Yes. The bank draft is made out to the auctioning bank, not the agent. So don't really need to worry about it.

As long as the bank draft is not made out in favour of the agent’s name, you’re safe.

I'd get a lelong next round too

So many newly developed condo putting up units for auction.

Those original buyer basically paying 10-20% off for you and you get it cheaper and in brand new condition.

That's the only reason I like BBBUUU property gurus. It works to our advantage if you use it properly.

This post has been edited by gashout: Mar 5 2024, 04:27 AM

Heheh.. clever girl. Let someone else take the hit of the "depreciation", so there's more upside for you

one thing to take note is if the strata title is out, whether developer agree on direct transfer ? saving money is one thing, if double transfer, need more time to complete the transaction.

yes, now many virgin units to choose from

hi, is there any concerns/things I should take note before enter bid for a recently completed condo but strata title not yet issue by developer?

Will there be like issue like double transfer take time kena penalty or cannot get loan from bank need cash buy etc.?

The post above yours seem to hint that this might be an issue…. Caveat emptor

it is worth it to buy a lelong property just under 20% of market price?

This post has been edited by gedebe: Jul 2 2025, 08:54 AM

If buying for own stay, can buy provided is below market valuation price and not snp price esp for newly vp units.

actually i meant to say to buy under 20% of market price instead of the usual rule of thumb of 30%.

Depends on the property and location. If good area, less 10- 15% is considered good bargain. Having said that, if good area, bidding can also goes above reserved or market price if someone desperate to own it.

Few years back, I won a new VP property on reserved price which is 10% above snp as a single bidder. Liked the view, high floor and also an endlot unit without neighbour main door beside. Paper profit today based on subsale, I made about 70k.

This post has been edited by mini orchard: Jul 2 2025, 10:38 AM

wau, this like buying a subsale but yet it is a lelong!

FYI

subsale at least can go nego and walk in, look around, ask for freebies and drag payment and SPA etc.

lelong, got fix 90 days to get loan apporval etc and sign SPA iirc.
IMO, if lelong 10% or 20% less down market and you like, can consider.
But most of the time, the sohai bank's "10% below market" is the market value.....considering how property market has slumped over the years.
just wait and if bid price hit market value, might as well not take the bait unless you die die want that house

anyone can recommend a very good lawyer for lelong and also banker?

my lawyer mmg cap ayam.

Still have enough time to change lawyer ?

If starting bid price tak ngam, then wait for next round, if still available.

But many a time, the second or third round auction price will reach first round price. Many sohai bidders start late hopping to catch the worm but end up eaten by python (bank) 😂

This post has been edited by mini orchard: Jul 17 2025, 05:51 PM

U can approach the bank to apply loan and use their lawyer terus.

next round is next year...the next year...then next year

by that time, you might as well commit to renting forever or buy other house already

kacau your local property agent.
they sure got lots of kangtao