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AskarPerang
post Jan 27 2019, 01:09 PM

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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....
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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.
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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
potenza10
post Jan 27 2019, 01:30 PM

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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....
*
Can share some example of RP auction unit that is higher than subsale market.? I didn't found any.

This post has been edited by potenza10: Jan 27 2019, 01:31 PM
z21j
post Jan 27 2019, 05:07 PM

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QUOTE(potenza10 @ Jan 27 2019, 01:30 PM)
Can share some example of RP auction unit that is higher than subsale market.? I didn't found any.
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There is 1 landed unit in desa park city. I cant recall who shared here before.. but detail should be no.13 nadia parkhome with reserved price of rm1.8m.

Subsale if u are good bargainer then maybe can get slightly lower than 1.8m for similar type of house

Edit: managed to copy and paste some info for reference from one of the reknowned website.

Nadia Parkhomes lelong unit check in.
2 storey terrance house. Intermediate unit.
1st lelong price = bank valuation = 1.8M.

13, Nadia Parkhomes, No. 10, Persiaran Residen, Desa Parkcity
Reserve price 🔥🔥RM 1,800,000🔥🔥
Freehold
Land area: 1378 sqft
Auction: 18-Jan-2019 (Fri)

This post has been edited by z21j: Jan 27 2019, 05:11 PM
AskarPerang
post Jan 27 2019, 05:44 PM

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QUOTE(z21j @ Jan 27 2019, 05:07 PM)
There is 1 landed unit in desa park city. I cant recall who shared here before.. but detail should be no.13 nadia parkhome with reserved price of rm1.8m.

Subsale if u are good bargainer then maybe can get slightly lower than 1.8m for similar type of house

Edit: managed to copy and paste some info for reference from one of the reknowned website.

Nadia Parkhomes lelong unit check in.
2 storey terrance house. Intermediate unit.
1st lelong price = bank valuation = 1.8M.

13, Nadia Parkhomes, No. 10, Persiaran Residen, Desa Parkcity
Reserve price 🔥🔥RM 1,800,000🔥🔥
Freehold
Land area: 1378 sqft
Auction: 18-Jan-2019 (Fri)
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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.


Bjorn1688
post Jan 28 2019, 12:31 AM

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QUOTE(AskarPerang @ Jan 27 2019, 05:44 PM)
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.
*
How many rounds these days for those with lousy number, facing junction or odd-shaped land for corner house or those near HTC?
ahkit123
post Jan 28 2019, 09:14 AM

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Leong market is back. Just like 1998
icemanfx
post Jan 28 2019, 09:23 AM

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QUOTE(ahkit123 @ Jan 28 2019, 09:14 AM)
Leong market is back. Just like 1998
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Property is illiquid, current lelong market is likely to persists longer than afc.

AskarPerang
post Jan 29 2019, 10:51 AM

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QUOTE(AskarPerang @ Dec 28 2018, 07:47 PM)

D-18-13A, KL Trades Square, No. 99, Jalan Gombak
Reserve price 🔥🔥RM 340,200🔥🔥
Freehold
918 sqft
Auction: Jan 2019

» Click to show Spoiler - click again to hide... «


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7 bidders just now.
Bumi lot.
Brand new virgin condition unit. Facing swimming pool. Nice view.

Anyone wanna guess end up sold how much?

» Click to show Spoiler - click again to hide... «

TOMEI-R
post Jan 29 2019, 11:00 AM

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QUOTE(AskarPerang @ Jan 29 2019, 10:51 AM)
7 bidders just now.
Bumi lot.
Brand new virgin condition unit. Facing swimming pool. Nice view.

Anyone wanna guess end up sold how much?

» Click to show Spoiler - click again to hide... «

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Many bumi lots available for sale. Need to bid until the price so high for this unit?
BlackPen
post Jan 29 2019, 11:57 AM

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Just wondering, if successfully bid the units that with someone staying inside? what do we do? the procedure? anyone can share?
mini orchard
post Jan 29 2019, 12:08 PM

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QUOTE(BlackPen @ Jan 29 2019, 11:57 AM)
Just wondering, if successfully bid the units that with someone staying inside? what do we do? the procedure? anyone can share?
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Quick or Slow?

