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 Auction properties

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MGM
post Aug 1 2019, 10:58 AM

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QUOTE(nexona88 @ Aug 1 2019, 10:19 AM)
Ooh the damages part I can agree..
Parents kena before years ago...
Alot of broken stuff.. even house keys just throw in longkang (lucky managed to see it). If not, must forced break in the door..
*
Wow just can't believe, lawless.

This post has been edited by MGM: Aug 1 2019, 10:58 AM
MGM
post Aug 5 2019, 08:18 PM

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QUOTE(BillCollector @ Aug 4 2019, 04:12 PM)
Owner of 5 landed houses that I bought through auctions over the last 10 years.
All of them were below market value and for a reason. Some had been through several rounds at auction.
Some pros and cons as well as tips :-
+You can get a house below market value and sometimes you do strike gold.
+You never know what you get inside. It isn't always as empty as you would think it is.
-You cannot check out the interior. If you own a drone you could use it to take a look from the windows which might give you some clues.
-You have to move very quickly.
-You do need to do your ground and home work thoroughly and know what you are getting yourself into and who assumes what, this is especially so with unpaid taxes, utility arrears and strata maintenance fees.
-Have to check for caveats.
-Is the owner still living in there? If he is expect trouble.
*If you are using leverage and will need rental to cover the mortgage or require a quick turnaround time you better not buy at real estate auctions and you might want to consider if your stamina can last up to a year with no income.
*Do you think you are smart? Many are smarter than you. Check out why it hasn't sold in previous rounds.
*Visit the premise more than 1 time and especially at nites.
*Plenty of frauds going on lately as the whole industry is beset with syndicates and crooks.
You can read about my experiences in the spoilers if it is off interest to you.
House 1
» Click to show Spoiler - click again to hide... «

House 2
» Click to show Spoiler - click again to hide... «

House 3
» Click to show Spoiler - click again to hide... «

House 4
» Click to show Spoiler - click again to hide... «

House 5
» Click to show Spoiler - click again to hide... «

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After hearing all these horror stories, who else dare to buy auction units.
MGM
post Sep 4 2019, 03:27 PM

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Actually shouldn't these highly subsidised houses be sold back to govt.?
MGM
post Sep 12 2019, 11:17 AM

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QUOTE(Hunakadoo @ Sep 12 2019, 11:04 AM)
more than that ,

if the owner didnt come kacao , maybe 2nd or 3rd round already sold

and now sold at 5th round
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What reason could drive the owner to do this? Doesn't know the consequences?

This post has been edited by MGM: Sep 12 2019, 02:06 PM
MGM
post Sep 25 2019, 06:47 AM

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QUOTE(SkyBlue® @ Sep 24 2019, 09:32 PM)
Let me share some interesting story.

There is one property unit which is located at KL and developed by a reputable developer company- exxxxx. That unit is bare unit (come with simple kitchen utilities) and being lelong and sold at the price of 590k++.

However, during that time the developer is giving 30% net discounted price, free HOC, fully furnished, higher floor and better view with the price around 650k.

Question: which one will you choose if both of the unit also same type- ie 1,100 sf? Which one you think is better value for money?
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I would go for the 650K unit for less hassle and the lelong unit when add up other costs would be higher.
MGM
post Oct 8 2019, 06:57 AM

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QUOTE(AskarPerang @ Oct 8 2019, 01:33 AM)
Apparently in Penang low cost flat over there not restricted to "5 years cannot sell" ruling like in Selangor & KL. 



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Young and enterprising.
MGM
post Nov 21 2019, 05:46 PM

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QUOTE(nexona88 @ Nov 21 2019, 04:48 PM)
said many times..

auction market is crazy....
after few rounds of reduced price.. the latest & final transacted price hike towards back to the first round reserved pricing... people goreng it to the max..

shakehead.gif
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Is this sign of turnaround? U actually seen this happening or hearsay? So far the examples given here some goreng to the previous round.
MGM
post Dec 26 2019, 02:30 PM

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QUOTE(AskarPerang @ Dec 26 2019, 12:38 PM)
Another example of when price drop too cheap.
Will go beyond previous previous round pricing (where nobody is interested months ago).
Cyberia penthouse duplex unit.
Bumi lot and double transfer required.

user posted image
Attracted 7 bidders.
Sold at 265k.

Last month can win unchallenged at 212k but nobody interested.
2 months ago can win unchallenged at 236k but nobody interested.
3 months ago can win unchallenged at 262k but nobody interested.
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Just walking distance to MMU, can turn into a hostel hosting students.
MGM
post Jan 18 2020, 05:41 AM

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QUOTE(nexona88 @ Jan 17 2020, 08:57 PM)
Yup. I know that part..
Mentioned in previous post...

Like I said... Previously..
Unless I buy both.. won't be touching..
It's additional cost to get the wall done... I mean breaking it... And others related task...
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What if the buyer of the house with door decides later not to foot the cost of renovation?
MGM
post Aug 9 2024, 09:06 PM

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QUOTE(thx2012 @ Aug 7 2024, 01:03 PM)
This Location not good and rental not very good, 2k for 1400 sqft, if 2400 sqft i think rental only can go to 2400 or 2500 like that.

Tenant Target only Working Adult, not University, Not much Office buidling surrounding, Not Professional Foreigner surrounding.

Conclusion, not worth it.
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Own stay for retirement 6 persons?

 

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