Hi, I have questions about lelong.. can anyone guru enlighten me? Thanks

1. Tnb and water is under the name of the default owner . I was told that since they are under the name of the default owner, bidder need not to settle the outstanding bill. Is it true ?

2. If the property is just VP. Will there be any outstanding payment to the developer which needs to be borne by the bidder ?

Thanks for your reply.

You settle all, if you want to get everything smooth. Includes any outstanding maintenance charges.

Ic . Will it be reimbursed by the bank ?

Why bank wants to reimburse you?

I was told the bank will reimburse bidder after bidder pays the outstanding bill ....No ?

Utility bill no.
Electric, water, indah water all is utility bill.

Thanks for the reply..
In that case bidder will have to just pay indah water bill?
Can the bidder ignore the water and TNB bill since it is under the name of the default owner ? Thanks

best is to check with the auctioneer or read thru the proclaimation of sale

some case, the outstanding is so huge, the bank only absorb up to certain amount. its stated in the POS.

of course, if your case is new VP property. may not be high.

but sometimes , some bankrupt developer, has some outstanding balance purchase price owing like 2.5% or 5% (cant remember) to the bank... and again, this is clearly stated in the POS also.

ic.. thanks for the reply

Bank loans ? Your loan shall cover SPA value only right. The rest your pocket.

bank covers market value only not SPA value

like the prop initially can sell in SPA 1mil and give buyers 300k cashback

but during lelong market value only 500k so u can get max 500k loan

correct me if im wrong

and also those hutang like water electric n maintenance all new owner must pay

1. read the proclamation of sale

2. read the proclamation of sale

not all are same.

most bank will cover maintenance charges, quit rent & assessment but not utilities (eg tnb water IWK)

but read the proclamation of sale the answer is in there.