good thread .

park, bookmark this thread.

Parking... highly valuable thread in this forum!

1. How long does is take after you win the bid?
2. If occupied - do we know rented or owner? and what's the difference to evict these 2?

Very good info. thanks!

1. Settle within 90 days or 120 days depending on which bank. If cannot, then lawyer will request for time extension with reasonable excuse.

2. By checking, yes can identify is tenant occupy or owner still own staying. Logically evicting tenant will be much easier process. Just like a landlord terminating the rental of your tenant.

Do banks in Malaysia offer pre-qualified mortgage services, as an potential newbie auction person, I'm most concerned about mortgage not qualifying for some reason, or only qualifying for 80%.


If the Tenant say paid in advance, does the new landlord (bid winner) have to fufill the previous obligation?
Does the Tenant still have renters rights if they do not have a existing rental agreement with the new owner?

At what point does the liability (utilities costs n rental) of the auction unit transfer to the bid winner? The date of S&P? Date of winning auction?
For example, a Tenant would want to pro rata the new rental, or which utility bill on which date will be whos responsibility.




Your posts always make me login to lowyat

This post has been edited by Zavia/GenX: Jan 11 2019, 03:48 PM

Yes all bankers able to assess how much you are able to loan base on your supporting document i.e. credit profile, income, DSR, CCRIS record. And will advice you how much you are able to loan up to XXX amount. Each bank got different criteria.
The assessment done sole on your profile, not related to any projects yet.
But also depend if you are going for project more than 10 years still under master title, then still got chance loan will not be approved. This time not because of you, but because of the project.

If confirm the unit occupied by tenants, after winning, the most important thing is to inform the tenants so that they stop paying rent to the ex-owner.
Next is the tenant demand back the deposit from the ex-owner. Logically, they wont be getting back those deposit as the ex-owner surely got no money anymore.
So just offer the tenants free stay for 2 months, should be able to cover back those deposits and do a new agreement with them. Either to move out after 2 months end or can continue renting (if you wish to rent out the unit). Make sure they settle those utility bill as well.

If you are taking bank loan, disbursement also will take 2 to 3 months time plus all the request to the authority. So during the 2 months "free" period for them, you are not paying anything yet also.

Example after getting a 450k unit at 300k only. 150k below market, I dont think you will mind so much about those pro rata issue on the rental or utility. As long as can get the bank to disburse and complete the process in time, should be the more important thing.

Few results update from RHB night of auction!!!





2 bidders.
Sold at 334k just now.
Vacant unit. Already more than 1 years plus access card barred. Water usage zero and TNB usage nil. Unit facing inside swimming pool. Not facing cemetery.
Good catch!!!




3 bidders.
Sold at 302k just now.
Occupied unit.
Still a good catch.




As expected. When price too low will attract many bidder.
Total 7 bidders.
Occupied unit.

Sold at 208k. Much higher than last month reserve price of just 190k. Can win unchallenge and save up 18k.




4 bidders.
Sold at 445k just now.

This is non bumi lot. Anyone can buy. Vacant unit. Very nice view from the unit. This unit S&P price at 900+k. Now sold at half price.

Well, this is lelong. Good catch!!!

parking. good thread.

following closely

Best time. Parking here

parking.
good thread to follow up.
kudos bro

no money to buy also parking. tq for the effort

Nice thread

Where is zeta residence one south? is it one of the block within one south seri kembangan?

Yes. Malaysia Arab City. Haha.
Got a unit at Flora, One South in the auction market now. High rental due to high demand from the arab.
Got link bridge to future MRT2 station as well.

nice thread from TS! explaining all the LELONG MYTHS that we all dont' know.

Question:
1. What is the difference between bank auction and high court auction properties?
2. If win the bid, but later not manage to secure a bank loan, it is either buy in full cash or 10% deposit money forfeited ?
3. When a property goes into lelong process, that means the owner already issued bankruptcy ?

1.
Public auction = still under master title or individual strata issue but owner didnt do perfection yet. name transfer will rely heavily depend on developer. possible required double transfer if strata issued but owner did nothing yet.
High court / Land office auction = already got individual strata title. beware of caveat. straight forward transfer, no longer need to depend on developer. will be a faster process.

2. Yes, need pay full cash or let go forfeit the 10% deposit.

3. Not necessarily. Most property bought before year 2010, even at lelong price today, owner will still get something (profit) out of it. So wont be declared bankrupt.
But for new property lelong today, majority sold below outstanding loan amount. So bank will continue to chase those owners for the differences. Then only they will be filed for bankruptcy charges.

Dear all reader / follower, first post is updated (last updated on 20 Jan 2019).
Few unsold units so price drop by 10%.
Be sure to check them out.
Cheers.

parking to follow, tq bro.