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 Auction/Bank Lelong, Websites

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scorgio
post Aug 3 2008, 09:03 AM

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QUOTE(ychwang @ Jul 9 2008, 12:52 AM)
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.
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Do a land search at land office.
The record will tell if a caveat was lodged.


Added on August 3, 2008, 9:05 am
QUOTE(agape_ian @ Jul 31 2008, 11:56 AM)
How long it takes to complete the deal for auction properties? I mean when can I move in. Immediately? 1 month? 3 months?
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After you paid the balance of the purchase price or the bank you took loan from release the money.

This post has been edited by scorgio: Aug 3 2008, 09:05 AM
scorgio
post Aug 4 2008, 12:13 PM

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QUOTE(overthemoon @ Aug 3 2008, 09:47 PM)
- 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- We have noticed some adverts where the property is said to be 'withdrawn' or 'called off'.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If an auctioned property was withdrawn b4 auction date, it's usually the owner had reached a settlement with the bank.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members to withdraw money to pay housing instalments, a lot of properties previously scheduled for auction had been withdrawn.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.

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scorgio
post Sep 3 2008, 07:44 PM

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QUOTE(hanif444 @ Sep 3 2008, 05:35 PM)
nowadays i see many Bank Lelong property in puchong area...Property market really down meh?
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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.


Added on September 3, 2008, 7:46 pm
QUOTE(agape_ian @ Sep 3 2008, 12:02 PM)
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?
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U 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.


Added on September 3, 2008, 7:49 pm
QUOTE(agape_ian @ Aug 27 2008, 03:54 PM)
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?
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U 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

 

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