Jun 23 2019, 02:56 PM
QUOTE(AskarPerang @ Dec 22 2018, 12:10 PM)
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).
Cool post , thanks for sharing. Keep updating, i might be ur client one day1. 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).
Quote
0.0140sec
0.48
7 queries
GZIP Disabled