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 Buying LELONG property, Advice needed

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AskarPerang
post Apr 3 2021, 11:13 PM

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QUOTE(chinwh9176 @ Apr 3 2021, 11:05 PM)
Hi want to check, refer to above, for master title case, if I have settled the balance payment but the DOA not yet completed, the building management can dont let me to go in the unit?
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Possible. All depending on how knowledgeable the management is.

Some places didnt even check. As long as you pay up the outstanding maintenance fees, they allow the new owner to do new access card, therefore the new owner can actually break into the unit if is vacant.
Some places required DOA to complete.

So it depends case by case basis.
chinwh9176 P
post Apr 3 2021, 11:19 PM

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QUOTE(AskarPerang @ Apr 3 2021, 11:13 PM)
Possible. All depending on how knowledgeable the management is.

Some places didnt even check. As long as you pay up the outstanding maintenance fees, they allow the new owner to do new access card, therefore the new owner can actually break into the unit if is vacant.
Some places required DOA to complete.

So it depends case by case basis.
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Thanks for info, if they insist for DOA to complete, should i just wait until DOA done or can insist wan to go in ?

AskarPerang
post Apr 3 2021, 11:25 PM

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QUOTE(chinwh9176 @ Apr 3 2021, 11:19 PM)
Thanks for info, if they insist for DOA to complete, should i just wait until DOA done or can insist wan to go in ?
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Legally if they insist, they are correct. So nothing you can do actually.
chinwh9176 P
post Apr 3 2021, 11:26 PM

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QUOTE(AskarPerang @ Apr 3 2021, 11:25 PM)
Legally if they insist, they are correct. So nothing you can do actually.
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i see, thx for info
chinwh9176 P
post May 4 2021, 12:17 PM

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QUOTE(AskarPerang @ Apr 3 2021, 11:25 PM)
Legally if they insist, they are correct. So nothing you can do actually.
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Hi, now i get my DOA already and send to developer last Monday and wait them to issue a letter to JMB so that i can go in.
However until now no exact date given when the letter will be issued and sent to JMB.
I find JMB and they say need the developer letter only they allow me to go in
Can i insist to go in? or any other way i can do like make police report?
Aghi
post Nov 2 2021, 05:20 PM

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Im planning to get a lelong house too. Hope so can get an empty wan
Michaelbyz23
post Jan 26 2022, 12:18 AM

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Hi, I have a question.
Is it possible for owner to take his/her property of the High Courts? Assuming that the property had been on high court auction for 1 round but no bidders. Before it goes for 2nd round, if buyer wants to buy off from owner, can the owner still sell to buyer?
Or it is already with the bank's possession?
Owner owes the bank and defaulted, hence appeared in high court for auction.

Thank you Sifu
mini orchard
post Jan 26 2022, 06:15 AM

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QUOTE(Michaelbyz23 @ Jan 26 2022, 12:18 AM)
Hi, I have a question.
Is it possible for owner to take his/her property of the High Courts? Assuming that the property had been on high court auction for 1 round but no bidders. Before it goes for 2nd round, if buyer wants to buy off from owner, can the owner still sell to buyer?
Or it is already with the bank's possession?
Owner owes the bank and defaulted, hence appeared in high court for auction.

Thank you Sifu
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Yes .... but seller have to inform the bank and also to pay all or some outstanding instalments ahead.

Buyers of such property have to be careful as sometime the selling price is not able to fully settle the outstanding loan and the bank will not discharge the property if seller is unable to do it.

So it is not always 'cheaper' to buy from distressed seller direct and buying through auction is a better bet as the bank guarantee transfer of ownership. Any shortfall will be recovered from the borrower/owner.

This post has been edited by mini orchard: Jan 26 2022, 06:39 AM
Michaelbyz23
post Jan 26 2022, 12:18 PM

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QUOTE(mini orchard @ Jan 26 2022, 06:15 AM)
Yes .... but seller have to inform the bank and also to pay all or some outstanding instalments ahead.

Buyers of such property have to be careful as sometime the selling price is not able to fully settle the outstanding loan and the bank will not discharge the property if seller is unable to do it.

