If its beethoven,better get it before it drop under 1m to get better opportunity.

I thought SH auctions mostly are bumi units?

you kuku the web or I thought you have signed up for lelong website? almost ever yweek also they send listing to my email until I blocked them.

everything spoon feed meh? you are as regular as I am here, am sure you read all these auction units before.

what happened if u won an auction unit, later u find out the unit outstanding maintenance fee a few ten thousand?

who pays?

This post has been edited by nbi: Mar 24 2018, 01:45 PM

Depending on what stated in the POS. Some banks cover fully. Some banks cover partially and some bank no cover at all.
Anyway, as a wise buyer, of course you dont simply blindly go and bid without checking first. Sure to check it out.

- Check with the JMB / MC on all outstanding fees. (sometimes water is still under JMB).
- Check with that area Majlis Perbandaran / Bandaraya for all outstanding cukai taksiran.

Utility bill is harder to check. If possible need to korek the mailbox to get. Utility bank wont cover but no harm trying your luck as per a rare case here:

Outstanding bills are the least of yr worries when bidding for auction unit

Bank gives out loan for the house but the owner didnt repay the bank.
Easy. Because bank wants to recover the loss. So auction is the fastest method to find a new buyer.

There are two types of auctions in malaysia

One is bank auction to recover the debt

The other one is private auction. Perhaps askedperang can explain what is private auction.

In US bank forced auction is called foreclosure.

In Aus auction is just a normal sale...

The legal term for a public auction to recover a debt in M'sia is 'FORECLOSURE".

Bank Auction or Court Auction are layman terms for ease of understanding and conversation.

'PRIVATE AUCTION' are sales initiated by property owners. The purpose is to encourage interested buyers to bid rather than to negotiate on the price.

In Malaysia, private auction is not common due to the stigma that property auction is related to a failure to pay a loan.

Another reason is the final property price in private auction may not be the minimum what the property owner wanted therefore most property owners will prefer negotiation.

In all auctions, the starting bidding price cannot be set high, otherwise you get few bidders or none at all. Is through the bidding process that gets the bidders excited.

This post has been edited by mini orchard: Mar 25 2018, 06:03 AM

In Aust, when the market is fairly strong, you want people to 'commit' fast so you would use the auction strategy and you can accept the highest price (pre-auction offer) if you want (without going to an auction).
If it is a very, very strong market, you wait for buyers to fight it out in the auction as there are usually more bidders than you think. You won't usually accept any offers in a strong market (like what happened 2 years ago in Sydney). Nowadays the market has really cooled off (about 8% off the peak), you would accept a pre-auction offer which is what is happening now. This is called Sold Prior To sale. You won't use auction in a weak market as auction costs can be quite high as you need an auctioneer and a place to hold the auction which may be a hotel conference room. Usually auctioneers have their own office to hold the auction.
In a weak market, you just nominate your price with a For Sale and hope that someone will make you an offer. If you are not happy with what people are offering and you want to sell the property fast, you put a Under Offer in the hope that someone will better that offer. If you still can't get the price you want, you withdraw it from the market. People normally don't want to leave their property too long in the market as this devalues their property price.
Properties that are sold off by the banks because the buyer has defaulted on the loan is called a Mortgagee Sale. This would only happen in a distressed market.

This post has been edited by Garysydney: Mar 25 2018, 06:09 AM

Auction newbie here,

Hi sifu,
1) how or where to check caveat for Selangor property?
2) how to check tnb, water bill and unifi bill for auction property?
3) do you have any contractor to do refurbishment after auction in Klang area?

Thank you in advanced

Very rare case today. Low cost flat able to fetch 230k in the lelong market!!!
9 on site bidders + 4 online bidders = 13 bidders total, reserve price starts at 100k only.

Maybe got gold mine inside the unit. Who knows.

p/s: Sri Aman apartment by the way to those wandering. Located just next to Taman Paramout LRT station.







This post has been edited by AskarPerang: Mar 29 2018, 11:08 PM

1) I go straight to Pejabat Tanah dan Galian in Shah Alam, do a carian persendirian.
2) tnb and syabas, try to get a physical copy from the mailbox. I've gotten lucky before by just giving the address and name. No need to pay for unifi lah.
3) duh!

This post has been edited by jetwash: Mar 30 2018, 09:16 AM

U mean U go to the auction property n open the mailbox n just take the bills ? This is stealing, right ?

Last screen shot is noob comments, simply 10 x RM350 then can get RM3.5k, you rent to Bangla, bangla also don't know.

D power of PJ!... and noob bidders...

I need to be there physically for auction or I can do it online? read about previous post about online bidder

Yes selected bank and selected auctioneer now able to bid online live.
In near future, I would say 100% all auctions can do online live bidding.

thanks I am quite interested in auction unit but still doing my research...haha