Quick ... the tai kor way

Slow ... the legal way
Babo
post Jan 29 2019, 04:19 PM

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Hi all,

Let say 350k house for auction, normally need how much cash to prepare? Like 10% + lawyer + etc

Ignore outstanding bills/utilities, considering everything smooth like newly vp project, but up for auction

Thanks
flight
post Jan 29 2019, 04:37 PM

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QUOTE(Babo @ Jan 29 2019, 04:19 PM)
Hi all,

Let say 350k house for auction, normally need how much cash to prepare? Like 10% + lawyer + etc

Ignore outstanding bills/utilities, considering everything smooth like newly vp project, but up for auction

Thanks
*
To be safe, 20 to 30%
AskarPerang
post Jan 29 2019, 04:45 PM

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QUOTE(Babo @ Jan 29 2019, 04:19 PM)
Hi all,

Let say 350k house for auction, normally need how much cash to prepare? Like 10% + lawyer + etc

Ignore outstanding bills/utilities, considering everything smooth like newly vp project , but up for auction

Thanks
*
QUOTE(flight @ Jan 29 2019, 04:37 PM)
To be safe, 20 to 30%
*
Where got so much.
The cost is just like buying from subsale property. You are paying the same thing.

10% as downpayment (for 1st and 2nd property. 3rd property onwards, you will need 30% as bank allow to loan you up to 70% MOF only)
5% as legal fees, stamp duty (assume no 1st home buyer waiver) and valuation fees

For newly completed property, be sure that the 1st owner bank already disburse out all money (especially the final 2.5% payment) to the developer.
Developer is still alive and active to avoid any delay in the later process.

Then that's it. There should not be any additional cost involve.

This post has been edited by AskarPerang: Jan 29 2019, 05:06 PM
flight
post Jan 29 2019, 04:58 PM

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QUOTE(AskarPerang @ Jan 29 2019, 04:45 PM)
Where got so much.
The cost is just like buying from subsale property. You are paying the same thing.

10% as downpayment
5% as legal fees, stamp duty (assume no 1st home buyer waiver) and valuation fees

For newly completed property, be sure that the 1st owner bank already disburse out all money (especially the final 2.5% payment) to the developer.
Developer is still alive and active to avoid any delay in the later process.

Then that's it. There should not be any additional cost involve.
*
To be safe. Its better to have 20 to 30%. But in reality u need about 15%, maybe slightly less
ahsoh
post Jan 29 2019, 05:00 PM

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QUOTE(AskarPerang @ Jan 29 2019, 04:45 PM)
Where got so much.
The cost is just like buying from subsale property. You are paying the same thing.

10% as downpayment
5% as legal fees, stamp duty (assume no 1st home buyer waiver) and valuation fees

For newly completed property, be sure that the 1st owner bank already disburse out all money (especially the final 2.5% payment) to the developer.
Developer is still alive and active to avoid any delay in the later process.

Then that's it. There should not be any additional cost involve.
*
Plus loan agreement legal fee and 20% if only qualify for 70% loan
AskarPerang
post Jan 29 2019, 05:04 PM

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QUOTE(ahsoh @ Jan 29 2019, 05:00 PM)
Plus loan agreement legal fee and 20% if only qualify for 70% loan
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Loan agreement legal fees and stamp duty already included as part of the 5%.

Of course, if this is your 3rd property, buying from subsale also bank allow margin of finance up to 70% only.
Is the same.
Anyway noted, will edit the above post to better clarify the costing.
Babo
post Jan 29 2019, 05:39 PM

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QUOTE(AskarPerang @ Jan 29 2019, 04:45 PM)
Where got so much.
The cost is just like buying from subsale property. You are paying the same thing.

10% as downpayment (for 1st and 2nd property. 3rd property onwards, you will need 30% as bank allow to loan you up to 70% MOF only)
5% as legal fees, stamp duty (assume no 1st home buyer waiver) and valuation fees

For newly completed property, be sure that the 1st owner bank already disburse out all money (especially the final 2.5% payment) to the developer.
Developer is still alive and active to avoid any delay in the later process.

Then that's it. There should not be any additional cost involve.
*
Noted tqvm boss

What happen if bank not yet disburse the 2.5%?


This post has been edited by Babo: Jan 29 2019, 05:44 PM
AskarPerang
post Feb 9 2019, 10:09 PM

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Not many willing to share the experience in dealing with lelong units with occupants still inside.
This is a good free sharing.


z21j
post Feb 10 2019, 12:17 AM

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Lets say if previous owner owed property tax, gated and guarded maintenance fees etc... who is responsible for the outstanding balance?

The previous owner, the mortgagor or the winner of auction prop?

I heard various versions just to check out from sifus here.

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