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 Buying LELONG property, Advice needed

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TSlittlealan00
post Jun 4 2018, 10:54 AM, updated 6y ago

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Hi all sifus,

Would like to ask are there anyone who has experience buying lelong property before?
Any pros and cons?

Please share smile.gif
kamisama
post Jun 4 2018, 11:17 AM

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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.
TSlittlealan00
post Jun 4 2018, 11:28 AM

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QUOTE(kamisama @ Jun 4 2018, 11:17 AM)
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.
*
yes, that is very general one.
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
Dream007
post Jun 4 2018, 11:31 AM

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QUOTE(littlealan00 @ Jun 4 2018, 11:28 AM)
yes, that is very general one.
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.
*
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..

got that much money?

if you got 100k.. you can easily just buy a unit.. instead go to lelong to have all this hassle..
St0rmFury
post Jun 4 2018, 02:44 PM

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Pro
-cheap

Con
-

WebDpot
post Jun 4 2018, 06:07 PM

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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)
wild_card_my
post Jun 4 2018, 06:10 PM

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QUOTE(littlealan00 @ Jun 4 2018, 10:54 AM)
Hi all sifus,

Would like to ask are there anyone who has experience buying lelong property before?
Any pros and cons?

Please share smile.gif
*
1. Make sure your loan eligibility has been checked
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


Count Auction
post Jun 4 2018, 06:12 PM

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Pros - Cheap

Cons - More hassle. Short turn around time. A bit of a gamble in terms of condition. Always plan for the worse.
kurtkob78
post Jun 4 2018, 09:11 PM

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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
scorptim
post Jun 4 2018, 10:44 PM

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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 *

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.
*
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 😜
AskarPerang
post Jun 18 2018, 01:09 AM

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QUOTE(littlealan00 @ Jun 4 2018, 11:28 AM)
yes, that is very general one.
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.
*
NEW can be 1 or 2 years from completion date.
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.
faizalfaizal
post Jun 19 2018, 10:57 AM

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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.
TSlittlealan00
post Jun 19 2018, 11:58 AM

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QUOTE(faizalfaizal @ Jun 19 2018, 10:57 AM)
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.
*
meaning u can view the interior too?
Count Auction
post Jun 19 2018, 01:48 PM

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QUOTE(faizalfaizal @ Jun 19 2018, 10:57 AM)
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.
*
Can view from outside only unless you got permission from occupant or owner.

Most units I have bought are empty though. Not recommended to break in by force.
gugukrez
post Jun 19 2018, 01:54 PM

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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..
SUSAllnGap
post Jun 19 2018, 02:00 PM

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Parking
SUSjdgobio
post Jun 19 2018, 02:24 PM

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QUOTE(littlealan00 @ Jun 4 2018, 11:28 AM)
yes, that is very general one.
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.
*
Lelong house usually no key, so why need to wait for key? Just break the locks and change it. That's what I did.
SUSjdgobio
post Jun 19 2018, 02:28 PM

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QUOTE(gugukrez @ Jun 19 2018, 01:54 PM)
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..
*
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.
Count Auction
post Jun 19 2018, 05:44 PM

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QUOTE(gugukrez @ Jun 19 2018, 01:54 PM)
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..
*
Only applicable for private auctions. Reputable auction houses would not do such a thing.

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.
SUSjdgobio
post Jun 19 2018, 06:01 PM

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QUOTE(Count Auction @ Jun 19 2018, 05:44 PM)
Only applicable for private auctions. Reputable auction houses would not do such a thing.
You can't get your deposit back if you win. Unless is a private auction.
*
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?

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