worst is those premium property always call of in last minute ..... wondering who is that hantu

Bank lelong or private auction? Bank lelong is impossible. Unless the bankers, lawyers, auctioneers and judge all involved. I almost never seen it before. Only time it happens is if there is a legitimate reason like owner dispute.

If is bank lelong most likely borrower settle lor. Bank call off cost them money. Won't simply call off.

Bank lelong. I have explained the scenario, tell me how it happened if there is no collusion? And I have seen this happen more than once.

This one is another jalan. They will say its withdrawn but then when you check the property someone else have bought it.

There are syndicates that tried to bid rig. That is rampant. But getting back the deposit is simply not possible. If that happens the bank can get sued in court. Next time if you see that happen, complain to the lawyer, banker or the judge. At least two of them have to be on site during the auction.

PM me which auctioneer that does it. I am in the industry.

Again, very hard to happen. I am not saying 100% it is not going to happen but I have been to more than 100 auctions and have never seen it happen.

The whole lelong industry is shrouded with misconceptions and mystic. The only thing that is true is bid rigging. Even so, that is being stamped out with e lelong.

Hhahahhahahaha ......
woo more than 100 times, i been making profit since 1998 with bank auction, even i don't bid for any unit, i still can walk out with smile 1-2k in my pocket.

You are trying very hard to defend something that is tainted. I attended my first auction in 1998 and have been to more than 50 auctions in the past 20 years. While the scamming is now much reduced compared to the early 2000s, I find your claim of never seeing it happen after attending more than 100 auctions extremely dubious. Either you don't see it or you don't know what you're seeing.

Yeah that's not hard if you want to go down the illegal route.

I have of course seen the syndicates work. But I have never seen deposit refunded due to uncle tak syok you and bid double then get deposit back.

I am not defending something that is tainted. However I disagree with the way it is tainted. It is much more sophisticated than outbid you because you don't want to pay and get deposit back.

These uncles usually will approach you at lelong and will ask you to pay them around rm5-50k depending on your land value. Have a look at their bank drafts and POS on hand to be certain. Then just give it to them.

Does buying an auction apartment have higher risk?
The unit I'm looking at, has digital lock. So, if I were to buy this. Wouldn't I need to change the digital lock, and request new access card from management?

This add on to the uncertainty of the unit internal condition right?

Lets say the market price now rm450k. The reserved price for this unit is rm370k (2nd auction). Is it worth the hassle actually? It's a new project under 3 years.

How long the overall procedure will take until I move in?

Pros - cheap
Con - cannot inspect property

Bought my property via lelong 1year+ back. It was new property.

Cons -
- The rush to get the loan done. Also, a lot of banks don't do auction loans.
- No keys. Once confirmed by lawyer, have to break into the house with locksmith and police.

Pros
- 15% below market price

Would I do it again? Yes, I would.
It was not easy and quite a rush, but I do think it's worth it.

This statement applicable to all lelong units. Yes, need to change the locks and do new access card.
Even if you buy via subsale, to be safe also people will change the door and grill lock as well.

If already got a digital lock install at the door, the unit is most likely doing airbnb/homestay kinda stuff.
But dont put high hope on this. The possibility is there.


Nope. No such thing. All banks take in auction cases. Is just the same like buying subsale property.
You must have dealt with unreliable/lazy bankers who provide wrong info.

my friend bought one last time, before buy cannot go in and see. after get the key, open main door smells something funny. then realize the previous owner's dead body is in the fridge. it is a police case where the previous owner was murdered and hidden inside the fridge. you dare to live or not.

If condo, make sure no outstanding management fees if not u have to bear it

I thought if it stated in pos that the bank will bear, the bank will be responsible.

Ppl buy u off is it ??
Syok neh

So far Citibank the only bank will give cheque straight to successful winner to pay off those outstanding fees to management office and local authority.
All other banks practice winner need to pay first then only claim back from the auction bank. Lawyer will do it for you as long as you keep all the payment receipt.

Fengshui no good wor. Previous owner live till need to lelong house you still dare to buy

Hi, new here, how do i know the date the property start become individual title or first VP, for example at Saujana Damsansara property developed by Maxisegar Sdn Bhd, auctioned month ago, it is leasehold 99 years, so how do i know what remaining years left since it havehave been individual titled,

just want to ready information about this property,
thank you.