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> Auction properties

AskarPerang
post Feb 10 2019, 12:30 AM

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QUOTE(z21j @ Feb 10 2019, 12:17 AM)
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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No correct answer. Refer to the proclamation of sales. All depending on the bank. But general answer:

1. Most banks will cover fully those outstanding.
2. Some banks will cover partial.
3. Some banks will not cover.
4. Also got case when the reserve price drop to too low, the bank update the POS from fully cover to no cover those outstanding.
Bjorn1688
post Feb 10 2019, 12:36 AM

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QUOTE(AskarPerang @ Feb 10 2019, 12:30 AM)
No correct answer. Refer to the proclamation of sales. All depending on the bank. But general answer:

1. Most banks will cover fully those outstanding.
2. Some banks will cover partial.
3. Some banks will not cover. 
4. Also got case when the reserve price drop to too low, the bank update the POS from fully cover to no cover those outstanding.
*
Is that right?? When would this info be communicated?

Is it generally the case where it is a High Court of Malaya auction that no outstanding bills would be covered?
z21j
post Feb 10 2019, 12:37 AM

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QUOTE(AskarPerang @ Feb 10 2019, 12:30 AM)
No correct answer. Refer to the proclamation of sales. All depending on the bank. But general answer:

1. Most banks will cover fully those outstanding.
2. Some banks will cover partial.
3. Some banks will not cover. 
4. Also got case when the reserve price drop to too low, the bank update the POS from fully cover to no cover those outstanding.
*
Thanks askarperang. Lesson learnt.

To look for proclamation of sales first. Otherwise may end up with surprise.

Recently see a lot interestimg properties rp quite decent so start to do a bit homework.
AskarPerang
post Feb 10 2019, 12:58 AM

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QUOTE(Bjorn1688 @ Feb 10 2019, 12:36 AM)
Is that right?? When would this info be communicated?

Is it generally the case where it is a High Court of Malaya auction that no outstanding bills would be covered?
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Of course will be inform before hand, wont be last minit stuff.

Every re-auction, a new POS will be generated. Many assumed is only to update the new cheaper price, new date and time. All other T&C will remain the same.
But nope. Got bank will change the T&C when the price drop to a very low price.
Therefore, is best to read back everything again each time.
AskarPerang
post Feb 11 2019, 07:01 PM

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AskarPerang
post Feb 11 2019, 07:07 PM

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pisces88
post Feb 12 2019, 02:21 AM

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always see agent say this is cash flow 'game'... really like playing game ke heheh
leodinouknow
post Feb 12 2019, 07:00 AM

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[quote=AskarPerang,Feb 11 2019, 08:07 PM]


the way she mention about remortgage, izit loophole get 90% bank loan with more than 2unit on loan? provided have enough bullet to pay full first
AskarPerang
post Feb 12 2019, 08:49 AM

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QUOTE(leodinouknow @ Feb 12 2019, 07:00 AM)
the way she mention about remortgage, izit loophole get 90% bank loan with more than 2unit on loan? provided have enough bullet to pay full first
*
Nope. Remortgage / refinance / top up loan margin of finance (MOF) will still base on how many property you are serving loan.
Coz auction cannot mark up loan.
In her example, she won at 169k.
70% MOF = 118.3k loan.
You do remortgage / refinance / top up loan up to bank valuation in her example is 320k.
70% MOF = 224k loan.

The differences around 100k+ (after minus all the additional costing), you cash out to buy the next below market property. Increase DSR again by giving rental income (minimum 6 months period).
That's how she (or they) can repeat the above cycle again and again.

p/s: take islamic loan so that do not have lock in period.
p/s: some bank allow top up loan, so when they apply for the initial bank loan will inform let the bank / banker know before hand that they gonna do top up loan straight after full disbursement completing settle the auction process.

This post has been edited by AskarPerang: Feb 12 2019, 08:53 AM
leodinouknow
post Feb 12 2019, 09:09 AM

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QUOTE(AskarPerang @ Feb 12 2019, 09:49 AM)
Nope. Remortgage / refinance / top up loan margin of finance (MOF) will still base on how many property you are serving loan.
Coz auction cannot mark up loan.
In her example, she won at 169k.
70% MOF = 118.3k loan.
You do remortgage / refinance / top up loan up to bank valuation in her example is 320k.
70% MOF = 224k loan.