So it is not always 'cheaper' to buy from distressed seller direct and buying through auction is a better bet as the bank guarantee transfer of ownership. Any shortfall will be recovered from the borrower/owner.
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Meaning to say, if owner doesnt have the money to pay the outstanding instalments, buyer will have to fork out for the owner?
There will be risks if owner in the end decided not to sell after buyer pay the outstanding right?
mini orchard
post Jan 26 2022, 02:43 PM

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QUOTE(Michaelbyz23 @ Jan 26 2022, 12:18 PM)
Meaning to say, if owner doesnt have the money to pay the outstanding instalments, buyer will have to fork out for the owner?
There will be risks if owner in the end decided not to sell after buyer pay the outstanding right?
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Your lawyer have to get all relevant documents signed b4 any payment is made to the bank.
Michaelbyz23
post Jan 26 2022, 04:35 PM

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Thanks.
Also, the auction agent asked me to pay upfront 1% before proceed to bidding and buying POS. Is this normal procedure?
If the bidding unsuccessful the 1% forfeited?
mini orchard
post Jan 26 2022, 05:02 PM

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QUOTE(Michaelbyz23 @ Jan 26 2022, 04:35 PM)
Thanks.
Also, the auction agent asked me to pay upfront 1% before proceed to bidding and buying POS. Is this normal procedure?
If the bidding unsuccessful the 1% forfeited?
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I believed the 1% is the agent's commission. Check with him on the tnc.

If you are hardworking, you should be able to find out who is the auctioneer and get a copy from them. There should also be few agents working on the property.
Michaelbyz23
post Jan 26 2022, 09:05 PM

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QUOTE(mini orchard @ Jan 26 2022, 05:02 PM)
I believed the 1% is the agent's commission. Check with him on the tnc.

If you are hardworking, you should be able to find out who is the auctioneer and get a copy from them. There should also be few agents working on the property.
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Its high court auction. Does it mean that I go to high court and ask for the Proclamation of sales?
LuckyBai
post Jan 26 2022, 09:07 PM

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You potentially winning a poorly maintained property
mini orchard
post Jan 26 2022, 09:14 PM

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QUOTE(Michaelbyz23 @ Jan 26 2022, 09:05 PM)
Its high court auction.  Does it mean that I go to high court and ask for the Proclamation of sales?
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I am not sure they have it on the High Court notice board. Or

Register as a paid member for Lelong Tip. You can check the info there.

https://www.lelongtips.com.my/

Alternatively, you can check the newspaper. It should be advertised.

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This post has been edited by mini orchard: Jan 26 2022, 09:28 PM
scorptim
post Jan 26 2022, 11:26 PM

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QUOTE(Michaelbyz23 @ Jan 26 2022, 04:35 PM)
Thanks.
Also, the auction agent asked me to pay upfront 1% before proceed to bidding and buying POS. Is this normal procedure?
If the bidding unsuccessful the 1% forfeited?
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You can go for it yourself without going through agent for auction.

QUOTE(Michaelbyz23 @ Jan 26 2022, 09:05 PM)
Its high court auction.  Does it mean that I go to high court and ask for the Proclamation of sales?
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https://elelong.kehakiman.gov.my/BidderWeb

Find the property here and download the POS for high court auctions.

If auction under specific auctioneer usually just email them they will send to you.

QUOTE(LuckyBai @ Jan 26 2022, 09:07 PM)
You potentially winning a poorly maintained property
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If you don’t go survey yes…that’s why stalking skills very important if you wanna buy auction units.
Michaelbyz23
post Jan 27 2022, 10:29 AM

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QUOTE(scorptim @ Jan 26 2022, 11:26 PM)
You can go for it yourself without going through agent for auction.
https://elelong.kehakiman.gov.my/BidderWeb

Find the property here and download the POS for high court auctions.

If auction under specific auctioneer usually just email them they will send to you.
If you don’t go survey yes…that’s why stalking skills very important if you wanna buy auction units.
*
Thank you very much for the information.
But not sure why I can't find Sarawak high court auction website. And in the list of states, sarawak is not listed.

This post has been edited by Michaelbyz23: Jan 27 2022, 10:30 AM
scorptim
post Jan 27 2022, 10:43 AM

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QUOTE(Michaelbyz23 @ Jan 27 2022, 10:29 AM)
Thank you very much for the information.
But not sure why I can't find Sarawak high court auction website. And in the list of states, sarawak is not listed.
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Ah ok didn’t know you were looking for sarawak. Not sure if they have it online, I also cannot find 😅. Maybe can try contact the high court about it.
kurtkob78
post Jan 27 2022, 12:28 PM

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QUOTE(BillCollector @ Aug 4 2019, 04:17 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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wow impressive story. thank you for your time.

for house 5, the court order also can manipulate ? shouldn't there be police and relevant authorities to break in the house evict and occupants after certain period.

and buyer can sue for losses claim due to delaying eviction ?
Aghi
post Apr 14 2023, 01:06 AM

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Hi, my agent ask to pass him the bank draft to him. Is it safe?

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