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 Buying LELONG property, Advice needed

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JenifferBlue9491 P
post Jan 13 2020, 09:27 PM

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I've bought auction unit using bank loan. At first I was told that the unit is fully furnish. When I entered the unit, all the furnishes have been moved out. I ask the management office, how could you let the previous owner move the item when the unit is auctioned out!!!

Can I know what document shows that I'm the legal owner? After balance price have been disburse by the bank or once they receive the doa?

Please help
AskarPerang
post Jan 14 2020, 05:42 AM

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QUOTE(JenifferBlue9491 @ Jan 13 2020, 09:27 PM)
I've bought auction unit using bank loan. At first I was told that the unit is fully furnish. When I entered the unit,  all the furnishes have been moved out. I ask the management office, how could you let the previous owner move the item when the unit is auctioned out!!!

Can I know what document shows that I'm the legal owner? After balance price have been disburse by the bank or once they receive the doa?

Please help
*
Even if the unit is fully furnish also, there is always a possibility the owner will clear out everything once he found out that already got buyer successfully bought over the unit.
The owner is still the legal owner until you have settled all the name transfer process. Yes once DOA is completed. Check with your appointed lawyer.
JenifferBlue9491 P
post Jan 14 2020, 10:58 PM

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Transfer name process as in the management change to my name in their system?

Meaning that DOA stamped only I'm a legal owner. If I were to blame the management office for letting the previous owner to remove the item when they know the unit have a successful will I win the case then?

I'm the successfully bidder they shud have monitor my unit making sure the previous don't remove my item

AskarPerang
post Jan 16 2020, 02:07 AM

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QUOTE(JenifferBlue9491 @ Jan 14 2020, 10:58 PM)
Transfer name process as in the management change to my name in their system?

Meaning that DOA stamped only I'm a legal owner. If I were to blame the management office for letting the previous owner to remove the item when they know the unit have a successful will I win the case then?

I'm the successfully bidder they shud have monitor my unit making sure the previous don't remove my item
*
You got the wrong understanding. Is not win the bid today = automatic today onwards you are the rightful owner. Even if you pay 100% to buy (no take any loan), will still need time for some legal process to claer.

The owner is still the legal owner until you have settled all the name transfer process. Items or furniture in the unit legally still considered his and he got the right to move everything out until you settle the name transfer process in 90/120 days time.

Normally those movable stuff such as fridge, washing machine, etc can be easily removed and transport out.
And valuable item such as aircon units, yes he able to sell to get some money too.
But those built in stuff such as kitchen cabinet, built in wardrobe or grill, very seldom owner will take out. Unless he purposely want to destroy the unit, then yeah this case considered as unlucky.
Lights and fans also very rare the owner will remove.


jayko
post Jan 16 2020, 04:26 PM

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Nice read from Bill collectors. Thanks man.
taiping...
post Apr 7 2020, 02:25 PM

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I heard, for lelong properties, bank staff of the lelong properties has first end to purchase

True?
TaipingTiger
post Apr 8 2020, 03:50 PM

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QUOTE(taiping... @ Apr 7 2020, 02:25 PM)
I heard, for lelong properties, bank staff of the lelong properties has first end to purchase

True?
*
No such thing. Need to bid fair and square in the auction hall be it at private auctioneer venue, land office or high court or via online. Will be witness by lawyer. If bank bought back from auction then yes. PBB started to buy back some units when the price drop very cheap but still no bidder. They will register and place a bid. Probably try to dispose the unit off via subsale market.
cubiclecarbonate
post Apr 8 2020, 03:56 PM

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pro
-cheaper offer from market price

cons
-prepare extra cash +10% on top of bidding price to secure a comfortable
-outstanding bills and utilities

thats from my experience
SUSw19
post Apr 9 2020, 02:29 AM

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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... «

*
Bro, you have my respect!


Solar Calendar
post Apr 9 2020, 03:04 AM

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QUOTE(SonnyCooL @ Jun 20 2018, 04:37 AM)
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.
*
What? They pay you to rig bid?
Solar Calendar
post Apr 9 2020, 03:32 AM

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QUOTE(BillCollector @ Aug 26 2019, 09:43 PM)
She would still be there if it wasn't for all those actions.

She definitely had zero intention of leaving but for the "kidnap" , it is a history on its own how she became the owner of that house.
*
Wow, you are very resourceful. Btw, do you still go for auctions? I heard it is very difficult to make profits nowadays as it is crowded.
SUSBillCollector
post Apr 9 2020, 03:41 AM

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QUOTE(Solar Calendar @ Apr 9 2020, 03:32 AM)
Wow, you are very resourceful. Btw, do you still go for auctions? I heard it is very difficult to make profits nowadays as it is crowded.
*
Nope, too damn many scams and syndicates has infiltrated this avenue these days. Also anything worth buying won't be cheap.

Generally nothing worth buying as well as most of the landed properties are too far away from my focus area, those that are in the focus area usually have something bad about it such as facing a T-junction, not nice number or problematic occupant.

If a bargain landed house is what you are after usually you could find one with less hassle by just searching on iProperty and being a bit patient till you find a subsale with a desperate enough seller. Plenty of those about these days.

Condos? Generally I don't touch them these days. In any case as usual anything worth buying you won't be able to get it at a bargain and it is an even riskier buy as it is very difficult to ascertain if someone still lives in it. You don't need to go through the trouble of buying at auction for a condo, if it is a newish one maybe the developer may still have some units available which you could get for less otherwise wait long enough and a subsale by a distressed seller will come by.

Either way now isn't the time to get into real estate.
oOoproz
post Apr 9 2020, 03:46 AM

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QUOTE(BillCollector @ Aug 4 2019, 05:17 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... «

*
notworthy.gif notworthy.gif
alandhw
post Apr 26 2020, 09:40 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... «

*
impressive experience..
alandhw
post Apr 27 2020, 11:24 AM

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Did anyone join the auction expert/guru course which you feel it really helpful?
SUSBillCollector
post Apr 27 2020, 03:08 PM

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QUOTE(alandhw @ Apr 27 2020, 11:24 AM)
Did anyone join the auction expert/guru course which you feel it really helpful?
*
That's a sure way to throw away hard earned money for bad causes.
AskarPerang
post May 29 2020, 11:05 AM

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QUOTE(taiping... @ Apr 7 2020, 02:25 PM)
I heard, for lelong properties, bank staff of the lelong properties has first end to purchase

True?
*
QUOTE(alandhw @ Apr 27 2020, 11:24 AM)
Did anyone join the auction expert/guru course which you feel it really helpful?
*
Anyone interested to watch conduct of property auction can view this live now. Via online bidding only. Start at 11AM.
Got around 50 units under lelong by Ambank.


taiping...
post May 29 2020, 11:28 AM

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QUOTE(AskarPerang @ May 29 2020, 11:05 AM)
Anyone interested to watch conduct of property auction can view this live now. Via online bidding only. Start at 11AM.
Got around 50 units under lelong by Ambank.


*
Aiya
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Tik-Tok
post Apr 2 2021, 12:56 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... «

*
I am speechless, jawdropped. The stories are waaayyy more interesting than HK-Korean-China-Indonesia-India drama combined! Felt much more adrenalin pumping than Hunger Games!
chinwh9176 P
post Apr 3 2021, 11:05 PM

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QUOTE(AskarPerang @ Jan 14 2020, 05:42 AM)
Even if the unit is fully furnish also, there is always a possibility the owner will clear out everything once he found out that already got buyer successfully bought over the unit.
The owner is still the legal owner until you have settled all the name transfer process. Yes once DOA is completed. Check with your appointed lawyer.
*
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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