I've come across an auction property I'm interested in. I have found the listing on 3 sites so far (same unit same price). How do I know which is the 'actual' listing (does it even matter?) and which is the listing re-posted by an agent?

I know the property in question, and know that the same resident (which I believe is the owner) has been staying there for at least a decade. Does this mean I shouldn't bother?

Not 100% sure, but from experience, there are no 'actual' listing per se, all are by agents. Auctioneers will list the property at their own websites or newspaper and not 3rd party property websites.

Thanks, so I need to troll all the auctioneer website to find out who is handling the listing? Or easier just go through agent? So far I contacted one and saw at least 4 different names advertising this same property.

Easier is go through agent, because even if you go through auctioneer, it's not like they gonna give you discount for dealing direct with them.

However, I gather you are someone who don't want to take easy way & wants to get the best possible deal and the lowest possible price. If like that, why not talk to the current owner direct, maybe can work out some deal before property being auctioned - get lawyer to work out some deal?

Warning : I dunno what the hell I'm blabbing about here, I only attended 5 auctions and bought 1 accidentally (turned out to be my best property investment so far).

Can get into any legal trouble that way? 'Kacau' people in their house (technically I know is bank's house but still)....

This one I no experience but many oversea property gurus like Kiyosaki ask you to approach these motivated sellers and try to work out a deal.

Any more experienced seniors here or agents can advise?

Culturally this is not done in Malaysia. Higher end properties do occasionally change hands this way. I’ve heard of neighbours making an offer if they want to buy over your lot for example. But ultimately US property is huge and very diverse compared to ours.

If things go right:

Owner sells house to you at a price u can accept (must pay high deposit for owner to pay bank to stop auction) without the risk of people bidding to sky high price at auction. Owner takes the deposit u pay and goes to bank to stop auction process at last minute by paying the "default" payment. Then both parties goes thru normal buying/selling procedure

If things goes wrong:

Owner sells house at a price you can accept but owner took the money to buy drugs or pay off relatives/friends and did not contact bank. Auction proceed and the house sold to other buyer. Then u will have a big headache. If owner declares bankrupt, you can kiss your "high" deposit goodbye

My current property is also by kenal-kenal network, closed even before the owner could advertise. But paid off property different from loan-to-auction property so causing me quite a bit of doubt...

So doing it this way - the risk is because money is handed from purchaser to owner to bank. Any way to hand money direct to bank? Sounds way too risky otherwise.

Take their opinion with a pinch of salt

"Unlike properties in the primary and secondary market, you are not allowed the privilege to view the interior of an auction property, although you can still access it from the outside." quote Star Property

Yes, you can go together with owner and hand over cash/cheque to bank directly after successfully negotiate to halt auction. Make sure you do your homework and check outstanding maintenance. Some can be above $20K

That is just to say, you have no right to masuk to house. But if you talking with the current resident (whether defaulted owner or tenant) and they invite you in, you did nothing wrong?

This sounds promising. Let me have a chat with the defaulted owner.

I think you meant private caveat.

Anyways registrars caveat is actually a little more complex. It’s lodged as a result as a debt due to the government.

Hi, I need some help. There is this unit I am interested with but reading the pos make me confused.

I think it may be bumi lot but I am not sure. am right to say this is a bumi lot? Or does it means if this lot sold to bumi bidder, then it will be converted to bumi lot.

Auction is a high court auction.
Current owner/defendant is Malay.
POS states this restriction/ Sekatan kepentingan.

Tanah yang diperuntukkan untuk Bumiputera ini
apabila sahaja bertukar miliknya kepada seorang Bumiputera/Syarikat Bumiputera maka tidak boleh dijual, dipajak atau dipindahmilik dengan apa cara sekalipun kepada orang yang bukan Bumiputera/Bukan Syarikat Bumiputera tanpa kebenaran Pihak Berkuasa Negeri

This post has been edited by staind: Jan 2 2024, 10:57 AM

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.

Thanks.
I am a non bumi.
I just called the auction property agent who posted this advertisement today and he said this is a high court auction unit hence bumi/non bumi is a non issue.

Have you heard of this?
I wish to confirm his statement. Some googling show he may be right but I wonder if there is something else I don’t understand like what you just mentioned.

Thanks a lot

Don't have to pay agent anything for auction. ALL fees have been added back into the property reserved price directly or indirectly.

There's no such thing as FREE

This post has been edited by boyboycute: Jan 2 2024, 02:12 PM

High court auction is Non-LACA, means perfection of transfer already done. Means the title is under owner name, not developer name. Only developer title (LACA) have bumi/non-bumi issue, as it is a fulfillment quota needs by the developer.

Therefore everyone can bid for this unit unless it is malay reserved.