https://www.lelongtips.com.my/

Another good tip.

Previous month at 456k, nobody interested. Zero register bidder.

They can buy from auction market.
Last time got a case before. Property reserve price 900k. Only 1 bidder. But the bidder request to bid up the price to 1M instead. Since he is a foreigner. To qualify him to buy.

yes got season buyers (from older generation), they will only aim auction from non laca cases.
high court e-bidding is coming soon after this. will be only matter of time it will be 100% online bidding in the future.

Yes, every unit will still be under appointed auctioneer.

Land office is non LACA but not yet available any online bidding.

LACA - title perfection done
non LACA - Still master title or title issued but perfection not done

whether can direct transfer or not all depending on the developer. so only developer got the answer.

no different. yes, will be stated the location of the auction in the POS.
all auction listing can be checked on this free website: https://www.lelongtips.com.my/

Flipping penang low cost flat.
Size: 495sqft.
Seems like got no restriction on the new buyer cant sell for 5 years, unlike in Klang Valley and maybe some other states.

Yes but bumi lot.
Auction postponed to 13-Jun-2020 (Sat) due to MCO.
Details: https://forum.lowyat.net/index.php?showtopi...post&p=95515227

Only bumi can buy.

Your lawyer should advice you better regarding the process. Same like subsale whereby if developer disagreed to do direct transfer. Then you need to do double transfer.
In subsale, the seller is responsible to settle the first transfer from developer to his/her name. But for auction, you need to do that and bear all cost involve which is legal fees + stamp duty / MOT to transfer the title from developer to the defaulter or bank first. Then only transfer another time to your name.
It is time consuming and cost consuming. Process may take 1 year especially if the property is leasehold.
To extend the auction due date (90 or 120 days) will be up to the goodwill of the auction back whether to impose penalty/interest or not.

Scroll above as discuss above. That's why some people will only buy from LACA auction unit - title already perfected.

This post has been edited by AskarPerang: May 19 2020, 11:55 PM

Extra point to add is check whether the ex-owner is 1st hand buyer or 2nd/3rd hand buyer? If the ex-owner is not 1st hand buyer, means he already paid the MOT cost when purchasing via subsale. So you do not need to pay another MOT for him.

But if he is 1st hand buyer buying direct from developer, then no luck. You have to bear the MOT cost for him.

Important thing is to check first whether title already issued out or not. Next is to check whether developer allow direct transfer or not.

Then only enter to bid.

Many newly completed property VP with titles issued now. Is unlike older property where many years still stuck, worse if developer already gone inactive or bankrupt.

This document is free. If someone told you need pay or need provide your details then only can get, then he is lying.
Can be obtained from the respective auctioneer website.
Big auctioneer they will upload straight on their website, smaller ones you need to email them to get.
Here's just same example:

https://www.ngchanmau.com/
http://auctions.com.my/
https://leongauctioneer.com/
http://www.ehsanauctioneers.com/
http://www.jtraj.com/
http://www.rajanauctioneers.com/
https://arenaauctioneers.com/

Big auctioneer already got online system in place before this.
Small auctioneer still need to go on site bidding. Probably no modal to invest in online system.
High court also moving towards online system now.

"Ulat"

Anyone interested to watch conduct of property auction can view this live now. Via online bidding only. Start at 11AM.
Got around 50 units under lelong by Ambank.

Buy with cash is the safest for cases involving double transfer.
The auction bank just want the remaining 90% amount within 90/120 days.
So cash buyer can settled that amount and then take their sweet time to complete the title transfer process.
Got 1 particular bank that is very strict in granting any extension period.

Here's a case study. This is a freehold project. Do not assume freehold project the developer will allow direct transfer. Nope. All depends on the developer. Some charges small amount of admin fees if required direct transfer (still okay when compare VS the cost and time involved going through double transfer process).

This unit sold twice and yet both time the buyer need to forfeit as not able to complete in time.



History in summary:
Jan 2019 - no bidder
Feb 2019 - no bidder
Mac 2019 - RP 131k - sold
but fail to complete transfer
reauction in Nov 2019 - same RP 131k - no bidder
Dec 2019 - RP 118k - sold
yet again fail to complete transfer

Here in Jun 2020 - reauction again at same RP 118k: https://www.lelongtips.com.my/property/6206...or-for-RM118200