Any Bank Lelong/Auction websites i can refer?
Are they selling below market price?
What is the procedure?

anyone know about procedures and what to beware when purchasing bank lelong property?

http://forum.lowyat.net/topic/652825/+20#
my personal experience
1) do a title search - make sure there is no caveat lodged against the property
2) make sure no one is still staying inside

Hi,

Have read your other thread. Very useful indeed. Hope you or others can help me clarify following:

What is the easiest way to do 1)? Does one need to engage lawyer for this? This is just to ensure no caveat is lodged right? Any other things to look out for as far as title search is concerned?

When you refer agent, whom are you referring to?

Thanks so much.

http://forum.lowyat.net/topic/652825/+20#
my personal experience
1) do a title search - make sure there is no caveat lodged against the property
2) make sure no one is still staying inside

what do you mean? can explain more?

Caveat is (in a layman language) - is a registrable instrument preventing the owner to sell or transfer - in order to protect the Caveator's interest and rights over a property.

Berdasarkan yang termaktub di dalam Kanun Tanah Negara (Akta 56 1965), Kaveat adalah terbahagi kepada 4 iaitu:

      1) Kaveat Pendaftar (Registrar’s Caveats) - Kaveat yang dimasukkan (didaftarkan) oleh Pendaftar Tanah ke atas Dokumen Hakmilik (Document of Title)
      2) Kaveat Persendirian (Private Caveats) - Kaveat yang boleh dimasukkan oleh individu atau badan persendirian yang mempunyai kepentingan ke atas sesuatu tanah tersebut.
      3) Kaveat Pemegang-Lien (Lien-Holders’ Caveats) - Kaveat yang dimasukkan oleh individu atau sebuah badan yang mana memegang dokumen hakmilik sebagai cagaran untuk tujuan tertentu seperti pemberian pinjaman (contohnya bank).
      4)Kaveat Amanah (Trust Caveats) - Kaveat ini hanya dimasukkan oleh Pendaftar terhadap sebarang tanah atau kepentingan yang dimiliki oleh seseorang individu atau badan sebagai pemegang amanah.

Terdapat beberapa keadaan tertentu yang membezakan kaveat-kaveat di atas dimasukkan. Secara ringkasnya, Kaveat Pendaftar adalah lebih kepada melindungi kepentingan yang berkaitan dengan hak-hak kerajaan atau individu pemilik tanah tersebut. Sebagai contohnya, untuk menghalang urusniaga palsu atau dicurigai daripada berlaku ke atas tanah tersebut.

Bagi Kaveat Persendirian pula, ianya adalah lebih jelas dan mudah difahami. Kaveat jenis ini boleh dimasukkan oleh sesiapa sahaja yang mempunyai kaitan kepentingan terhadap hakmilik tanah tersebut, walaupun bukan miliknya. Contohnya adalah orang yang telah membuat sebahagian pembayaran deposit untuk pembelian tersebut atau orang yang mempunyai perjanjian sewa atau pajakan ke atas tanah tersebut. Walau bagaimanapun, kaveat persendirian ini tidak menghalang dari urusan-urusan lain daripada berlaku ke atas hakmilik tersebut seperti endorsement tertentu.

http://forum.lowyat.net/topic/652825/+20#
my personal experience
1) do a title search - make sure there is no caveat lodged against the property
2) make sure no one is still staying inside

But how do i search for the caveat?
I just bought an auction property, now on the process of apply loan and transfering the ownership.

How long it takes to complete the deal for auction properties? I mean when can I move in. Immediately? 1 month? 3 months?

- How many times would a property be listed ? Is there a maximum time frame in which the bank or auctioneers would list ?
No maximum. But once the reserve price hit the minimum (set by bank thru valuation of their own valuer), it will not be reduce further.

- We have noticed some adverts where the property is said to be 'withdrawn' or 'called off'. Is there an opportunity for an offer to be made to purchase, i.e. non-auction scenario ?
If an auctioned property was withdrawn b4 auction date, it's usually the owner had reached a settlement with the bank.
Nowadays, the bank no longer allow direct-negotiation or closed tender kind of things.
Recently, after KWSP allow members to withdraw money to pay housing instalments, a lot of properties previously scheduled for auction had been withdrawn.

- Is it possible to attend the auction at the date advertised, armed with the required bank draft, etc etc but then (should it be observed that there is zilch interest in the property) not put a bid on it ? i.e. wait for another 2 months for the next listing and hence, another 10% off reserved price. Will that alert the syndicates operating ?
No. U won't know who's bidding for what unless u ask each and everybody at the venue. If u wish to bid, u must hand in the bank draft and register as a bidder.
When it's the said property's turn, if there're no other competing bidder, u will be declared the automatic winner at the reserved price.

- And to all the sifus who have indeed purchased a few auction properties, are there really syndicates operating in EVERY auctions ?
Yes. There are syndicates.

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?

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

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?

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?

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

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

On Sunday, a man who had bought the condominium in an auction, made a gruesome find when he found the body parts in the refrigerator.

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.

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