Yes. Only recommended to those with clean CCRIS CTOS record and DSR also under good limit.
Well, unless you gonna buy 100% using cash.

Any idea how to deal with ex owner who asked for ridiculous compensation money?
He claimed those are "renovation" of the lelong unit.

Occupied unit
Owner duduk dalam
Talk kok asking compensation

Old video but still the best example. Re-shared again here:

Very short sighted solution. Temporary. Buy more time maybe.
Coz if really all kesian him and decided not to bid. His property will be saved until 1 more round (next month) but with further 10% drop in price. That time surely will attract even more bidders.

5 bidders. 2 decided not to bid. Only 3 bidders fought it out. If without the owner presence, most probably the price will ended up much higher. I heard got buyer willing to bid till 350k.

So the owner attempt actually backfired in the end. Didnr bring him any gain.

Believe this is only the beginning, more are expected next year or two.

Waa... Can buy 600k condo by 300k? Looking forward!

Is it bcoz some units need to pay in cash? Or huge upfront deposit?

I would go for the 650K unit for less hassle and the lelong unit when add up other costs would be higher.

The pricing gaps is widening to 30% now, not yet burst but auction market is flooding with value buy props

Hopefully not get worst, it will b ugly for all

Will re-auction start from the last reserve pricing of the unit.

Example last reserve price 520k. Person B won at 535k.
Will re-auction back at 520k.

This one is pay via bank loan monthly installment or what ya?

RPGT？
Penang state tax？
legal and miscellaneous fee?
Bank penalty?
Maintenance etc?
After calculating it the real profit might be 3xk

I think a lot of bidders factored in the zero stamp duties and decided as bullets. 

Auction is the same as normal sales,  successful bidders have to pay the stamp duties based on LHDN's assessment on the market value of the property. Also the stamp duties on the loan agreement. Nevertheless, for this Selina unit,  30% above the reserved price is a bit crazy.

Anyways I guess the borrower is the real winner. Sale at auction close to market price. At least as much of the loan will be covered.

No it’s not. But sometimea no choice.

Undischarged bankrupt, feuding family, etc

In this case - I mentioned lucky borrower because property fetched a better price than the previous auction.

perhap lelong is between buyer and banker which they don't have the unit ownership yet?

The defaulter is the owner of the property up until DOA is done 100% completely by the buyer.
So, that is why most defaulter can still happily stay inside the house.