Yes, but ready it carefully the full details, it written up to the date, mean for how long time? i know some bank only covered up to 6 year, if longer then nope. If it under strata condo, maintenance charge excluding, late payment charge (penalty), water charge, fire insurance. And the procedure is, you need to settled the amount in first hand upon successful purchased period 60day. then send all the receipt to lawyer pass to bank, and claimed back from bank from that 500K.

If the owner debt developer money (downpayment or loan with developer), bank will not covered, its extra money need to pay, so do the due diligent before enter the bid hall.

As long the price is right, then can go in. Just make sure you are not ego while bidding. Do the due diligent like land title, is it bumi lot? if the defaultor is bumi, then be careful. Do the caveat / land search, make sure the unit not debt the downpayment from developer, site visit and hope the unit is vacant unit, ask the MO how much maintenance fee outstanding. Make sure the developer not in liquidation, if not it will be cash buy. Double transfer or direct transfer, etc.

Make sure you are loan eligibility before bidding.

This post has been edited by Aldo-Kirosu: Sep 21 2023, 08:55 PM

Its offline auction? Normally the auction process very smooth, its only introduction at beginning then start to bid for 1st unit to the end, not continuely repeat the introduction speak. so the process very fast. And in the catalog maybe have 20 - 30 unit at the date, but it the unit was called off, or not bidder registered, then the lot will be skipped. So in the end maybe only half from the catalog unit was bidding on that day.

1, yes as long the unit was not vacant = mean not downpayment own by the owner
2, If 1 year not paying the maintenance fee, the access card was bar already, but still not vacant, mean the people stay inside very hardworking climbing the stair everyday, or the unit you are aiming is low level unit.
3, yeah, under master title, normally can be direct transfer, but there are a case, while waiting auction, and waiting loan disbursement period, and waiting for lawyer doing the paper work + transfer name for DOA take times. They are some case (i forgotten but i think i ever see similar case) the strata title was issued during in the after won to bid a unit. So the procedure of title transfer was changed immediately, so you need to consider this uncertainty may happen. As you mentioned it 2018y vped condo, now 2023 year already, so normally strata title will be issued in this kind of period.
7) hope the loan eligible you checked is the higher price you can bid, not the entry price. If you share POS let said 500K, bank said ok for 500K, in the end 550K deal, but bank said 550K cannot (because some bank need to buy MRTA and will add the loan amount) (some people even request add the loan legal fee into loan)

:v i recommend you can rent a night airbnb at that project, to play with the facilities, jalan jalan surrounding, see the environment, and try to site visit your unit at different direction etc. haha At the same time you can check youtube for the particular layout in that condo, a lot agent shoot the condo video for rent, so you can see what is the unit layout if cannot imagine via the layout plan. Good Luck

Not, hard working agent participate in every bidding and record by themselves, then some of them will post to their own Facebook page. But most of the time they participate because they have client participating also.

Definately the good deal, without this cash buy + double transfer procedure criteria, I believe this unit will be sold at much more early already.

Freehold double transfer seen like the timing still efficient, but leasehold double transfer seen like a bit out of time.

But I believe there are some bank can disbursed the loan even within the double transfer process, just need to approach more banker to know their bank policy.

Yeah, auction definitely not for first home buyer don't have property background / cash rich family support.

in the POS, you will see the bank solicitor, check with bank solicitor to know what is the bank's action toward the said "caveat". Not just simply guess, its will be dangerous.

As long you can make sure your bank loan disbursement within 90 or 120day. Then should be not problem, once bank disbursement the loan, debt balance = clear, so caveat removed.

The only concern is other bank willing to disburse or accept for loan application if the unit was caveat by other bank party. If not then applying the same bank with the auction unit is the best to grab this unit.

Once hammer falls, auctioned unit bank will paid to Auctioneer & agent. Bidder pay 0 to agent.

Do somebody asking fee from you?

I think it's not possible. If yes, agent will ask for commission instead of bank asking bidder to pay.

Simple, if bank not provide commision to agent, agent can simply not promoting that bank auction.

Since it's bank not provide commision, but agent still want to promote, mean agent will ask the fee from bidder, not bank ask buyer to pay.

