Hi all sifus,
Would like to ask are there anyone who has experience buying lelong property before?
Any pros and cons?
Please share
Buying LELONG property, Advice needed
Buying LELONG property, Advice needed
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Jun 4 2018, 10:54 AM, updated 6y ago
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#1
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Junior Member
280 posts Joined: Dec 2011 |
Hi all sifus,
Would like to ask are there anyone who has experience buying lelong property before? Any pros and cons? Please share |
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Jun 4 2018, 11:17 AM
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#2
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Junior Member
130 posts Joined: Sep 2009 |
need to learn too, parking here *
but what i heard from others is we cannot visit the property before fully owned it, any research need to be done outside the house. |
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Jun 4 2018, 11:28 AM
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#3
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Junior Member
280 posts Joined: Dec 2011 |
QUOTE(kamisama @ Jun 4 2018, 11:17 AM) need to learn too, parking here * yes, that is very general one.but what i heard from others is we cannot visit the property before fully owned it, any research need to be done outside the house. so from my common understanding is, better if we purchase those NEW development's lelongs rather than OLD ones, cause at least we know their condition is better than older ones. my sis's current place is from lelong, but from what I know is last time, the procedure is very tedious and troublesome, not sure is it her LUCK or it applies to every lelong properties where it took her almost 2 years to get the house key. This post has been edited by littlealan00: Jun 4 2018, 11:29 AM |
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Jun 4 2018, 11:31 AM
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#4
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Junior Member
72 posts Joined: Oct 2015 |
QUOTE(littlealan00 @ Jun 4 2018, 11:28 AM) yes, that is very general one. purchasing new development is good but ofcourse the price is same as during selling price.. if he loan for 600k.. then mean now selling price is 600k.. you need to dp 60k+stamp+lawyer = 100k..so from my common understanding is, better if we purchase those NEW development's lelongs rather than OLD ones, cause at least we know their condition is better than older ones. my sis's current place is from lelong, but from what I know is last time, the procedure is very tedious and troublesome, not sure is it her LUCK or it applies to every lelong properties where it took her almost 2 years to get the house key. got that much money? if you got 100k.. you can easily just buy a unit.. instead go to lelong to have all this hassle.. |
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Jun 4 2018, 02:44 PM
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#5
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Junior Member
211 posts Joined: May 2007 From: KL |
Pro -cheap Con - ketupatlazat and Bossku_Johor liked this post
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Jun 4 2018, 06:07 PM
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#6
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Senior Member
1,021 posts Joined: Jul 2011 |
Pros
- you buy at below market price, that's all Cons - you don't know the house condition, damages - owner might won't move out - owner might holding a grudge against you (happened to me) |
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Jun 4 2018, 06:10 PM
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#7
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Senior Member
6,562 posts Joined: Jan 2003 From: Kuala Lumpur |
QUOTE(littlealan00 @ Jun 4 2018, 10:54 AM) Hi all sifus, 1. Make sure your loan eligibility has been checkedWould like to ask are there anyone who has experience buying lelong property before? Any pros and cons? Please share 2. 90 days to pay the balance 90% (or more) beyond that you can be penalized or the sales and your deposit forfeited 3. You can expect the property to be under-maintained, or if strata title, years of unpaid fees 4. In some cases, buyers even found dead bodies in the fridge. Good luck |
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Jun 4 2018, 06:12 PM
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#8
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Newbie
2 posts Joined: Apr 2017 |
Pros - Cheap
Cons - More hassle. Short turn around time. A bit of a gamble in terms of condition. Always plan for the worse. |
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Jun 4 2018, 09:11 PM
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#9
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Senior Member
3,830 posts Joined: Oct 2006 From: Shah Alam |
cons:
-most probably you cannot settle the loan disbursement in time. lose deposit. you'll be anxious all the time. - donno the condition inside - occupants refuse to vacate the prop pro: -cheaper than market price |
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Jun 4 2018, 10:44 PM
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Senior Member
698 posts Joined: Nov 2009 |
Just got my 3rd auction prop recently so here’s the list of pros and cons I’ve experienced so far: Pros: Can get way way below market price Cons: 1. Everything need to rush, after auction done need to straight (same day or next working day) go arrange loan and get your lawyer on standby to arrange the legal stuff like mot, consent etc 2. Need a lot of research and stalking.You need to find out exactly the title status and also condition of the house dun go for auction blindly, if title got issue then you gonna burn your deposit confirmed. 3. Need a lot of hard work, cannot fully depend on lawyer. I had to go here and there, everywhere to get the strata title for my recent purchase. If wait lawyer push paper to get till now my loan won’t get approved yet. 4. Need to spend a lot of time as a lot of stuff to do as above. 5. Need cash for DP legal fees etc not like new development a lot can 0% dp Is it worth it? I just got a prop around 150k below market. So for me, yes it’s worth the hassle. QUOTE(kamisama @ Jun 4 2018, 11:17 AM) need to learn too, parking here * Well, that’s the general rule but personally I try to find units occupied by tenants then pandai2 nego with the tenant to let me see inside 😜but what i heard from others is we cannot visit the property before fully owned it, any research need to be done outside the house. LOvebugs liked this post
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Jun 18 2018, 01:09 AM
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All Stars
23,138 posts Joined: Aug 2007 From: Outer Space |
QUOTE(littlealan00 @ Jun 4 2018, 11:28 AM) yes, that is very general one. NEW can be 1 or 2 years from completion date. so from my common understanding is, better if we purchase those NEW development's lelongs rather than OLD ones, cause at least we know their condition is better than older ones. my sis's current place is from lelong, but from what I know is last time, the procedure is very tedious and troublesome, not sure is it her LUCK or it applies to every lelong properties where it took her almost 2 years to get the house key. but now the current trend is getting totally BRAND NEW as per developer condition unit. owner did nothing at all yet to the unit. and the best thing is price fall below 3-4 years ago launching price. |
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Jun 19 2018, 10:57 AM
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Junior Member
97 posts Joined: May 2012 From: Kuala Lumpur |
can do site visit. who say cannot?
