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Others Recommended listing of property auction / lelong!, all info you need to know inside......

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TSAskarPerang
post Dec 22 2018, 12:09 PM, updated 4y ago

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Guess is high time to start a thread specifically in promoting auction / bank lelong units.
Specific area: KL / Selangor (Klang Valley) property. But will also cover other states as well if got request.

We can be contacted via PM or at: 011-58287725.
Or you can just drop us a whatapps: http://www.wasap.my/+601158287725
(strictly no agent please. only direct genuine interested buyer only please. thank you! notworthy.gif )

First post will always be updated with recommended listings so do check back here often.
Good entry price will be at 3rd re-auction and above. First auction price = bank valuation. Every round no bidder, the price will drop 10% cheaper.

FOR BUMI LOT (RAYA SPECIAL) AUCTION LIST AND LANDED PROPERTY, PLEASE REFER 2ND POST!!! THANK YOU.

Refer 3rd post onwards for lelong guides, tips, more info, etc.
Cheers.

New + Near to existing LRT/MRT station:

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Newly completed property (brand new condition):

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30% below market / launching price (buy & flip......at your own risk?!) :

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Property with potential (incoming booster to the area):

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Airbnb / Homestay / Studio / 1 bedroom / pigeon hole unit:

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Low cost / medium cost property (for rental game, cash flow):

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RUMAHWIP / Rumah Selangorku / PR1MA / PPA1M lelong:

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Actually too many to list down all, or you can just state your criteria such as which area? budget? etc.
I will try to recommend.

Thanks! notworthy.gif


This post has been edited by AskarPerang: Jun 4 2019, 03:35 AM
TSAskarPerang
post Dec 22 2018, 12:10 PM

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Landed property (all high court auction):

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Bumi lot special (hari raya 2019 edition!!!):

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This post has been edited by AskarPerang: Jun 4 2019, 01:05 PM
TSAskarPerang
post Dec 22 2018, 12:10 PM

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First and foremost, just to clarify some misconception from many people:
1. AUCTION PROPERTY NEED BUY WITH 100% CASH.
Nope. You only need 10% as deposit, remaining can use bank loan same like subsale property.

2. ALL OUTSTANDING NOT COVER BY BANK.
Refer the POS. Majority banks covered the outstanding (maintenance fees, cukai taksiran, etc). But NO BANK will cover the utility (TNB, water & indah water). For TNB can actually change name without settling the outstanding amount.

3. MUST SETTLE WITHIN 90/120 DAYS. IF NOT FORFEIT THE 10% DEPOSIT.
Extension is allowable with valid reason. (certainly not because of pending loan / late loan approval / due to own personal reason, those all excuses that will not help).


Important thing to note when buying from lelong / bank auction:

1. 10% banker cheque to qualify to enter bidding. If unsuccessful, can take back the cheque.

2. Balance 90% can be cash or take bank loan or cash+loan.

3. Credit profile must be strong if plan to take bank loan. Cannot use gov loan (only can use for LPPSA auction property). Cannot mark up loan. CCRIS record must be clean with all zero.

4. Standby another 5% as legal fees, stamp duty and valuation fees. All this money is just the same like if you are buying from subsale unit. You need to pay the same amount of money.

--------------------
There's no one source to search for lelong property. Different banks. Different auctioneers. But a good place with free limited info to search is at:
https://www.lelongtips.com.my/
http://www.auctionlist.com.my/auction/index.php

--------------------
List of auctioneers official website:
https://www.ngchanmau.com/
http://auctions.com.my/
https://leongauctioneer.com/
http://www.ehsanauctioneers.com/
http://www.jtraj.com/
http://www.rajanauctioneers.com/
https://arenaauctioneers.com/
---------------------

No commission charge to client. Will claim from the auction bank if you are the winner.
(but for smaller bank, mostly no commission given out, so will have to discuss nego a reasonable rate)

Our services include: Pre, During and Post auction.

Pre auction:
1. Understanding the risk in buying from lelong.
2. Site survey the property. Lelong unit can only be view from outside.
3. Verify is a vacant or occupy unit. Checking the outstanding maintenance fees and other bills (if available).
4. Documents of your financial profile / credit score to apply bank loan.

During auction:
1. Able to represent you to bid if you are not able to attend.
(but with online bidding, you are actually able to bid online nowadays)

Post auction:
Ensuring smooth name transfer of the unit within the time frame. Engaging with banker / lawyer. Until successfully break into the unit including negotiating / evicting the occupant (for occupy unit).

