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 Buying LELONG property, Advice needed

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kurtkob78
post Jun 4 2018, 09:11 PM

Do your best
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Senior Member
3,833 posts

Joined: Oct 2006
From: Shah Alam


cons:
-most probably you cannot settle the loan disbursement in time. lose deposit. you'll be anxious all the time.
- donno the condition inside
- occupants refuse to vacate the prop

pro:
-cheaper than market price
kurtkob78
post Jan 27 2022, 12:28 PM

Do your best
*******
Senior Member
3,833 posts

Joined: Oct 2006
From: Shah Alam


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
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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... «

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wow impressive story. thank you for your time.

for house 5, the court order also can manipulate ? shouldn't there be police and relevant authorities to break in the house evict and occupants after certain period.

and buyer can sue for losses claim due to delaying eviction ?

 

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