This is an apartment in bukit antarabangsa area. Strata issued so under NLC - national land code. Deposit is 10%.

The initial bidder couldn’t get a loan on time - so he decided to forgo the deposit.

When it was reauctioned the price was 10% off the previous auction. My friend both the unit.

This post has been edited by Thasmita: Oct 9 2019, 12:53 AM

Ayo bro - you go to HC Duta - big sign jangan layan Ulat. Every time you go - you end up seeing the same gang everyday - so Kam Cheng with all the clerks - they can just go in and out of the so call isolation room like their own hotel. In the isolation room they start nego. Clerks let them see who submit what. This has been going on for 20 years at least.
Nothing going to change lah. Online bidding maybe the best way.

Low costs home require state consent and the criteria of ownership is clearly outlined.

I know we live in a capitalist country but our country also has some socialist policies. One of it is to provide some sort of “protection” to certain category of people to affordable homes.

As in the example highlighted we are specifically referring to low cost homes.

The idea is to make sure those whose earning capacity is beyond a Certain threshold don’t enter into a market which is reserved for another market.

This is a socialist concept.

It’s like running a race mate. You can’t have fully abled participants competing in the Paralympics. It’s reserved for those who have physical challenges.

I hope that parallel assists.

Kind regards

This post has been edited by Thasmita: Oct 9 2019, 06:56 AM

Take a chill pill

You don’t have to shout

I suggest you read up about housing policies in malaysia.

Further the status of the property will be stated on the title as to whether it’s a low cost or medium cost property

It’s not about speculating - it’s about buying something that you are technically not eligible.

Anyway mate - everyone has differing views.

I may have more socialist views.

Please carry on doing what you think is right.

Peace

Not win win for the borrower.

Borrower is shortchanged

With online bidding by Courts - are Auctioners still involved ?

Thanks Soldier of War

Anyways I guess the borrower is the real winner. Sale at auction close to market price. At least as much of the loan will be covered.

No it’s not. But sometimea no choice.

Undischarged bankrupt, feuding family, etc

In this case - I mentioned lucky borrower because property fetched a better price than the previous auction.

Missing payments will not automatically make one a bankrupt.

When liabilities exceed assets technically one becomes insolvent.

In order to become a bankrupt- one needs to have debts in excess of rm 50,000.

Then the creditor will need to go to court and first prove that you owe them the money. Then if you can’t pay - file a bankruptcy action against you. Then the official assignee take conduct of your assets and try to settle your debts.

Usually for mortgages - they foreclose the property first then if there is still monies owing in excess of rm 50k- carry on with bankruptcy proceedings.

I’m malaysia the mortgagee I.e bank doesn’t make the arrangements for viewing. However for vehicle auctions they allow.

In the UK and US- financial institutions prepare comprehensive reports about the property which is foreclosed.

Well I guess that’s one of the traits of an advanced society where consumerism is very strong.

If I’m not mistaken for non LACA - MCO is not a valid reason for extension. I think I read it at the Star. Authors name is Vivian.

Ok. Maybe this is different from this one.
https://www.thestar.com.my/opinion/letters/...operty-auctions

There is a difference between properties which are charged to the bank as a collateral and those where financing is given by way of a loan agreement cum assignment or commonly referred to as LACA. For those properties which have been charged - the governing law is the national land code. The provisions under S257 is very clear- full payment must be done within 120 days.

Of the property is charged as a security then S257 is applicable.

What sort of property are you looking for. I’m not an agent but looking to dispose a few units of walk up flats I have in wangsa maju. I have about 4 units: all level 4 and 5, 2 rooms ( about 570 sq ft) and one is 3 rooms (700 sq ft).

Price from 175k to 215k which is actually cheaper then the few Lelong units in that area.

All tenanted at between rm 700 to 900 per month which is actually low but they have been staying there for a long time.


I’m selling because - I want to cash out and invest elsewhere.

However no hurried sale.

If you are keen please pm me. Thanks

100% agree and lower risk of being vacant

Depends on location I guess. I have 5 units in KL/Selangor area- wangsa maju, Kepong, pandan indah, bukit antarabangsa and Ampang.

Max rental is 900/-. Never had any payment issues since day one. Mostly between 550 to 750.

In fact most of them I have never visited after initial tenancy agreement. Some change tenants but usually old tenant finds the new one.

This post has been edited by Thasmita: Jul 11 2021, 04:22 PM

Only 2.

Initially one could get good deals in auctions.

Then agents started marketing them and you get huge crowds at auction centres.

A lot of buying is emotional.

I have seen buyers buying above market price countless times.

Agents don’t care as they get a commission from the bank.

Really pity the gullible buyers.

Nothing wrong in marketing.

But should not mislead.

Very often the agents will claim or mislead the buyer into believing the original sale price as the current market value.

The they will Mis-advertise the property has xx% below “market value” and that the buyer will profit by xx%.

This to me is cheating. Dishonest way of doing business.

Usually the property will be auctioned off very close to market price but way below original S&P price. That’s because a lot of properties were sold at inflated prices to begin with.

One can call it whatever one wants and try to justify but to me it’s being place dishonest.

Apologies for the confusion.