This post has been edited by AskarPerang: Feb 25 2019, 12:35 PM
TSAskarPerang
post Dec 22 2018, 11:29 PM

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Added!!!

30% below market / launching price (buy & flip......at your own risk?!) :

» Click to show Spoiler - click again to hide... «
TSAskarPerang
post Dec 23 2018, 02:30 PM

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QUOTE(syarehey @ Dec 23 2018, 02:23 PM)
Question:
Had a discussion with a lelong agent and he said sometimes Ah Long also put caveat to the property. So it’s vital to check the title.

Have u came across with similar situation? Can Ah Long put caveat to somebody’s property? πŸ€”
*
Yes applicable for already got strata/individual title unit. Not neccessarily ah long but any person with interest can place a caveat on such unit.

Therefore, for already issued strata/individual title unit, you must conduct title search at the land office to make sure the unit is clean from any of such stuff. These already got strata/individual title unit auction will be conducted at high court / land office. Not those auction by the private auctioneer.
TSAskarPerang
post Jan 2 2019, 12:07 PM

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Now this is called LELONG!!!
Unit thrown at 50% below market pricing.
Market rate for 850sqft is at 500k. Can check subsale and also on brickz for record.
But exclusive for BUMI only.

D-02-03, Seasons Garden Residensi Lot 7, No. 7, Jalan 1/27E, Seksyen 10, Wangsa Maju
Reserve price πŸ”₯πŸ”₯RM 240,000πŸ”₯πŸ”₯
Leasehold until 2111
850 sqft (3+1 rooms)
Auction: 10-Jan-2019 (Thu)
*bumi lot

user posted image
TSAskarPerang
post Jan 2 2019, 05:45 PM

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QUOTE(Zavia/GenX @ Jan 2 2019, 04:38 PM)
So you are saying its not stated in the auction details, but us people wanting to bid should all go to the land office for a title search for each property we are interested in?
Any other checks besides utilities n maintenance fees we should look into?
*
Yes not all will be stated. Need to own do checking. Important stuff will be:
1. Caveat for individual / strata title property
2. Bumi / non bumi lot
3. Able to finance bank loan or not. Some property master title more than 10 years, developer bankrupt, those units will be hard to obtain any bank loan anymore. Or only limited bank offering loan.
TSAskarPerang
post Jan 2 2019, 05:59 PM

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QUOTE(torres09 @ Jan 2 2019, 02:20 PM)
Nice bro, always excited to see you comment in Property Talk section.
Any landed units at south KV? Bkt Jalil, Seri Kembangan, Cyberjaya for non-Bumi.

Thanks rclxms.gif
*
How about this unit?
Last week a unit sold at reserve price 531k. Win unchallenged.
Let's see how a slightly lower reserve price will attract how many bidders?
This unit is nearer to the park.

Already got confirmed date now:
user posted image

» Click to show Spoiler - click again to hide... «
TSAskarPerang
post Jan 2 2019, 11:44 PM

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QUOTE(torres09 @ Jan 2 2019, 11:41 PM)
Thanks boss, a bit sceptical on Semenyih for own stay. But will keep an eye for that area.
If buy lelong props can withdraw EPF?
*
Yes, but still you need to use up own cash first to bid.
After that only withdraw from EPF.

Depending on your account balance, 90% loan, you can withdraw 20% of the property price.

Here the form to fill up (yes got a special section for lelong/auction property in the form itself), can apply once you get bank loan approval of the lelong house:
Attached File  SSD_PMB_BP_D5_V022018_01032018.pdf ( 331.32k ) Number of downloads: 92
TSAskarPerang
post Jan 3 2019, 11:03 AM

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QUOTE(torres09 @ Jan 3 2019, 10:10 AM)
So you mean if 500k property and I manage to get 90% loan = 450k, I can only withdraw 100k from my EPF account 2?
*
Yes. Provided you got such amount of money inside.
TSAskarPerang
post Jan 3 2019, 11:52 AM

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Cheap recommended lelong unit for this month (will be updated in the 2nd post, 1st page):

1. Central Residence, Sg Besi (non bumi lot, anyone can buy)

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2. Damai Apartment, Seksyen 25 Shah Alam (non bumi lot, anyone can buy)

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3. Mutiara Ville, Cyberjaya (non bumi lot, anyone can buy)

