QUOTE(z21j @ Jan 27 2019, 01:00 PM)
Even if you won the auction bid, you would still have to pay for legal, stamp duty etc. I see some properties are with the reserved price even higher than the open resale market. And when buy from resale, agent would at least help follow up. Whats actually make the people so enthu in auction properties....
If you buy from subsale, you will still need to pay the same legal fees, stamp duty, etc. Those that bid above market price will be noob buyer or driven by emotional. Very rare case (like the above latest example: M City unit). Normally newbie that didnt check and compare how much the market is asking for unit of the same size.
QUOTE(icemanfx @ Jan 27 2019, 01:06 PM)
Auction is only worth while if significantly cheaper than market price. Hence, many foreclosure went through a few rounds of price reduction in reserved price before it is sold.
Just general info: For property that got human staying, got demand I mean.
Normally still need 3 rounds of price drop. (10% cheaper each round), then only the reserve price able to attract bidders.
For property that fetching low demand, oversupply, good example is at Cyberjaya (especially studio unit), or for landed property is Hillpark, then will drop beyond 5-6 rounds maybe.
And for bumi lot, will drop like 2-3 rounds extra coz is harder to get qualify bidder.
This post has been edited by AskarPerang: Jan 27 2019, 01:17 PM