Auction is for public, without agent, everyone can participate, so where the law to said bidder must need to go through agent for bidding?

1. Not, caveat can be found at land search, so its totally preventable before enter the bidding hall, so its not consider cheating.
2. third party caveat is the most headache thing. mostly the reason like, family dynamic (inherit issues among family), Divorces case, illegal / loan shark / liability owner / LHDN caveat if not paying tax / etc etc.

I am curious, If leasehold property (either individual / strata) if the lease less than
70 year
50 year
30 year
how much loan margin can be obtained?

If for caveat, seldom it will enter last minute before bidding. So it's better to check land search before bidding 1 week of few day (make sure the timing is ngam for you to submit the deposit).

If you check it's non caveat before bidding then you high majority is safe.

Landsearch non reveal what reason for caveat, but once kaveat or caveat showed in land title, then you need to search the party and result by yourself.

Land search doesn't show bumi lot information. So this is most troublesome. Especially those unit with bumi defaultor auction unit, but doesn't showed bumi lot. It's quite challenging and involved some risk for non bumi to bid those auction unit.

YES, and I believe the monies paid is from defaultor's auctioned monies to all party.

If agent asking money and service fee from you, can pls changed the agent. Or he said the bank not paying commision, then you can ask him why you still promoting even know the bank not giving commision?

There are plenty of bank give commission for auction, why an auction agent want to service those bank not paying?

If you are not getting paid, then why you want spent money to advertising those units?

This is the first logic. If a bidder special request auction agent to hunt specific unit that fall under those not paying commission bank, then it's another story. Since it mutually agreed in first.

But most of the time auction buyer want to save all cost and minimise the money spending. So if they can choose, most of them 100% choose those unit cover all fee by banks.

Except the agent taking risk to lie buyer in first, then claimed afterward. For example, auction bidding can't guarantee win the bid, so agent post the listing, attract buyer to bid. If lose then nvm, but if win, then they will required the agent fee. So in this case who will be wrong? Who didn't disclosed the service fee in advance?

Based on the explanation, this is bumi lot already, not worth the risk if you not comfirn, I know it's tempting because this kind of confuse unit price is drop much much below market value. So if you are not bumi, I advice don't choose this unit.

I sharing you what situation a lot changed to bumi lot.

Bumi lot unsold unit (more than 5year), developer apply to open quota and pay the penalty to authority, sell the unit to open market. So this kind of unit will be sold to non bumi, but once this unit resell to bumi (at subsale market), the unit changed to bumi lot. But didn't mentioned this kind of unit can sell to non bumi into subsale market / auction market or not.

Can call developer solicitor or management. If your auction is from mahkamah or land office (non laca) not need worry direct transfer or double transfer.

Double transfer is depend on developer. Example for this xxxx developer, all project under this developer will need double transfer.

"as is where is" basic. The owner & tenants are able to claim it back before the money disbursement to the bank.

After that, before the unit was vacant (mean somebody stay inside even the money was disbursement), owner & tenants are able to claim it back also.

If it was vacant unit, and new owner come in and changed the lock, then old owner & tenant cannot claimed back the item except (personal belonging and asset register under their name.)

this is what my understanding lah haha.

Same with 5k+ out standing unit, able to changed new account under my name without any obstacles, but make sure which branch (tnb) is Incharged for that unit (based on the address).

If it's auction bank delay, not thing can do, so they grant your extention without penalty.
If it developer delay, ask lawyer to chase the case tightly for double transfer matter.
Yourself also chase your lawyer tightly for the update.

I used the auction agent's recommended lawyer, because they are familiar and experienced in auction property legal matter especially those caveat case, double transfer, state authority consent, etc etc.

Good luck.

The most accurate is check POS. Bank and Auctioneer will list in the pos. So read it carefully.

If it state all maintenance, then only maintenance.
If it state maintenance, sinking fund, quite Rent, assessment fee, then it do listed in pos.

So it not mentioned, maintenance late payment charge, water charge, fire insurance.

So most of the time people missed read and assume maintenance fee = total outstanding listed in the maintenance fee statement Bill for that particular unit.

This post has been edited by Aldo-Kirosu: Mar 5 2024, 02:22 PM