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Buying LELONG property, Advice needed
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mini orchard
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 Jan 26 2022, 06:15 AM
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QUOTE(Michaelbyz23 @ Jan 26 2022, 12:18 AM) 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 Yes .... but seller have to inform the bank and also to pay all or some outstanding instalments ahead. 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. This post has been edited by mini orchard: Jan 26 2022, 06:39 AM |
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mini orchard
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Jan 26 2022, 02:43 PM
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QUOTE(Michaelbyz23 @ Jan 26 2022, 12:18 PM) Meaning to say, if owner doesnt have the money to pay the outstanding instalments, buyer will have to fork out for the owner? There will be risks if owner in the end decided not to sell after buyer pay the outstanding right?Your lawyer have to get all relevant documents signed b4 any payment is made to the bank. |
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mini orchard
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Jan 26 2022, 05:02 PM
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QUOTE(Michaelbyz23 @ Jan 26 2022, 04:35 PM) 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? I believed the 1% is the agent's commission. Check with him on the tnc. 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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mini orchard
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Jan 26 2022, 09:14 PM
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QUOTE(Michaelbyz23 @ Jan 26 2022, 09:05 PM) Its high court auction. Does it mean that I go to high court and ask for the Proclamation of sales? I am not sure they have it on the High Court notice board. Or Register as a paid member for Lelong Tip. You can check the info there. https://www.lelongtips.com.my/Alternatively, you can check the newspaper. It should be advertised. 
This post has been edited by mini orchard: Jan 26 2022, 09:28 PM |
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mini orchard
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Jul 2 2025, 05:10 AM
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QUOTE(gedebe @ Jul 2 2025, 05:02 AM) it is worth it to buy a lelong property just under 20% or market price? If buying for own stay, can buy provided is below market valuation price and not snp price esp for newly vp units. |
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mini orchard
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Jul 2 2025, 10:33 AM
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QUOTE(gedebe @ Jul 2 2025, 08:54 AM) actually i meant to say to buy under 20% of market price instead of the usual rule of thumb of 30%. Depends on the property and location. If good area, less 10- 15% is considered good bargain. Having said that, if good area, bidding can also goes above reserved or market price if someone desperate to own it. Few years back, I won a new VP property on reserved price which is 10% above snp as a single bidder. Liked the view, high floor and also an endlot unit without neighbour main door beside. Paper profit today based on subsale, I made about 70k. This post has been edited by mini orchard: Jul 2 2025, 10:38 AM |
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mini orchard
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Jul 12 2025, 08:10 AM
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QUOTE(gedebe @ Jul 2 2025, 11:21 AM) wau, this like buying a subsale but yet it is a lelong! FYI 
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mini orchard
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Jul 17 2025, 05:45 PM
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QUOTE(corallinkz @ Jul 17 2025, 01:20 PM) anyone can recommend a very good lawyer for lelong and also banker? my lawyer mmg cap ayam. Still have enough time to change lawyer ? |
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mini orchard
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Jul 17 2025, 05:50 PM
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QUOTE(Porkycorgi5588 @ Jul 17 2025, 09:33 AM) subsale at least can go nego and walk in, look around, ask for freebies and drag payment and SPA etc. lelong, got fix 90 days to get loan apporval etc and sign SPA iirc. IMO, if lelong 10% or 20% less down market and you like, can consider. But most of the time, the sohai bank's "10% below market" is the market value.....considering how property market has slumped over the years. just wait and if bid price hit market value, might as well not take the bait unless you die die want that house If starting bid price tak ngam, then wait for next round, if still available. But many a time, the second or third round auction price will reach first round price. Many sohai bidders start late hopping to catch the worm but end up eaten by python (bank) 😂 This post has been edited by mini orchard: Jul 17 2025, 05:51 PM |
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mini orchard
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Jul 18 2025, 07:56 AM
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QUOTE(AbbyCom @ Jul 18 2025, 12:39 AM) Banks also want to dispose of these properties quickly, don't think will wait 1 year for next round of auctions. The last condo I tried to bid got auctioned 3-4 times in a year, the price dropping around 10% for successive auctions. He is talking in his sleep. 🤣 This post has been edited by mini orchard: Jul 18 2025, 07:58 AM |
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