Is the 90 days period to get loan for auction house enough? Otherwise your deposit could burn. Any experience sharing appreciated.

I am a tenant, the house I am staying is going to be auction soon. I am thinking to bid if it down to my budget.

Go to the bank with owner to discuss and work out a deal. Make him an offer above reserved price. Nego till happy three sides.

If you bid, you may lose and have to shift unless winner wants to cont renting.

Yes,  1st round price is ridiculous same as original selling price 3 years ago.

On agreement, I still got my 2 month deposit, now negotiating with agent.

Yes, but ready it carefully the full details, it written up to the date, mean for how long time? i know some bank only covered up to 6 year, if longer then nope. If it under strata condo, maintenance charge excluding, late payment charge (penalty), water charge, fire insurance. And the procedure is, you need to settled the amount in first hand upon successful purchased period 60day. then send all the receipt to lawyer pass to bank, and claimed back from bank from that 500K.

If the owner debt developer money (downpayment or loan with developer), bank will not covered, its extra money need to pay, so do the due diligent before enter the bid hall. 

As long the price is right, then can go in. Just make sure you are not ego while bidding. Do the due diligent like land title, is it bumi lot? if the defaultor is bumi, then be careful. Do the caveat / land search, make sure the unit not debt the downpayment from developer, site visit and hope the unit is vacant unit, ask the MO how much maintenance fee outstanding. Make sure the developer not in liquidation, if not it will be cash buy. Double transfer or direct transfer, etc.

Make sure you are loan eligibility before bidding.

Its offline auction? Normally the auction process very smooth, its only introduction at beginning then start to bid for 1st unit to the end, not continuely repeat the introduction speak. so the process very fast. And in the catalog maybe have 20 - 30 unit at the date, but it the unit was called off, or not bidder registered, then the lot will be skipped. So in the end maybe only half from the catalog unit was bidding on that day.

1, yes as long the unit was not vacant = mean not downpayment own by the owner
2, If 1 year not paying the maintenance fee, the access card was bar already, but still not vacant, mean the people stay inside very hardworking climbing the stair everyday, or the unit you are aiming is low level unit.
3, yeah, under master title, normally can be direct transfer, but there are a case, while waiting auction, and waiting loan disbursement period, and waiting for lawyer doing the paper work + transfer name for DOA take times. They are some case (i forgotten but i think i ever see similar case) the strata title was issued during in the after won to bid a unit. So the procedure of title transfer was changed immediately, so you need to consider this uncertainty may happen. As you mentioned it 2018y vped condo, now 2023 year already, so normally strata title will be issued in this kind of period.
7) hope the loan eligible you checked is the higher price you can bid, not the entry price. If you share POS let said 500K, bank said ok for 500K, in the end 550K deal, but bank said 550K cannot (because some bank need to buy MRTA and will add the loan amount) (some people even request add the loan legal fee into loan)

:v i recommend you can rent a night airbnb at that project, to play with the facilities, jalan jalan surrounding, see the environment, and try to site visit your unit at different direction etc. haha At the same time you can check youtube for the particular layout in that condo, a lot agent shoot the condo video for rent, so you can see what is the unit layout if cannot imagine via the layout plan.   Good Luck

Not, hard working agent participate in every bidding and record by themselves, then some of them will post to their own Facebook page. But most of the time they participate because they have client participating also.

Once hammer falls, auctioned unit bank will paid to Auctioneer & agent. Bidder pay 0 to agent.

Do somebody asking fee from you?

I think it's not possible. If yes, agent will ask for commission instead of bank asking bidder to pay.

Simple, if bank not provide commision to agent, agent can simply not promoting that bank auction.

Since it's bank not provide commision, but agent still want to promote, mean agent will ask the fee from bidder, not bank ask buyer to pay.

Auction is for public, without agent, everyone can participate, so where the law to said bidder must need to go through agent for bidding?

There are plenty of bank give commission for auction, why an auction agent want to service those bank not paying?

If you are not getting paid, then why you want spent money to advertising those units?

This is the first logic. If a bidder special request auction agent to hunt specific unit that fall under those not paying commission bank, then it's another story. Since it mutually agreed in first.

But most of the time auction buyer want to save all cost and minimise the money spending. So if they can choose, most of them 100% choose those unit cover all fee by banks.

Except the agent taking risk to lie buyer in first, then claimed afterward. For example, auction bidding can't guarantee win the bid, so agent post the listing, attract buyer to bid. If lose then nvm, but if win, then they will required the agent fee. So in this case who will be wrong? Who didn't disclosed the service fee in advance?

Thanks.
I am a non bumi.
I just called the auction property agent who posted this advertisement today and he said this is a high court auction unit hence bumi/non bumi is a non issue.

Have you heard of this?
I wish to confirm his statement. Some googling show he may be right but I wonder if there is something else I don’t understand like what you just mentioned.

Thanks a lot

Auction unit case: current owner No.2  bought subsale  from owner No.1 and now his unit is up for auction.
Called developer and they say Strata Title issued but original owner No.1 never bothered to do strata title perfection n sold it off to owner No.2.

Question: So as a new bidder ( potential owner No.3 ) for this auction unit, do I need to do double transfer or just one direct transfer where developer direct transfer to bidder who won this auction?

where is the best source (without bleeding my wallet) to see the history of transacted auction price for any particular property.

Read the term and conditions. Some bank cover fully all outstanding cukai, maintenance fees, sinking fund, fire insurance and late charges penalty. Usually foreign bank like Hong Leong, SCB, Citibank very generous and will cover all.

AmBank cover partial. Only maintenance fees will cover. Sinking fund and cukai need to own pay.
PBB cover the outstanding with a limit cap base on the value of the property.

Utilities bill you need to pay. TNB, SYABAS, Indah Water. There are ways to check.

Your 100k statement is wrong. It is too general. Mostly will be the same cost involve like buying from subsale. Here I put down the cost:
1. 10% dp of the final winning price. rest 90% using loan or (70% loan + cash)
2. Legal fees for DOA & Loan Agreement. (lelong no S&P so legal cost will be slightly lower compare to buying from subsale).
3. Stamp duty (MOT & Loan).
4. Valuation fees.
5. Outstanding utilities bill.

There is still legal cost known as DOA (deed of assignment).

Was this auction a high court auction ?

Ok. Then need DoA.

High court auction means title out. Next step is MOT.

I buy cash - so I do the form 14a myself.

So it’s free