Buying LELONG property, Advice needed
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 Jan 26 2022, 12:18 AM
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#1
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Senior Member
4,546 posts Joined: Jun 2009 From: Selangor / Sarawak / New York   
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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 |
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Jan 26 2022, 12:18 PM
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#2
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Senior Member
4,546 posts Joined: Jun 2009 From: Selangor / Sarawak / New York
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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. Meaning to say, if owner doesnt have the money to pay the outstanding instalments, buyer will have to fork out for the owner?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.  There will be risks if owner in the end decided not to sell after buyer pay the outstanding right? |
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Jan 26 2022, 04:35 PM
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#3
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Senior Member
4,546 posts Joined: Jun 2009 From: Selangor / Sarawak / New York
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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? |
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Jan 26 2022, 09:05 PM
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#4
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Senior Member
4,546 posts Joined: Jun 2009 From: Selangor / Sarawak / New York
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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. Its high court auction. Does it mean that I go to high court and ask for the Proclamation of sales?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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Jan 27 2022, 10:29 AM
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#5
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Senior Member
4,546 posts Joined: Jun 2009 From: Selangor / Sarawak / New York
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QUOTE(scorptim @ Jan 26 2022, 11:26 PM) You can go for it yourself without going through agent for auction. Thank you very much for the information.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. 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 |
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