The differences around 100k+ (after minus all the additional costing), you cash out to buy the next below market property. Increase DSR again by giving rental income (minimum 6 months period).
That's how she (or they) can repeat the above cycle again and again.

p/s: take islamic loan so that do not have lock in period.
p/s: some bank allow top up loan, so when they apply for the initial bank loan will inform let the bank / banker know before hand that they gonna do top up loan straight after full disbursement completing settle the auction process.
*
thanks for the detail bro. 🤗🤗

This post has been edited by leodinouknow: Feb 12 2019, 09:10 AM
Lion Cut
post Feb 12 2019, 01:47 PM

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QUOTE(AskarPerang @ Feb 11 2019, 07:07 PM)



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i see u link quite a number of fb post
are they ur friend, groups or some are urself?
BEANCOUNTER
post Feb 12 2019, 02:11 PM

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as long as the info are useful and not promoting a project or his own biz, who cares if he is sleeping with one or more of them?????

you care ah?
Lion Cut
post Feb 12 2019, 03:12 PM

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QUOTE(BEANCOUNTER @ Feb 12 2019, 02:11 PM)
as long as the info are useful and not promoting a project or his own biz, who cares if he is sleeping with one or more of them?????

you care ah?
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are you replying my comment?
anyway i ask because, the info he shared is useful, and if indeed him the fb poster...i want to add as friend, hopefuly can join the group circle too haha...meantime, just read in here biggrin.gif
BEANCOUNTER
post Feb 12 2019, 04:19 PM

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Sorry for some reason i cany reply yr post. Yes its meant to reply you.

Pls pm him.....am sure he will answer.
Harry_Bobinski
post Feb 13 2019, 03:37 PM

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I am curious about the semi d in bandar kinrara 5 (RM972k). Did anyone happen to have purchased it?
leodinouknow
post Feb 13 2019, 04:03 PM

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QUOTE(Lion Cut @ Feb 12 2019, 04:12 PM)
are you replying my comment?
anyway i ask because, the info he shared is useful, and if indeed him the fb poster...i want to add as friend, hopefuly can join the group circle too haha...meantime, just read in here biggrin.gif
*
well, some taikor prefer remain low profile or hidden. those reveal to you one normally will charge you tuition fee for advise.
enkil
post Feb 13 2019, 04:50 PM

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Interesting indeed..
Sand Dust
post Feb 13 2019, 11:36 PM

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QUOTE(AskarPerang @ Feb 10 2019, 12:30 AM)
No correct answer. Refer to the proclamation of sales. All depending on the bank. But general answer:

1. Most banks will cover fully those outstanding.
2. Some banks will cover partial.
3. Some banks will not cover. 
4. Also got case when the reserve price drop to too low, the bank update the POS from fully cover to no cover those outstanding.
*
If non strata landed property, and bank not covering then who should cover the maintenance fee? Legally I guess the new buyer will not required to pay?

A bit worry to get into one, too many grey area.
mini orchard
post Feb 14 2019, 06:31 AM

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QUOTE(Sand Dust @ Feb 13 2019, 11:36 PM)
If non strata landed property, and bank not covering then who should cover the maintenance fee? Legally I guess the new buyer will not required to pay?

A bit worry to get into one, too many grey area.
*
Someone has to pay.

The bank can be generous if the auction price can cover the outstanding loan or if the bank wants to quickly dispose off after several failed auctions.

The borrower / current owner ... not likely cause not willing to spend more money or no money.

So left the winner at the auction. Bid only if willing to pay if bank is not paying.

Dont forget the outstanding tnb, water and sewerage bills too.
Sand Dust
post Feb 14 2019, 08:48 AM

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QUOTE(mini orchard @ Feb 14 2019, 06:31 AM)
Someone has to pay.

The bank can be generous if the auction price can cover the outstanding loan or if the bank wants to quickly dispose off after several failed auctions.

The borrower / current owner ...  not likely cause not willing to spend more money or no money.

So left the winner at the auction. Bid only if willing to pay if bank is not paying.

Dont forget the outstanding tnb,  water and sewerage bills too.
*
Thanks. Just want to know on the legality of who should be paying. For strata titles, yes looks like buyer will need to pay. For individual title, it doesnt seen buyer will have to have legally. Correct?



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