Hi all, planning to join LACA auction next week. It's for a serviced apartment where I'm currently renting, but different unit. Please let me know if I've missed any steps.

1. Surveyed the house. Nobody staying there. Checked with the janitors, so far nothing unusual about previous owner.
2. Land search done. No caveat on the house. (Tanggungan dan endosan-endosan lain - Tiada)
3. Bumi lot. Leasehold. Strata title already issued. Called the developer, they agreed to do direct transfer with admin fee.
4. POS from auction house checked. Only maintenance fee can claim from bank (it's Ambank by the way), others I need to pay myself. Already checked all outstanding amounts (cukai tanah, pintu, etc.), so far I can cover it.
5. Pre-loan approval with 2 banks (PBB & RHB) got positive feedback. interest ~3.9%

Next step:
1. Get bank draft 10% value of reserve price. any additional amount (if bid price increase) to just transfer online later.
2. Just noticed the auction house organizing this also doing the bid online. Shall I go in person or just join online? scared if go in person become nervous or someone kacau, but if go online what if something goes wrong with internet/computer/etc. during auction

any other tips appreciated, thanks

thanks to everyone who provided tips. unfortunately I didn't win. it was my first auction experience. sharing of my experience for others benefits.

1. went to auction office physically, but all biddings were done online using phone/laptop (reason for being physically there as per my auction agent was that just in case our electronic device stops working during bidding, at least we can inform the auctioneer). 6 bidders registered for the unit I'm interested in but only one other bidder was there physically, others just bid online from somewhere else.

2. this was the 3rd round auction for the unit (previous rounds were conducted at different auction house), and because everyone was sleeping (including me) during previous rounds..the final price ended higher than reserve price of 1st auction round which is still about 10% below market price, but not sure worth it or not since it's bumi unit & auction unit.

3. ALWAYS STICK TO YOUR BUDGET LIMIT - I shamely didn't follow this rule. the price jumped so fast, and I really wanted to buy the unit for own stay. I bidded until the second last bid before the winner won. if I had won then need to eat maggi everyday

anyway good experience. maybe better luck next time.

if only there's an automatic service that could notify me whenever a unit that I'm interested in comes up for auction..e.g. insert keyword "klcc", then whenever a unit that has address klcc comes up for auction, an email/SMS/whatsapp/etc. will automatically be sent to me.

I'm no expert since it's also my first time but here's what I have gathered.

you need to pay to do a land search, and it involves getting the LATEST land document from land office. your option is:

1. DIY with Land Office (cheaper, RM30-50 per search)
if your property is in KL, then you need to do land search at KL Land Office. you can go to the land office physically to do land search. for KL Land Office, I found that we can do online at its website www.ptgwp.gov.my but apparently need to go to office for first time biometric identification. since I don't have time to go the land office, I did not take this option.

if you have the POS for the auction unit, I think it'll be easier to DIY since POS already states the unit number, lot number, etc. (doing land search is not just inputting the property address, you need to know the specific lot number of the property)

2. Just use agent/lawyer/www.easylaw.com.my/etc. (will be more expensive, but less hassle for you)
I paid my lawyer RM100 to do the land search for me. then asked him to explain the land document one by one. e.g. which part of the document says there's no caveat, which one says bumi lot only, etc.

if you're doing this once, I suggest to just use an agent/lawyer to do land search..unless you have time and knows how to read land document, then only DIY

Hi all, I joined my second auction after this event. Won it at reserved price, 4th round auction for the unit.

Anyway the first thing I was very worried about was adhering to the 90-day timeline to complete the payment. Auction bank was PBB, and I used MBB loan.

So I asked my lawyer to provide a timeline how to achieve this. This was what was given.

14 working days for the developer to revert on the direct transfer
7 working days to comply to the developer request
14 working days for the developer to execute the MOT to transfer to you
14-21 working days for leasehold consent
7-14 working days for your loan execution depending on bank
7 working days to stamp your loan agreement and lodge caveat on bank's behalf
7 working days to advise and disbursement

My property is leasehold, bumi lot, in KL & developer agreed to do direct transfer. So your miles may vary.

In overall, we managed to complete loan disbursement within 68 calendar days. (could've been earlier if I didn't take 1 week to decide which bank to sign for my loan)

I created a whatsapp group with the law firm and followed up the progress diligently every week. Hope this helps for others who plan to join auctions.

No need to physically go to each bank branch, just provide IC, payslip, EPF, etc. through whatsapp to all bankers. Once decision made, then only you meet the banker in person to sign offer letter & other agreements.

Any property agent should be able to share their bankers contact to you.

not in any particular order

https://elelong.kehakiman.gov.my/BidderWeb/Home/Index
https://www.ngchanmau.com
https://auctions.com.my
https://www.rajauctionhouse.my
http://www.jtraj.com