The legal term for a public auction to recover a debt in M'sia is 'FORECLOSURE".

Bank Auction or Court Auction are layman terms for ease of understanding and conversation.

'PRIVATE AUCTION' are sales initiated by property owners. The purpose is to encourage interested buyers to bid rather than to negotiate on the price.

In Malaysia, private auction is not common due to the stigma that property auction is related to a failure to pay a loan.

Another reason is the final property price in private auction may not be the minimum what the property owner wanted therefore most property owners will prefer negotiation.

In all auctions, the starting bidding price cannot be set high, otherwise you get few bidders or none at all. Is through the bidding process that gets the bidders excited.

This post has been edited by mini orchard: Mar 25 2018, 06:03 AM

Can qualify for Msia Book of Records.

Soon, every unit will be a lelong owner.

METRO NEWS
Monday, 21 Jan 2019

Some 150 properties were auctioned at the 90-minute event.

A RECENT property auction fair for a bank attracted more than 100 bidders for 150 properties.

The unique part of the auction is, it was held at night.

It was the first property fair held on such a scale and total sales was RM10mil worth of properties nationwide over 90 minutes of bidding.

The auction conducted by Ng Chan Mau & Co Sdn Bhd for RHB Bank was held at their auction hall at Megan Avenue 2 Kuala Lumpur.


“This is the result of our 40 years of goodwill reputation in the auction market, as well as our strong marketing and customer service.

“Although the property market has generally soften, I think home buyers and investors will still buy if the property and price is right,” he said.

Low added that he was also happy for the bank because their efforts and hybrid auction platform delivered a fair selling price for the bank and their borrowers.

In Dec 18 reserved price RM185k. No bidder at Sban High Court.

Next coming auction also RM185k reserved price

Wondering why no reduction in price.

Maybe interested bidders are all waiting for the price to drop further before lauching attack. Didnt realise that all bidders think alike. When come auction day, emotion over ride logic.

Quick or Slow?

Quick ... the tai kor way

Slow ... the legal way

Someone has to pay.

The bank can be generous if the auction price can cover the outstanding loan or if the bank wants to quickly dispose off after several failed auctions.

The borrower / current owner ... not likely cause not willing to spend more money or no money.

So left the winner at the auction. Bid only if willing to pay if bank is not paying.

Dont forget the outstanding tnb, water and sewerage bills too.

tempting ...but the mentality...

https://forum.lowyat.net/index.php?showtopi...42&hl=Pandanmas

Then the bidder can try this ...

https://www.thestar.com.my/news/nation/2016...your-home-back/

Your lawyer should just refer to the property address on the cukai pintu. Alternatively, show him the cukai tanah.

Not sure why banks or lawyers need that. What use of the title then?

This post has been edited by mini orchard: Nov 21 2019, 06:08 PM

Auction is the same as any other form of selling. The only different is the method of selling.

Seller have the right to the property until full payment is made and can remove all personal items.

Buyer is ONLY buying the PROPERTY. Anything extra left behind by the 'seller' is a bonus.

Buyer is also at risk of buying a 'vandalised' property.

This post has been edited by mini orchard: Dec 19 2019, 06:28 AM

If bankruptcy action succeeded ahead of auction, OA will take over the property from the bank to dispose and which the bank would not want this route.

BTW, a property on auction doesnt meant that the owner has no money.

This post has been edited by mini orchard: Jun 16 2020, 06:41 AM

Yes and No



This post has been edited by mini orchard: Jun 29 2020, 07:51 AM

If you are interested in property, be a negotiator ... earn money and learn the trade. At the same time, you can take up courses leading to certification as a Registered Agent.

Nothing beats knowledge imparted by experienced lecturers which is 100% better than gurus with vested interest.

Once you are there, you can differentiate between what is important stuff and bull shit.

This post has been edited by mini orchard: Jul 4 2020, 05:08 PM

In any auction, the name of the defaulter in the POS will indicate that caution is a better approach.

Not developer, ....if yes eveyday free mot not necesaary during hoc.

This post has been edited by mini orchard: Jul 30 2020, 07:30 AM

Tak paham basa cina ? Oklah

Tak paham basa putih ? Tak ok lor di lowyat forum.

If everyone just sit and watch only, bank stocks also wont improve.

Extension is at discretion of banks ... nothing is cast on stone. If you know people, doing things are easier ... that is how transaction works everywhere. Rules can bend to suit and is not regulatory issues.

If the bank wants to give extension, what use is S257 ?

This post has been edited by mini orchard: Oct 6 2020, 06:45 AM