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4. OUG Parklane (bumi lot)

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5. KL Traders Square (bumi lot)

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6. Lakeville Residence (non bumi lot, anyone can buy)

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7. Bandar Sierra 16, 2 storey landed house (non bumi lot, anyone can buy)

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TSAskarPerang
post Jan 5 2019, 02:50 PM

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QUOTE(WhiteFlag @ Jan 4 2019, 09:01 PM)
need to pay for snp agreement?
*
Yes need to hire lawyer to assist and do the Deed of Assignment.
The lelong Proclamation of Sales (POS) is the S&P.
The legal fees involved buying from lelong is slightly cheaper compare to buying via normal subsale method actually.


TSAskarPerang
post Jan 10 2019, 06:35 PM

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QUOTE(meors @ Jan 10 2019, 05:08 PM)
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.
TSAskarPerang
post Jan 11 2019, 04:16 PM

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QUOTE(Zavia/GenX @ Jan 11 2019, 03:48 PM)
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%.
*
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.

QUOTE(Zavia/GenX @ Jan 11 2019, 03:48 PM)
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 happy.gif
*
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.
TSAskarPerang
post Jan 11 2019, 11:14 PM

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Few results update from RHB night of auction!!!



QUOTE
A-19-08, Central Residence @ Suria Sungai Besi
Reserve priceπŸ”₯πŸ”₯RM 321,000πŸ”₯πŸ”₯
Freehold
731sqft
Auction: 11-Jan-2019 (Fri)


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!!!


QUOTE
B-19-12, Alam Sanjung, No. 1, Jalan Budiman 22/3
New reserve priceπŸ”₯πŸ”₯RM 291,600πŸ”₯πŸ”₯
Freehold
912 sqft, 2 car park slot (but tandem arrangement)
Shah alam view / west
Auction: early Jan 2019


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


QUOTE
J-19-02, Mutiara Ville Persiaran Sepang
Reserve price πŸ”₯πŸ”₯RM171,300πŸ”₯πŸ”₯
560 sqft, 2 car park slot
Freehold
Auction: 11-Jan-2019 (Fri)


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.


QUOTE
G-30-03A, Zeta Residence, One South
Reserve price πŸ”₯πŸ”₯RM 405,000πŸ”₯πŸ”₯
Leasehold until year 2094
1184 sqft + 173 sqft private lobby foyer space
Auction: Early Jan 19


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!!!
TSAskarPerang
post Jan 15 2019, 11:03 PM

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QUOTE(zenwell @ Jan 15 2019, 10:47 PM)
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.
TSAskarPerang
post Jan 18 2019, 03:18 PM

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QUOTE(alesi616 @ Jan 18 2019, 03:08 PM)
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.
TSAskarPerang
post Jan 20 2019, 03:27 PM

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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. notworthy.gif
TSAskarPerang
post Jan 24 2019, 07:12 PM

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QUOTE(evangelion @ Jan 24 2019, 06:19 PM)
Can u elaborate on the double transfer? What are the procedures and extra cost/hassles involved.

Tqvm, keep up the effort.
*
For understanding,
First owner = Owner that default paying the bank and property kena lelong
Second owner = Buyer who win the lelong unit

Double transfer happen when:
- Individual strata title issued but the first owner did not settle the strata transfer process.
- Second owner won the lelong unit.
- Depending on developer. Some developer allow direct transfer. Then is good. If not allow, then:
- Need to settle the transfer from developer to first owner first. Lawyer and stamp duty need to pay by the buyer (second owner).
- After that another name transfer from first owner to second owner. Another time payment of lawyer and stamp duty fees.
- Plus consent from authority if for leasehold property will take 3 to 6 months time per transfer. So double transfer may take up to 1 year long duration. So need to ask for extension. If kena penalty by the auction bank, will end up paying (up to 10% pa) late payment interest until the process settle.

So conclusion, it is still better to just buy a property that is still under master title as long as it is still faily new. Less than 5 years completed.
To avoid the headache as above.
TSAskarPerang
post Jan 25 2019, 02:15 PM

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QUOTE(lotter92 @ Jan 25 2019, 10:10 AM)
But master title is harder to get loan approved by bank though?
*
For property age less than 10 years, still can get bank loan.
If more than 10 years, then only selected bank will give bank loan such as Public Bank and Ambank. So your choice bank selection will reduce.
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