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 Auction properties

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michaelchang
post Jul 14 2018, 07:20 PM

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when auction get hot, some bidders lose their cool and don't think straight
michaelchang
post Jul 18 2018, 09:18 AM

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QUOTE(e-lite @ Jul 18 2018, 08:46 AM)
Technically he broke in and "stole" all the furniture as the unit doesn't belong to him yet
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I agree, as long as proper paper work (name transfer) not complete. Technically, the property did not belong to him.


michaelchang
post Aug 13 2018, 02:43 AM

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last 3-4 year some developers start pricing their new project at "future price"as they saw the climb in property prices 10 years ago

Little that they know, the oversupply of property in KL/Selangor is dampening the market + the rental market is not doing well due to stiff competition on new developement

Most of the buyer of these "future price"condo project suffer negative income for several years.


Ideal situation will be = Down payment for new condo 20% which will force the lower income to rent which in turn create a very healthy rental market

Present market = Down payment 0-$1000 which makes it affordable for almost everyone to own a condo/house, which makes the rental market super competitive, some rent for less than $1500/month for a 3 bedroom

With current high price for condo + dampening rental market, I foresee many more auction property coming into the market as young investor do not have the holding power + property price will not be seeing any upward trend in the next 4-5 years due to oversupply in the market

I would safely say that, there is no rush to buy auction property at this moment as you will be spoilt for choices in a year / two when all those high density on-going projects VP-ed and hit the market.

michaelchang
post Aug 14 2018, 11:39 AM

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Freehold or Leasehold, developer must set aside a percentage of project for Bumi.

So if the property sold under Bumi and got auctioned, then only Bumi eligible to bid
michaelchang
post Oct 6 2018, 06:04 PM

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QUOTE(gld998 @ Oct 6 2018, 03:41 PM)
U want 500k profits or 10k profit? Fresh is new launch and very rare for profits as they are future priced. My frenz, is developer himself, and admits profit is 300% for each house sold minimum. Some ppl delusional to think developer profit is 10% or 20% only. Our profits are lesser then small ikan bilis compared to them.
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This is very true, on paper developer show profit of between 10-30% but actual profit, mostly above 200%

Those with land next to HTC will see profit around 300% as those land were disposed at very low price

Traditionally, land next to HTC were sold cheaply for light factory, place of worship and garbage disposal/processing
michaelchang
post Oct 8 2018, 09:13 PM

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QUOTE(AskarPerang @ Oct 6 2018, 06:09 PM)
How about land beside cemetery. Cheaper than HTC land?
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That one not so sure..
michaelchang
post Feb 28 2019, 03:27 AM

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QUOTE(leodinouknow @ Feb 27 2019, 05:34 PM)
normally take how long? as im in middle third month already. i ask lawyer, lawyer say is depend on developer. sometimes developer get the letter approval, but they can purposely delay...
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Mine took 5 months + and lawyer say may be can complete by next month sad.gif
michaelchang
post Mar 14 2019, 05:43 PM

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QUOTE(nexona88 @ Mar 14 2019, 11:17 AM)
Nowadays better not go for auction units...
The final pricing is crazy.. Not worth...
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You only lose a bit of time, a few ringgit if u lose the bid. But, if you are lucky and get a property 20-30% below developer price then the effort is worth it

No one is holding a gun at property auction forcing u to bid. You have a choice to bid and stop at the price you find that is reasonable.

I have personally bid and won a property (vacant) that is 25% lower than what the developer is selling after rebates (balance unit).


michaelchang
post Mar 15 2019, 11:28 AM

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QUOTE(nexona88 @ Mar 14 2019, 06:00 PM)
lucky u  rclxms.gif

from what I see now.. the current final price is above the previous round reserved pricing.. already few time I see the same thing happen..

example. previous round reserved is 320k. now final winning bid is 410k  shakehead.gif
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Bidding for a property takes time and effort, very rare someone can bid and win a property first time (unless super lucky)

If there happens to be some sohai who bid too high for the property that u wanted, just sit back, relax and let them continue.

