How long it takes to transfer the auction property to your name? At the end of the 90days (some are 120 days) period?

When can he/she collect the keys?

Transfer of land title might take up to few months for all the documentation to be done (in my case at least) , others could clarify this ?

as in the collection of key..chances are even the bank could not retrieve the key. so for my case, my lawyer advised me to make a police report to act as backup and after that I broke in

Since the transfer name thingy might take a few months, is it still possible to get the keys to move in after the end of the 90/120days period?

Another question, how can one apply to view the units if one insist on inspecting the property before buying?

i'm not sure if you still be able to retrieve the key after all the hussle of title transfer as it could take quite a long time, as in my case my bid was successful on May 2007 and i only got all the documentation done about two months ago

like i mentioned, as long as you have sufficient prove that you are the owner of the property (i.e. letter from both parties' lawyers, court, bank's loan approval and release of money etc.) you can just go ahead and break in

hmm..i don't think there is any chance for you to inspect the property before buying, anyone can confirm this ?

If one successfully bid an auction unit but the bank doesn't approve the loan. Meaning you will lose the 5% deposit for the reserved price?

under normal condition yes but i think you can always negotiate with the bank

nowadays i see many Bank Lelong property in puchong area...Property market really down meh?

If a property is being auctioned by a financial institution, it's bcos the borrower had defaulted in loan repayment.

It happens very often.

Thus it can't be used as a yardstick to measure the ups & downs of the property market.

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Added on September 3, 2008, 7:46 pmU can apply to the bank (the one auctioning the property), for an extension.

But during the extension period, interest of 8% pa is applicable until the balance is settled.

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Added on September 3, 2008, 7:49 pmU won't get the keys, cos the bank don't guarantee delivery of vacant possession.

U need to find a way to get in.

Auction property is sold on 'as is where is" basis. U got no one to apply to. The conditions state that interested bidders are advised to inspect property & perform necessary search personally.

This post has been edited by scorgio: Sep 3 2008, 07:49 PM

Hi,

A good thing I bumped into this thread. This will be my first property auction that I intend to partake.

I came across a little signboard placed on lamp post and trees along the roads about a "Bank Lelong". The house was priced at RM450K, I called the number at the sign and this man saying he was with bank X and that the auction has passed and the next would be held after 1 month and the price would RM410K.

After a few days, another 'Bank Lelong" board appeared for the same house and this time a different phone number was on it. Curious, I called and the man on the other line told me that he's with Bank Z....weird. He told me the same thing....auction over, wait for next and price is RM410K.

So now I am kinda stumped....no way that 2 banks wants to lelong the same house?

The first bank "officer" told me that is impossible and he is willing to fax me information regarding the auction and the house.

How do I go about to check this matter?

I have seen the house and since it the door was unlocked and abandoned....i look inside. It was never occupied.

Sorry for the long story....hope someone can shed a light.

Thanks

I've got this from someone sometime ago. Hope it helps.
http://www.apartment-penang.com/2008/02/pr...der-beware.html

Good for you if you had viewed the unit because you can hardly view auction properties and inspect them. If you are satisfied with the condition of the unit, nobody is staying in there, then I would think is a good one

About the procedures, I believe the bank agent will guide you along the way and I think they will get commission too. All the best!

What about unpaid assessments, water bills, electricity bills, maintenance fees etc?

you have to pay 1st...and claim back later....this damn hassle if the other lawyer takes their own sweet time!!

The problem now is that I am trying to gather as much information about the house and also why is there 2 party that claim they are working for the different banks.

That is the main concern at the moment. I will visit the Land office to check on the house based on recommendation i read in this forum. Check for caveat...is that right?

Will the auctioneer provide us information about outstanding bills?
Can I get the POC now?

Dude, get the address of the house. It is probably a PUBLIC AUCTION.

Then try to find the house in public auctions websites.

The guys who you contacted, are just AGENTS. The make a commision should you bid the house and win it (if you register under them). Agents are everywhere, and they can provide A LOT of other services too (like checking for caveat, bills etc etc)

Considering the sum is BIG, (410k), u can even ask agents to split their commision with you just as long as you register under them. Try and get a flexible agent.

But a friendly warning lah, buying auction props can be a hassle.

Cheers

Thanks for the input. I think it's an agent...cos rite after i saw the new sign...i drove by the house and now the gate has been pushed wide open. Could it be that the agent is trying to attract more potential buyers to UP the price?

Can anyone enlighten me about hassles/problems that one might face buying an auction house? Apart from checking for caveats, outstanding utility bills, quit rent...anything else?

Appreciate it.
Thanks

You might find a dead body in the fridge



From http://www.asiaone.com/News/AsiaOne%2BNews...0801-20421.html

If there's any wood panelling etc. it might have been used to hide things (drugs, dead bodies etc.) You'd never know until the cops call you, or you notice that awful smell... now that's interesting, how will the cops view drugs in a house that you have just bought? can you say "it wasn't mine, it came with the house" ?


This post has been edited by wodenus: Jan 10 2009, 01:42 PM

There are many people invest on property for their living...
hidden issue / things such as dead bodies, drugs, etc is not common.
but pending utilities bill is very very common.

If you used to bidding auction property, it won't be so difficult as what other says...

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Added on January 10, 2009, 10:01 pmanyway, Good luck and happy bidding

This post has been edited by cody99: Jan 10 2009, 10:01 PM

make sure not tenanted already....otherwise damn hassle to make them move out....later.

Sure.. but it would be interesting to think about, because it might happen, and what happens if it does? I mean there's a mandatory death sentence


This post has been edited by wodenus: Jan 14 2009, 10:51 AM

There are very few cases with dead bodies....drugs....aliens....

I have managed to contact the bank....and spoken to the officer that's in charge of the particular house. And gotten the POS.

He has been a lot of help...advising me on the proper way of doing things when buying a house during an auction. Recommended me some lawyers too.