just bring an article or any letter that says the property is under lelong or going to lelong. photocopy also can no need official chop or anything. this is what I usually do. also if it is guarded or gated like condo, I will say want to go to management office. I tell management office I want to do a visit to the unit. all ok so far. |
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Jun 19 2018, 11:58 AM
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Junior Member
280 posts Joined: Dec 2011 |
QUOTE(faizalfaizal @ Jun 19 2018, 10:57 AM) can do site visit. who say cannot? meaning u can view the interior too?just bring an article or any letter that says the property is under lelong or going to lelong. photocopy also can no need official chop or anything. this is what I usually do. also if it is guarded or gated like condo, I will say want to go to management office. I tell management office I want to do a visit to the unit. all ok so far. |
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Jun 19 2018, 01:48 PM
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Newbie
2 posts Joined: Apr 2017 |
QUOTE(faizalfaizal @ Jun 19 2018, 10:57 AM) can do site visit. who say cannot? Can view from outside only unless you got permission from occupant or owner.just bring an article or any letter that says the property is under lelong or going to lelong. photocopy also can no need official chop or anything. this is what I usually do. also if it is guarded or gated like condo, I will say want to go to management office. I tell management office I want to do a visit to the unit. all ok so far. Most units I have bought are empty though. Not recommended to break in by force. |
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Jun 19 2018, 01:54 PM
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Senior Member
939 posts Joined: Jun 2010 |
Beware.. in lelong banyak hantu.. sengaja raise the price by internal lelong-er.. Tried once.. i bid for the property and one cibai uncle raise 10k.. then i no continue.. but after the lelong.. the unit is still available for next lelong event.. (few unit i saw also same from the day i attend lelong).. just dont understand those lelong-errr.. want to fast fast sell but want to play this kind of game for higher price.. why not just put the price in first place.. there is willing buyer.. sure will buy if price match.. instead of play highball bidding with those ghost.. LOvebugs liked this post
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Jun 19 2018, 02:00 PM
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Senior Member
4,561 posts Joined: Jan 2003 From: Penangites |
Parking
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Jun 19 2018, 02:24 PM
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Senior Member
1,010 posts Joined: Jan 2011 |
QUOTE(littlealan00 @ Jun 4 2018, 11:28 AM) yes, that is very general one. Lelong house usually no key, so why need to wait for key? Just break the locks and change it. That's what I did.so from my common understanding is, better if we purchase those NEW development's lelongs rather than OLD ones, cause at least we know their condition is better than older ones. my sis's current place is from lelong, but from what I know is last time, the procedure is very tedious and troublesome, not sure is it her LUCK or it applies to every lelong properties where it took her almost 2 years to get the house key. |
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Jun 19 2018, 02:28 PM
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Senior Member
1,010 posts Joined: Jan 2011 |
QUOTE(gugukrez @ Jun 19 2018, 01:54 PM) Beware.. in lelong banyak hantu.. sengaja raise the price by internal lelong-er.. Those asshole uncles are in cohort with the auctioneer. They will ask you to pay them a certain sum, if you don't they will bid up the price double the amount they asked you. But even if they win their bid, they can get back their deposits (thanks to the auctioneer). Nowadays too many people bidding for auction houses, no point paying those assholes off coz there are many real bidders competing with you.Tried once.. i bid for the property and one cibai uncle raise 10k.. then i no continue.. but after the lelong.. the unit is still available for next lelong event.. (few unit i saw also same from the day i attend lelong).. just dont understand those lelong-errr.. want to fast fast sell but want to play this kind of game for higher price.. why not just put the price in first place.. there is willing buyer.. sure will buy if price match.. instead of play highball bidding with those ghost.. |
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Jun 19 2018, 05:44 PM
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Newbie
2 posts Joined: Apr 2017 |
QUOTE(gugukrez @ Jun 19 2018, 01:54 PM) Beware.. in lelong banyak hantu.. sengaja raise the price by internal lelong-er.. Only applicable for private auctions. Reputable auction houses would not do such a thing. Tried once.. i bid for the property and one cibai uncle raise 10k.. then i no continue.. but after the lelong.. the unit is still available for next lelong event.. (few unit i saw also same from the day i attend lelong).. just dont understand those lelong-errr.. want to fast fast sell but want to play this kind of game for higher price.. why not just put the price in first place.. there is willing buyer.. sure will buy if price match.. instead of play highball bidding with those ghost.. QUOTE(jdgobio @ Jun 19 2018, 02:28 PM) Those asshole uncles are in cohort with the auctioneer. They will ask you to pay them a certain sum, if you don't they will bid up the price double the amount they asked you. But even if they win their bid, they can get back their deposits (thanks to the auctioneer). Nowadays too many people bidding for auction houses, no point paying those assholes off coz there are many real bidders competing with you. You can't get your deposit back if you win. Unless is a private auction. |
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Jun 19 2018, 06:01 PM
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Senior Member
1,010 posts Joined: Jan 2011 |
QUOTE(Count Auction @ Jun 19 2018, 05:44 PM) Only applicable for private auctions. Reputable auction houses would not do such a thing. I beg to differ. Reputable auction houses do it as well. And the auctioneers act all prim and proper and seem to loathe the ghosts when you ask them about it, but the ghosts still get their deposits back. How do you reckon that happens without the auction house colluding with them?You can't get your deposit back if you win. Unless is a private auction. |
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