Not according to a i.b wealth report.

Plenty not declaring high income and high asset ownership. Why pay extra tax?

Economy student need to get hands dirty by doing and not talking.

Another rumah selangorku fall into auction.
3rd so far all from rumah selangorku project.

So yeah, affordable house can be bought up by investors via lelong, just like low cost housing.

Lelong lesson to share. See above. 2 units lelong at the same day same time.
As a smart bidder, which unit you should aim? Both unit same size same facing and vacant.
Read tips #4 share below:



So lelong results today:

Things will be always cheap for a reason.
One of the oldest high rise in Cyberjaya.
Old property you try to get from lelong, always need to bear in mind unit inside condition will be the worst coz you are not able to view inside.

Anyway for this unit, got some history. MSS got photos of the unit inside condition. A non bumi bidder won it at 400k (last year in 2017) but later only found out that the unit is a bumi lot. So this unit re-auction again and drop till the price you see today.

Refer here: https://forum.lowyat.net/index.php?showtopi...post&p=87830447

This was my post back in Jan 2018.
The gap is too long. From 366k to 299k will only take 2 months time only. So I suspect someone must have won it again but yet again fail to transfer.

So this unit successfully sold twice, but still stuck in the lelong market today.

Attracted 10 bidders. 
Sold at 1.84M, higher than last month reserve price.

Economy collapse from nuclear war or Ebola outbreak?

2266 sf at rm267k, damn good candidate for student rental.  Quite impossible to lose money on this.

If bumi, just buy, no need second thought.

Rm200 per tenant will be tough business. But put in 15-20 people in 2266 sf, still have 3000-4000 per month. Comfortable enough for the price of rm300k property.

Yes if owner continue to own water bill and maintenance fee

But two are not mutually inclusive or exchangaeble.
Strata title act is powerful.

So if i am owner of a lelonged property, all i need to do is continue to pay my fee and water bill to keep occupying the property....lai sie there...

But one forumer did raise a valid question. If new owner took over the title and regustered as new owner, wouldnt the jmb need to recogmised this by registrer the new owner?
Then the new owner purposely dun pay the water bill so that the mght will cut kau the water supply.....forcefully nake whoecer stay inside the unit to get out.

How does AKPK make money from making such a deal ?

AKPK pays off the 1 million loan using 500k and now the owner is servicing the 500k loan with AKPK?

This has nothing to do with government.

This is the bank. After 3 failed auctions, the property could not be sold for 500k. So the bank already considered they can't recover the full loan sum. And thus better settle at discount to the loan sum.

The bank isn't following the standard SOP. Irrespectively whatever is the bidding price, they have the right to pursue the shortfall from the borrower after offsetting  the money from auction.

Bank can simply just discount one ? I want to know which bank is this.

If this is generally true, that means the owner is destroying the value of his own property by still staying in the place.

If he had moved out, perhaps the property would have been bidded already, at higher value.

This is a very costly stay, if he hasn't realised.

If bank is given full discretion on the property, then the bank should consider evicting owner who stays there. As it makes business sense.

Banks can still try to recover the shortfall from owner but the banks should know the chances are slim.

rm150k for chicken cage (as the lady said...haha)..

far too overpriced...….

Will be blacklisted?

Attended once, one bidder and he didn’t  bid. The auctioner keep asking him are you sure? Then auctioner  asked lawyers behind take notes

Those have money are likely to buy from auction than subsale or developer.

Property auction is probably the closest to stocks, gold, btc exchange, where price is transparent.

Nope. Remortgage / refinance / top up loan margin of finance (MOF) will still base on how many property you are serving loan.
Coz auction cannot mark up loan.
In her example, she won at 169k.
70% MOF = 118.3k loan.
You do remortgage / refinance / top up loan up to bank valuation in her example is 320k.
70% MOF = 224k loan.

The differences around 100k+ (after minus all the additional costing), you cash out to buy the next below market property. Increase DSR again by giving rental income (minimum 6 months period).
That's how she (or they) can repeat the above cycle again and again.

p/s: take islamic loan so that do not have lock in period.
p/s: some bank allow top up loan, so when they apply for the initial bank loan will inform let the bank / banker know before hand that they gonna do top up loan straight after full disbursement completing settle the auction process.