Hi AskarPerang, always heard of after bought the auction property already but owner don't wan to move out, really got such thing?

technically you still need a police report n court injunction to evict the trepassers.

and knowingly terminate the utilities when there are people in the premises will only attract more lawsuits from either previious owner or tenant.

Because he is the owner and the house is under his name.

Even if you won the auction bid, you would still have to pay for legal, stamp duty etc. I see some properties are with the reserved price even higher than the open resale market. And when buy from resale, agent would at least help follow up. Whats actually make the people so enthu in auction properties....

Thanks. Just want to know on the legality of who should be paying. For strata titles, yes looks like buyer will need to pay. For individual title, it doesnt seen buyer will have to have legally. Correct?

U wouldnt know whether it is way below, below or just match mv unless u factored all these.

Theoretically he/she did not buy it at below MV but at MV price. 

Price at auction in some ways are the truest measure of how much a property is worth in the open market.

Yes. 10% to qualify for bidding.
Remaining 20% cash + 70% from bank loan settle within the remaining 90/120 days.

Interesting sharing. And notice few lelong units under the same owner going under the hammer the same time.



Paloma (CIMB bank): http://auctions.com.my/pictures/pdf/KL20193/PAH29201.pdf
Verve Suite (AmBank): https://www.ngchanmau.com/pos/8894/pos_en?v=1552192046
Owner signed S&P almost the same time (2018). Compress loan?
Studio 14 (Hong Leong bank): https://leongauctioneer.com/property-for-au...on/Details/3242
V-Residensi 2 (RHB): http://www.jtraj.com/pos/80985.pdf
Owner signed S&P almost the same time (2015).

Not sure of his political affiliations but this is one of the casualties of crude oil falling.

He was the owner of this company called Black Gold Ventures, had several projects that did not take off, also had the contract for a waste to energy incinerator project.

Doubt he was into loan compression but not surprised he bought properties like there was no tomorrow.

Guess what.
This lelong unit sold. At first auction = bank valuation = subsale price.
Wow. Very very rare this thing happen in today's market. People willing to buy from auction rather than via normal subsale process.
Is a brand new condition unit. Owner did nothing at all.

Anyway congrats to all Elmina Valley owner. 

Example of few developers not allowing direct transfer.
Take note that if you buy lelong unit from projects already issued title but the defaulter owner did not do perfection yet. Prepare to pay the extra cost involved to do double transfer.
Stamp duty and legal fees to settle the title to the ex owner first. Then pay another round of stamp duty and legal fees to transfer to your name.
If taking bank loan, is not possible to settle within 90/120 days also. Extension required and penalty will apply.

In bracket is few example of project already issued title by those developer.
1. MKH (Hillpark landed houses)
2. Glomac (Saujana landed houses)
3. OSK (Mirage KLCC -do recheck whether need double transfer  coz is freehold & Mirage By The Lake- yes, cyberjaya is limited freehold)
4. Tropicana (Tropicana Avenue)
5. F3 Capital (Selayang 18 & Univ 360)
Etc.

the responsibility of title transfer perfection is with the owners, not developers.

the developers only responsibility is to meet all sum due to master title b4 breaking up.

bro.... progressive interest is also part of the interest payment that we need to pay right?
if this is the case, that means the buyer can buy the property straight away a brand new one and once SnP signed then  monthly installment kicks in....

wat progressive interest?
this unit already completed....where got progressive interest????

All the pictures are actually belong to the owner, he adv it in mudah, iprop, etc tried to sell it at 565,000 somewhere in April, May.

Dunno what this agent try to do by uploading nice2 pic, fake hype?