ok. Thank you for your comments.

my other reason is to settle this 'shit' and release my quota for another new property/investment 

i believe u can sell ur house via lelong without needing to defaults installment

just go ask any auctioneer to auction

Here’s what usually happens if your property is about to be foreclosed (bear in mind that there's a specific and STRICT legal process which the banks need to observe):

Step 1: The bank will issue you (the borrower) with a letter of warning to remind you to pay up... OR ELSE.
Step 2: In the 2nd month, a follow-up final warning notice will be issued by the bank.
Step 3: During the 3rd month onward, the bank's lawyers will send you letters requesting for you to pay the remainder of your arrears (basically, a legal jargon that refers to the money that is owed) within 14 days.
Step 4: If you fail to do the necessary payments in Step #3 by the deadline, you'll be hearing from the bank again! This time, you'll receive something called a Letter of Facility Withdrawal. This requires you to pay the full outstanding loan amount within a maximum of 14 days.
Step 5: In the 6th to 7th month, that's when you'll be called to appear in court, and the proceedings will depend on your property's type. This is where the bank's lawyer(s) will apply for a direction of sales, and an auctioneer will be appointed. The final step will be when a real estate appraiser is engaged in order to set the auction reserve price. Getting the final figure will be based on the current market price, as well as the amount of outstanding loan.

auctioned properties carry a price tag that can be wayyy below market value to make them more attractive. The reason for this is simple: it gets sold off faster, the bank gets their money back faster.

Therefore, the final selling price (when someone has made a successful bid) of your property might be much lower than it's actual value.

The proceeds from the auction will go to the bank to pay off what remains of that loan you took, and any other outstanding payments. IF you’re lucky, any leftover balance will be forwarded to you.

However, if the auction amount doesn’t cover the outstanding loan amount due, you'll need to pay the remaining balance out-of-pocket, and that may also include any extra expenses incurred from the auction!

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Bank pay commission to Lelong Agent
bank also need to pay all the outstanding maintenance fees etc
Auction house also gets a cut for the auction property
all the fees that the bank pay, including those legal fees for lawyer to draft your POS file and valuer fees and all that will be charged back to you.
not sure the amount but you will be shocked, since lawyer fees all not cheap.

Just small correction, in case of strata, bank will not pay any overdue fee (maintenance fee, sinking fund, cukai pintu and cukai tanah etc). They just let the pending money rolling till next person to take up the said parcel. and management office also will charge interest and penalty for this pending amount. This is why  if a unit market price is RM 350K, bank  legal it at RM 280K (about 20 % below market value), the new owner need to settle these fee below move in and legally own the property.

If you are talking about foreclosure lelong case.
Depending on bank policy. Majority banks will cover the outstanding maintenance fees, sinking fund, cukai taksiran, quit rent, fire insurance even late payment interest up to the auction date.
Only utility bill TNB, water and IWK not covered. For now even TNB able to change name actually without needing to settle the ex-owner outstanding.

Yes there are some banks just covered partially. Mean maybe up to 10k limit only or 5 years back.
All these T&C will be clearly stated in the POS. Each banks policy is different. Be sure to read and understand before commiting to buy from auction market.

Anyone able to sell Rumawip ?

May i know the 10 years is count from VP date or SPA signing date?

i heard some people managed to sell it with the approval from DBKL, how to do it ?

i saw some lelong unit , should i stop paying loan installment and let my unit lelong by Bank? will i get back some money that i had paid ?

Hi,

Wanted to ask, if in reverse I want to BUY lelong rumahwip instead,

What is the procedure? I see a rumahwip lelong unit for sale but it was VPed in 2022, so definitely cannot sell but seeing the posts here it seems possible?

sell thru lelong can, sell via subsale need to follow moratorium

May I know what's the entire procedure?

Will be a first time home buyer hence I was considering another new ongoing rumahwip but it would take 4 years to build.

Was thinking to buy this lelong rumahwip instead but I'm not clear on the procedure but at least I can start living there now

Thank u

May I know what's the entire procedure?

Will be a first time home buyer hence I was considering another new ongoing rumahwip but it would take 4 years to build.

Was thinking to buy this lelong rumahwip instead but I'm not clear on the procedure but at least I can start living there now

Thank u

lelong has too much hidden cost, if you are a first time buyer, i wouldnt go for it, might be 20% -25 upfront due to no rebate, lawyer fee etc.

As long as you do not owe money and not bankrupt, the CCRIS will be clean in one year. Of course, the said bank still have ur record but there are another 10 banks for you.

Didnt advocate this method as rumahwip is strictly for own stay and rental. Flip at your own risk...