QUOTE(hanif444 @ Sep 3 2008, 05:35 PM)
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.
Added on September 3, 2008, 7:46 pmQUOTE(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?
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 pmQUOTE(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?
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