There will be another day or another property on auction later next week, next month or even next year.

with the number of young, inexperienced property buyer nowadays + overpriced property by developer, there will be a lot more property that will be coming to auction house every week or month
michaelchang
post Mar 16 2019, 11:31 PM

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QUOTE(AskarPerang @ Mar 16 2019, 11:02 PM)

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In Malaysia, it's very difficult to chase people away. There is nothing much u can do if u follow the legal way. They can choose to ignore.

For auction property, it's best to bid only vacant unit or abandoned unit (owner run away due to debt).
michaelchang
post Mar 21 2019, 03:27 PM

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QUOTE(icemanfx @ Mar 21 2019, 03:02 PM)
For reasons, auction property is only worthwhile if is substantially cheaper than mv.
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That is the whole idea.. Usually people will bid in auction when the property is 25-40% below market value, but recently many sohai bid like there is no tomorrow tongue.gif
michaelchang
post Apr 29 2019, 05:46 PM

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QUOTE(BeastB @ Apr 29 2019, 03:28 PM)
Your acquaintance has a big heart/no backbone.

Since he is the owner on paper, the person staying inside is a squatter/trespasser. Go to the nearest police station, report. Within 2-3 days should be able to settle. The person staying inside is same status as a robber/thief in the laws perspective.
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The law of Malaysia protects the tenant, not the owner. Police cannot do anything, only court bailiff can open door.
michaelchang
post Apr 29 2019, 05:51 PM

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QUOTE(BeastB @ Apr 29 2019, 05:47 PM)
This is not landlord/tenant case....this is owner and previous owner (squatter) who is trespassing.

If for some reason police can't even handle this, then go bungkus la.  doh.gif
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the law see it as almost same case, need a lot of court time to evict previous owner.
michaelchang
post May 19 2019, 06:58 AM

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QUOTE(pinksapphire @ May 19 2019, 12:39 AM)
Wah, 20k sampai 80k...seems still good since can rent at that rate. Guess he's happy nonetheless, somemore add to collection.

Thanks for sharing this, always enjoyed them smile.gif

One question about low cost properties...is there a website or a source to check on whether a property is low/medium cost? I came across some that are vague and there's simply no clear info on their status even after searching online.
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Most of the buyer of these low cost properties do not rent it out. Most are businessman with many foreign workers working under them.
These properties are for housing those foreign workers.
michaelchang
post Jul 10 2019, 05:46 PM

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QUOTE(icemanfx @ Jul 10 2019, 10:01 AM)
unless the borrower could find a white knight, auction is likely to go through over 5 rounds.
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we could probably see it drop below RM$2.5 million due to Malay reserve land and samseng previous owner

This post has been edited by michaelchang: Jul 10 2019, 05:46 PM
michaelchang
post Jul 13 2019, 12:39 AM

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QUOTE(maestrox_69 @ Jul 12 2019, 12:06 PM)
check with JPJ perhaps on the ownership?
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Happened before, the owner died in accident/illness and leave no will. No one pays for house mortgage and got auctioned off by bank. Car if still have outstanding loan may get towed if drive outside.


michaelchang
post Aug 4 2019, 04:50 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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Thank you for posting this.

This is a very good insight for all that want to bid for properties. Not everything is smooth sailing as some agents claimed. There are always some syndicate that will try to scam or profit from young naive 1st time bidder
michaelchang
post Feb 22 2020, 10:31 PM

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QUOTE(fleaz @ Feb 22 2020, 04:14 PM)
How fast is approval normally if one would to buy leasehold property from auction? Thanks
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Buying auction don't need approval except if u r married = need approval from wife biggrin.gif
michaelchang
post May 27 2020, 11:32 PM

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QUOTE(JenifferBlue9491 @ May 27 2020, 10:02 PM)
What happen if i bought an auction unit to know that one day the previous owner come and said want to collect his belongings? Then what?
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Then return la.. the owner already lost so much and u got a good deal on the property.
michaelchang
post May 29 2020, 08:12 PM

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QUOTE(MNet @ May 29 2020, 03:54 PM)
Why the bank cannot run the auction by themself?
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Because banks are not auctioneers/auction house

Same as why auction house cannot give housing loan themselves

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