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 Auction properties

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IAmYourFather
post May 14 2024, 08:17 AM

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217 posts

Joined: Apr 2023
QUOTE(AtMostFear @ May 13 2024, 11:41 PM)
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  doh.gif

any other tips appreciated, thanks
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why not engage with auction agents? They normally don't charge as commission is from bank. However, be aware as I've met so many people saying their agents pushed them to over bid
IAmYourFather
post Aug 10 2024, 09:54 PM

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Junior Member
217 posts

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QUOTE(azmanadnan @ Aug 7 2024, 06:40 AM)
I was told by agent not all banks covers
Such as RHB bank , bidder will have to pay ?

And also title searches if not sucessful bidder have to pay?
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For title searches depends on agents. I have met agents that charged me, for which then I knew his company already searched for it already and all the agents under them charges their client. After that I changed my agent.
IAmYourFather
post Aug 11 2024, 03:26 PM

Getting Started
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Junior Member
217 posts

Joined: Apr 2023
QUOTE(azmanadnan @ Aug 11 2024, 12:41 PM)
Oh some agents do it for free despite failed attempt ?
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yes they do

 

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