If the lending Bank refuses to answer your query or give you a vague answer, immediately get yourself a lawyer and tell him the whole story. Your lawyer will know what to do next and he will take care of you from then on. Show him this article if you like. |
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icemanfx
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Mar 17 2018, 04:12 PM
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QUOTE(acougan @ Mar 17 2018, 03:45 PM) It is in borrower's interest to have his loan cleared else higher liability. This post has been edited by icemanfx: Mar 17 2018, 04:33 PM |
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AskarPerang
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Mar 18 2018, 05:25 PM
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icity seems to be hot in demand. studio size unit. i wander why. any insider news to share? here prove people willing to bid until 300k in auction. another unit sold 250k in auction here: and now this is last year lelong unit won at 265k. eventually when open the unit, it is fully furnish condition. airbnb unit. lucky buyer. able to flip at 355k within a month. |
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acougan
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Mar 18 2018, 08:05 PM
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Sell off the next month!? 30% rpgt!?
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topearn
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Mar 18 2018, 08:24 PM
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Any semi Ds for auction in Cyberjaya ?
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hairi82
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Mar 18 2018, 09:05 PM
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Getting Started
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QUOTE(acougan @ Mar 18 2018, 08:05 PM) Sell off the next month!? 30% rpgt!? 3 years also 30%..1 month 50k quite good what |
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BEANCOUNTER
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Mar 19 2018, 12:27 AM
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QUOTE(topearn @ Mar 18 2018, 08:24 PM) Any semi Ds for auction in Cyberjaya ? r u bumi? if yes you are in for luck. quite a few. |
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topearn
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Mar 19 2018, 09:07 AM
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QUOTE(BEANCOUNTER @ Mar 19 2018, 12:27 AM) r u bumi? if yes you are in for luck. quite a few. I'm Chinese, but am curious to know where are such bumi semi D units for auction ? Appreciate giving us the link please ? |
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AskarPerang
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Mar 19 2018, 09:46 AM
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QUOTE(topearn @ Mar 19 2018, 09:07 AM) I'm Chinese, but am curious to know where are such bumi semi D units for auction ? Appreciate giving us the link please ? Symphony hills got 2 units. 2 storey semi D. Posted in that thread there. Different bank but same valuation. Drop from 1.7M. Currently is at 1.24M. Expecting to fall below 1M before anyone bids for the unit. |
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