This one can be this high price

I feel really not worthy... Below 400k is sweet
Around 350 or 360

Still good deal... Auction market is back

This location is nice, yesterday just bring parent go there eat crab. During pandemic, there are few unit was auctioned with way way lower price. Congrats to previous winner, for this unit Definately higher, but if lower market value 10k it's 10k. So ok lah haha

Hi all, planning to join LACA auction next week. It's for a serviced apartment where I'm currently renting, but different unit. Please let me know if I've missed any steps.

1. Surveyed the house. Nobody staying there. Checked with the janitors, so far nothing unusual about previous owner.
2. Land search done. No caveat on the house. (Tanggungan dan endosan-endosan lain - Tiada)
3. Bumi lot. Leasehold. Strata title already issued. Called the developer, they agreed to do direct transfer with admin fee.
4. POS from auction house checked. Only maintenance fee can claim from bank (it's Ambank by the way), others I need to pay myself. Already checked all outstanding amounts (cukai tanah, pintu, etc.), so far I can cover it.
5. Pre-loan approval with 2 banks (PBB & RHB) got positive feedback. interest ~3.9%

Next step:
1. Get bank draft 10% value of reserve price. any additional amount (if bid price increase) to just transfer online later.
2. Just noticed the auction house organizing this also doing the bid online. Shall I go in person or just join online? scared if go in person become nervous or someone kacau, but if go online what if something goes wrong with internet/computer/etc. during auction

any other tips appreciated, thanks

Don't exceed your bid limit.

You r bumi or non bumi?

most easy get an auction real estate agent to help?

why not engage with auction agents? They normally don't charge as commission is from bank. However, be aware as I've met so many people saying their agents pushed them to over bid

Join online, good luck

quite a lot agents do that, just remember to set your limit, dont get sweet talk

Rhb Flexi 3.9%

Seems you already have done all the homework. As long as you are bumi, do not see any issue any issue for you bid or get an agent to bid on behalf. The only thing please check the transacted market price and be discipline with your ceiling price especially this is bumi lot (usually discounted steeply to market price).

All the best.

thanks to everyone who provided tips. unfortunately I didn't win. it was my first auction experience. sharing of my experience for others benefits.

1. went to auction office physically, but all biddings were done online using phone/laptop (reason for being physically there as per my auction agent was that just in case our electronic device stops working during bidding, at least we can inform the auctioneer). 6 bidders registered for the unit I'm interested in but only one other bidder was there physically, others just bid online from somewhere else.

2. this was the 3rd round auction for the unit (previous rounds were conducted at different auction house), and because everyone was sleeping (including me) during previous rounds..the final price ended higher than reserve price of 1st auction round which is still about 10% below market price, but not sure worth it or not since it's bumi unit & auction unit.

3. ALWAYS STICK TO YOUR BUDGET LIMIT - I shamely didn't follow this rule. the price jumped so fast, and I really wanted to buy the unit for own stay. I bidded until the second last bid before the winner won. if I had won then need to eat maggi everyday

anyway good experience. maybe better luck next time.

if only there's an automatic service that could notify me whenever a unit that I'm interested in comes up for auction..e.g. insert keyword "klcc", then whenever a unit that has address klcc comes up for auction, an email/SMS/whatsapp/etc. will automatically be sent to me.

Congratulations for not winning. I always lol at auction “winners”. Real win is when you’re the sole bidder, or you win at a price lower than the previous round.

Losing doesn’t matter because there will always be something better. The key question is do you have the money? Don’t need to FOMO. I’ve lost more auctions than I care to remember.

Yeah congratulate for not winning. Myself win 2 unit 1 reserved price, and 1 unit win at click 1 time price.

There are a lot auction unit come out as a lot new condo vp as well. So keep hunting. One day you will get the unit you like within your budget.

Yes not winning this 1 is good outcome. not worth it to bid above previous round reserved price.

i enter around 4-5 round and only won the last 1 at reserved price, previous round all other bidder bid over the previous reserve price.

Just be patient and wait for next unit to come.

Could you pls share how did you perform the land search ?

taikor here want to ask u all.

won the auction unit and paid cash. can i later remortgage this auction unit to bank to get back my cash? if yes what's the trick?

Just refinance normally once the auction process is done.

Can get 70% from MV if prop 3rd and above?

Loan tenure also can max up until 70yrs old right.

This post has been edited by engm85: May 29 2024, 03:34 PM