Hi guys,

Just out of curiosity, this might sound weird. Is it possible to sell our property in auction style even though we’re servicing the loan well. The whole idea is to sell off the house but if the conventional selling method doesn’t work , the auction method may gain some interest?

Thank you.

Yes you can, just approach any of the auctioneers and inform them off your reserve price.

Hi, thanks for the feedback . Just wondering will there be any impact to our ccris/ credit score . Usually when a property gets auctioned of due to bad repayments , the loanee’s financial record will be marred with this bad record .

If you send your property to be a voluntary auction, its not any different than selling it through a real estate agent.

Yes any type of repossession, late payments will have an impact on your ccris score.

Also to note if the bank repossesses the property, auctions it off and in the event it cannot cover the outstanding balance the bank can still pursue you for the balance.

I see. Thank you for the clarifications.

Actually I dont see any other auctioneer doing it except for Ng Chan Mau.
Owner volunteer auction. You may contact them for further information on the charges, T&C, etc.

Here example the next coming up owner auction units: https://www.ngchanmau.com/fair?bank=Owner+A...00:00&venue=241

Yeap previously I saw an agriculture land in Pontian, auctioned by owner through ngchanmau. It was sold after first or second auction (pretty sure it was first auction)

Actually there r few cases with owner's call for auction n auctioneer actually gather buyers for side visit too. Most sold at decent price unlike those auction units thrown out by bank.

They charge a fee of 2-3% + sst depending on the price the owner wanna sell off the prop. Fee is the same as any RE agent so far just tat many tot auction means kantoi so not really popular in malai.

This post has been edited by ManutdGiggs: May 8 2019, 08:48 AM

As most wanted to sell at the highest price, have difficulty to set and commit a realistic and yet low enough reserve price to attract bidders. Otherwise, auction is a efficient method.

I also wonder why current owners chose not to sell their unit(s) via auction voluntarily, or could it also be that they feel that they can get their money's worth by selling it via normal channels such as 3rd party SAs, iproperty, etc?

thanks for the this guys, having a better picture now.

yup makes sense.

Auction agent is 2-3% ON TOP of auction fees charged by auctioneer. So it would go up to 4-6%. I stand corrected

if 4-6% , then it's quite steep

Negotiable n usually big tix ll do so

if walk in buyer (not thru agent) u may need to pay agency fee to the auctioneer on top of some admin cost to them...

If you need money, better refinance it than sell cheaply.

As if interest free or need not pay back.

Just wondering will the auctioneer promote the auction or they just post it on their website and wait for bidders to bid?

This post has been edited by keionggoh: May 8 2019, 10:30 PM

They will post it in their website and usually all the lelong agents will scramble to post the property out in facebook, lelong.com, auctionlist, etc.