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

Do somebody asking fee from you?

Not all bank cover agent fee…. Some bank auction buyer need to pay the agent fee themselves..

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?

It’s well known that some bank that dun cover agent fee edi…. You can ask around….

Every one can bid without agent, but if there is aftermath issue such as tenant/owner not moving away and without agent owner have to do everything themselves…

This post has been edited by Rinth: Nov 26 2023, 05:46 PM

agent wont help u to evict the existing tenant/ landlord

agent can only help u to get information on the property and those outstanding charges (some may charge extra)...

Read this in NST.
https://www.nst.com.my/property/2023/11/983...says-consultant

"The title may even be subject to caveats and other encumbrances. Loan margins can be lower compared with those of the primary market," he said.

1) Are caveats and encumbrances really a risk in auction properties? I mean, as a layman, isn't this considered "cheating" if a property with such issue is auctioned?

2) what sort of caveats or encumbrances can we expect to find?

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?

Ah, got it. Before this, I thought the main problem with auction properties is the house condition.

Land search might not reveal everything also right? Especially when dealing with inheritance or personal conflict ..

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.

Can I get more clarification from you?
Is it bank will pay commission or auctioneer such as NCM, Ehsan etc. will pay?

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 banks that do not pay commission i.e Pxx, Mxxx etc. thus agent will inform bidder of fee involve and only proceed if mutually agreed, agent also need $$$ to survive and for the service right?

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?

Most of the time is this....As bidder hunt for units that fits their criteria, but its under bank that doesnt cover agent fee, bidder also no choice have to pay the agent fee and take it as part of the auction cost.

For agent promoting units that bank doesnt cover agent fee, normally agent will tell bidder beforehand that this bank doesnt cover agent fee, so bidder have to bear....And you ask why agent still want to promote? because its still a sales lead what....you promote and have bidder, you earn commission, doesnt matter bank pay or bidder pay....you dun promote at all means no commission at all.

Spot on, it’s mutually agreed upon and for buyer to do own DD to ensure it’s worthy to pursue

Lelong award list for year 2023.

Why Millerz Square so good price ya?

This post has been edited by Chinus: Dec 27 2023, 03:35 PM

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