Seems like a trend people flipping medium cost apartment? Easy to be done?

Case study #1:

Medium cost unit sold at low cost pricing




Case study #2:

RP 167,670. Sold at 184k. But still below market 43%???

Yes, is usual practice for low cost flat / PPR unit. The new buyer will offer lorry service, find new place for the ex-owner, even pay deposit for the ex-owner to leave the house. Refer below example:

But for the above case, owner is staying in condo standard. And still living luxuriously (pasang semua aircon ). So whether he accept a downgrade in his life? Offer him flat to stay? I think the buyer afford to sponsor him deposit to rent at neighboring unit in the same condo. But future gonna be troublesome to the landlord also coz not able to pay rent. Is complicated.

Try to be nice yet people will take advantage and pijak nice people back.

Loan approval can be done within 3 working days.
(I have seen 1 day approval also, but above statement is more realistic)
You need to personally sign the loan offer letter from bank. So 3 weeks away is an unwanted delay.

cc: wild_card_my to provide better insight.

Got 2 interesting story to share from today Maybank mega auction:

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1. Buyer market is certainly back. Hot property will still have many buyers willing to buy.
Only at 10% cheaper than subsale market also good enough for some people.

Total attracted 5 bidders.
Unit sold at 915k today. Wow.
Only 10% cheaper than subsale pricing?
Plus this is an occupied unit some more.

Developer units still selling, free legal fees, rebate, disccounts some more nett pricing around 1M+ only.
Not sure is a good catch or not.

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2. Another unit from Zeta, One South sold at the lelong market today.
Damn it notice there is a syndicate cheating on noob buyer in the market currently.
Sad case happening.

Scroll above. This syndicate won the last unit here at 445k, refer: https://forum.lowyat.net/index.php?showtopi...post&p=91498503
Now today managed to cheat another buyer.

G-27-03A, Zeta Residence, One South
Reserve price 🔥🔥RM 470,000🔥🔥
Leasehold until year 2094
1184 sqft + 173 sqft private lobby foyer space
Auction: 04-May-2019 (Sat)



2 bidders. Syndicate own register as another bidder to bid up the price. Reason is to collect higher commission earning.
Nobody else will enter at 470k. It is still high price.

Anyway, they bid up the price and sold at 502k.
I pity the buyer who got cheated here.

Easy. Coz the buyer authorized this syndicate to bid on behalf and most probably was coax into believing that need 500k budget to win. Is under their total control. Well plan by creating a 2nd bidder to jack up the price.

Is certainly not like what leodinouknow explain. Wrong explanation.

There is no "ulat" like what you mention. Example the Zeta One South unit. "Ulat" if really got like what you mention, once "ulat" know that you will be bidding for this unit, the "ulat" will need to go rush and prepare bank draft amounting to 47k. And today is Saturday. Possible only bank in KLCC open. In time?

The incident happen as per my explanation above. Run by syndicate.
They already got a buyer entering to bid this unit, bidding on behalf.
They registered a second bidder (yes by placing a well prepare 47k bank draft)
They created the bid fighting scene.
Unit sold at 502k.
End of story. This is not ulat. This is syndicate cheating the noob buyer. Unneccessarily wasted to buy at 30k+ extra.

p/s: Edit to show the bidding process as per the image:
Bid started at 475k (since got 2 bidder). 1 bid 2k increment.
Buyer authorize bidder shouted 490k straight.
Fake bidder shouted 500k straight.
Buyer authorize bidder raise hand to bid normal 2k become 502k.
Done. Sold!



This post has been edited by AskarPerang: May 4 2019, 08:37 PM

Yes side deal outside the auction do happen. But is harder to deal now coz got online bidder.

Another interesting story:





This post has been edited by AskarPerang: May 4 2019, 08:41 PM

Buyer authorize syndicate to bid on behalf.
Do re-read this post again: https://forum.lowyat.net/index.php?showtopi...post&p=92572449

This post has been edited by AskarPerang: May 5 2019, 06:04 AM

Unit: J-15-12 drop to 324k today. 935 sqft.
And sold at reserve price, single bidder win unchallenged.
Not sure is a good catch or not.

Opening of the unit. Sublet unit with 2 extra rooms.
Also enter lelong.
Edited: Yes is a good catch with so many free gifts inside.

Layout:

Example of few developers not allowing direct transfer.
Take note that if you buy lelong unit from projects already issued title but the defaulter owner did not do perfection yet. Prepare to pay the extra cost involved to do double transfer.
Stamp duty and legal fees to settle the title to the ex owner first. Then pay another round of stamp duty and legal fees to transfer to your name.
If taking bank loan, is not possible to settle within 90/120 days also. Extension required and penalty will apply.

In bracket is few example of project already issued title by those developer.
1. MKH (Hillpark landed houses)
2. Glomac (Saujana landed houses)
3. OSK (Mirage KLCC -do recheck whether need double transfer coz is freehold & Mirage By The Lake- yes, cyberjaya is limited freehold)
4. Tropicana (Tropicana Avenue)
5. F3 Capital (Selayang 18 & Univ 360)
Etc.

Interesting auction unit. Ion Delemen Genting with GRR scheme.

E7-23-09, 23rd Floor, Tower 7, Ion Delemen
Reserve price🔥🔥RM 585,000🔥🔥
Freehold
988sqft
Auction: 29-Apr-2019 (Mon)




This bank no cover all outstanding.
And still got outstanding amount to developer. 89k as per the video below. Probably buyer stop making progressive payment and bank also didnt release the final few stage payment to the developer.

Like that also fight. Market value 900k?
5 bidders. Sold at 660k. Higher than last month reserve price. Winner seems to be happy and satisfied with the price.
Buyer market is certainly back.

Not within the stated budget.
Parkhill Residence, 400 meter covered walkway to LRT Bukit Jalil, newly completed, keys not yet collected unit, highest floor, 3 car parks: https://forum.lowyat.net/index.php?showtopi...post&p=92483411

This post has been edited by AskarPerang: May 10 2019, 12:04 PM

Prime location property attracting people.
Hot lelong unit sold in the high court today.

Attracted 15 bidders this morning. OMG!

Lelong history of this unit:
1st auction - 1,000,000 - no bidder
2nd auction - 900,000 - no bidder
3rd auction - 810,000 - no bidder
4th auction - 729,000 - current reserve price - 15 bidders!!!

Sold at:

More realistic or more choices if set at below 100k low cost flat.
Yes, many cash rich investor still will aim such units to buy from the lelong market.
Coz if via normal subsale, they are not qualify to buy such unit.

Not exactly correct. Good location (nearby KLIA). Can do sublet. Yet still can get at below 100k.
Low medium cost flat. Easy to rent out.
Investors normally well familiar with the property and location they are aiming. Probably already owned more than 10 units at the same place.

Here example (RP 81k. Won unchallenge 81k): https://www.lelongtips.com.my/property/5636...gor-for-RM81000
Owner pass the unit over to subletter at a rental rate of only RM500 per month.
Subletter rent out per head if full occupancy can get RM1100 (minus RM100 for utility) = RM500 nett earning.

Just not sure the repair/set up cost = RM20k++ owner the one paying or the subletter paying or half-half. She didnt mention.