Pros - Cheap
Cons - More hassle. Short turn around time. A bit of a gamble in terms of condition. Always plan for the worse.
Buying LELONG property, Advice needed
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 Jun 4 2018, 06:12 PM
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#1
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2 posts Joined: Apr 2017 
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Jun 19 2018, 01:48 PM
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#2
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2 posts Joined: Apr 2017
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QUOTE(faizalfaizal @ Jun 19 2018, 10:57 AM) can do site visit. who say cannot? Can view from outside only unless you got permission from occupant or owner.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.  Most units I have bought are empty though. Not recommended to break in by force. |
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Jun 19 2018, 05:44 PM
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#3
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2 posts Joined: Apr 2017
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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.. Only applicable for private auctions. Reputable auction houses would not do such a thing. 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.. 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. |
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Jun 19 2018, 08:02 PM
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#4
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2 posts Joined: Apr 2017
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QUOTE(jdgobio @ Jun 19 2018, 06:01 PM) 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? 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. QUOTE(SonnyCooL @ Jun 19 2018, 07:23 PM) worst is those premium property always call of in last minute ..... wondering who is that hantu If is bank lelong most likely borrower settle lor. Bank call off cost them money. Won't simply call off. |
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Jun 19 2018, 11:32 PM
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#5
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2 posts Joined: Apr 2017
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QUOTE(jdgobio @ Jun 19 2018, 11:01 PM) 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. 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. QUOTE(jdgobio @ Jun 19 2018, 11:02 PM) This one is another jalan. They will say its withdrawn but then when you check the property someone else have bought it. 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. |
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Jun 20 2018, 12:09 PM
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#6
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2 posts Joined: Apr 2017
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QUOTE(SonnyCooL @ Jun 20 2018, 04:37 AM) Hhahahhahahaha ...... Yeah that's not hard if you want to go down the illegal route. 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. QUOTE(jdgobio @ Jun 20 2018, 10:30 AM) 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. 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. |
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