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Auction properties
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LostAndFound
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Dec 29 2023, 01:27 PM
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I've come across an auction property I'm interested in. I have found the listing on 3 sites so far (same unit same price). How do I know which is the 'actual' listing (does it even matter?) and which is the listing re-posted by an agent?
I know the property in question, and know that the same resident (which I believe is the owner) has been staying there for at least a decade. Does this mean I shouldn't bother?
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LostAndFound
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Dec 29 2023, 01:58 PM
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QUOTE(AbbyCom @ Dec 29 2023, 01:38 PM) Not 100% sure, but from experience, there are no 'actual' listing per se, all are by agents. Auctioneers will list the property at their own websites or newspaper and not 3rd party property websites. Thanks, so I need to troll all the auctioneer website to find out who is handling the listing? Or easier just go through agent? So far I contacted one and saw at least 4 different names advertising this same property.
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LostAndFound
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Dec 29 2023, 10:35 PM
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QUOTE(AbbyCom @ Dec 29 2023, 07:33 PM) Easier is go through agent, because even if you go through auctioneer, it's not like they gonna give you discount for dealing direct with them. However, I gather you are someone who don't want to take easy way & wants to get the best possible deal and the lowest possible price. If like that, why not talk to the current owner direct, maybe can work out some deal before property being auctioned - get lawyer to work out some deal? Warning : I dunno what the hell I'm blabbing about here, I only attended 5 auctions and bought 1 accidentally (turned out to be my best property investment so far). Can get into any legal trouble that way? 'Kacau' people in their house (technically I know is bank's house but still)....
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LostAndFound
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Dec 31 2023, 10:15 PM
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QUOTE(Cavatzu @ Dec 31 2023, 06:10 AM) Culturally this is not done in Malaysia. Higher end properties do occasionally change hands this way. I’ve heard of neighbours making an offer if they want to buy over your lot for example. But ultimately US property is huge and very diverse compared to ours. My current property is also by kenal-kenal network, closed even before the owner could advertise. But paid off property different from loan-to-auction property so causing me quite a bit of doubt... QUOTE(michaelchang @ Dec 31 2023, 07:37 AM) If things go right: Owner sells house to you at a price u can accept (must pay high deposit for owner to pay bank to stop auction) without the risk of people bidding to sky high price at auction. Owner takes the deposit u pay and goes to bank to stop auction process at last minute by paying the "default" payment. Then both parties goes thru normal buying/selling procedure If things goes wrong: Owner sells house at a price you can accept but owner took the money to buy drugs or pay off relatives/friends and did not contact bank. Auction proceed and the house sold to other buyer. Then u will have a big headache. If owner declares bankrupt, you can kiss your "high" deposit goodbye So doing it this way - the risk is because money is handed from purchaser to owner to bank. Any way to hand money direct to bank? Sounds way too risky otherwise.
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LostAndFound
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Jan 1 2024, 11:46 PM
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QUOTE(propertymalaysia @ Jan 1 2024, 10:08 AM) "Unlike properties in the primary and secondary market, you are not allowed the privilege to view the interior of an auction property, although you can still access it from the outside." quote Star Property That is just to say, you have no right to masuk to house. But if you talking with the current resident (whether defaulted owner or tenant) and they invite you in, you did nothing wrong? QUOTE(michaelchang @ Jan 1 2024, 08:10 PM) Yes, you can go together with owner and hand over cash/cheque to bank directly after successfully negotiate to halt auction. Make sure you do your homework and check outstanding maintenance. Some can be above $20K This sounds promising. Let me have a chat with the defaulted owner.
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LostAndFound
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Jan 8 2024, 09:04 AM
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Any way to know how many bids already been placed (before the auction date)?
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LostAndFound
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Feb 26 2025, 06:40 PM
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QUOTE(smokey @ Feb 26 2025, 02:57 PM) hi guys i found a landed freehold strata unit in Cyberjaya for auction and it has entered the 3rd round now which is 19% lower than the initial price of 800k surrounding houses with the same layout are selling for 900k+- based on your experiences, is it worth to go in now or should i wait further? Have you viewed the unit? Really your decision whether unit condition/location makes sense. Some people (like me) would never consider Cyberjaya location even if 50% lower price. But differ from person to person.
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LostAndFound
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Feb 26 2025, 11:21 PM
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QUOTE(rayeonlee @ Feb 26 2025, 08:06 PM) wow even with 50% lower price, could you enlighten us why? Because I don't want to stay in Cyberjaya? Nothing attractive there for me personally I also don't see buy-and-flip or buy-to-rent-out as ethical ways of making money (also personally).
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