Very certain will have no subsale transaction yet.
Both newly completed property.

If there isn't subsale, will valuers use these auction units as benchmark for bank loan?

This post has been edited by icemanfx: Dec 19 2018, 10:29 PM

1st lelong price is market value deemed fit to list.

And trend down 10% every month.

Not everybody obtained ltv 90.

Most ltv 70. Some even ltv55.

Unless lelong price started from 55% below spa price....

Anyone has any experience with outstanding bill from previous owner in lelong unit? Is there possibilities that TNB can discount or waived their outstanding before change ownership?

Yes, you can ask for TNB to waived for the outstanding. I have done it last yr. It depends on luck and the guy that you speak to(you can go multiple time till you meet with a good guy/mamager).

Or just visit different-different branch. They got no SOP.

As per my prediction.
Both units no bidder today.
Come January next year only ppl will come out fighting when price drop further 10% cheaper. And price will end much higher than the price today.
Haha.

Hmm, so in essence, the owner just need to pay RM2500 instead of RM5000 and he is able to keep the house?

Wow, I wonder if anyone is abusing this loophole

Is this a loophole per se ?

Bank is not waiving anything. It is just extending the loan tenure ?

What I meant is that:

1. Owner is not being declared bankrupt

2. He got to keep the property

3. Monthly commitment to bank reduced by half, ie. RM2500

4. The house is tenanted so he would reduced his monthly bleeding

5. He was able to secure RM1 mil mortgage loan in the first place, so his income bracket would be around 5 figures earner

The only drawback is maybe longer loan tenure and interest charged , I would say that is a good deal.

I million loan, install 5000, that will already maximum tenure of about 35 years.

Bank must have given him 2 generation loan to allow him to pay about 2600 installment ?

Hmm, dunno bout that. The FB poster didn't mention anything. Dunno how mathematically AKPK / Bank calculate the reduction.

What the poster meant is the defaulter lost his house, and still have to service his loan of RM2,500 per month until the shortfall amount + interest is completed. Means if your loan was RM1mil, your lelong house sold for RM500k, you still have to payback RM500k if you don't want to be bankrupt. The RM2,500 per month is for the RM500k.

In short, he lost his house and still have to repay something he doesn't have.

I see. That makes more sense. That's he uses the AKPK money to service his bank debt instead of become bankrupt.

Ghee. Better than bankrupt but still losing hell a lot of money and got into heavy debt. LOL.

P/S

Wait a minute. He lost his house then he lost the rental income too. And he is able to pay rm2600 for nothing ? If he can do that, he can do it earlier with the bank asking for 5000 installment. Right ?

This post has been edited by puchongite: Dec 22 2018, 09:09 AM

Leverage amplify profits as well as losses. effectively, his financial is ruined for the rest of his life.

This post has been edited by icemanfx: Dec 21 2018, 10:36 AM

And he seems to be damn grateful about it ?!

He lost his house then he lost the rental income too. And he is able to pay rm2600 for nothing ? If he can do that, he can do it earlier with the bank asking for 5000 installment (offset with rental income). Right ?

Ya. really no bidder will it be a good buy say both on reserve price next jan lakeville 340k and klts 437k or will it drop further?

This post has been edited by BooYa: Dec 21 2018, 10:42 AM

If you read the FB comments that is not the case.

1. Owner did not lost his house.

2. Owner is using Islamic loan thus there is no increase of tenure.

The house was in lelong for 3rd round at RM500K but AKPK managed to make a deal with the bank to reduce the loan till RM500K, ie. RM2500 monthly instalment.

It seems that the owner got the upper hand while the bank lost RM300K.

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 post has been edited by puchongite: Dec 21 2018, 11:57 AM