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Auction Properties
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aimtrue



Joined: 18 May 2005
Posts: 139

PostPosted: Mon Sep 26, 2005 5:13 pm    Post subject: Reply with quote

Good idea, except that the outstanding is about RM9,000+. So not a small sum.

And the idiotic thing is that the management threatened in a letter to clamp my water supply. I want to ask them - yeah, you threaten now, but why didn't you do anything with the previous owner, before his outstanding reached that very high figure?

I ignored it. It's 3 weeks now, they have not done anything to the meter. Freaking opportunistic and toothless management. Like most developer-managers.
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cynthusc



Joined: 16 Sep 2005
Posts: 504

PostPosted: Mon Sep 26, 2005 5:24 pm    Post subject: Reply with quote

aimtrue wrote:
cynthusc,

As I write, I'm still waiting for the bank to disburse the outstanding maintenance fees to the developer.

The developer is refusing to sign anything (Deed of Mutual Convenants, consent to transfer, and I'm not sure what else) until the bank pays.

It's been almost 4 months already since the auction. All I have is a simple one-page letter of undertaking from the bank saying that they will pay.

I keep calling my lawyer, who is supposed to keep calling the bank's lawyer, who is supposed to keep calling the bank.

As always, the consumer is the one least protected.

Is there anything I can do?


I am assuming that the developer has refused to accept the Bank's undertaking. What you can do is as follows:-

1) Cover your a## - Get your lawyers to write to the bank's lawyers, refer to the clause in the POS that requires the bank to pay the maintenance charges. Inform them that their non-payment is delaying the matter. Put it on record that you are not liable for any late payment interest. If the POS states that the outstanding charges are to come out of the Balance PP, get a letter from the bank addressed to your lawyers authorising the deduction of the outstanding maintenance from the BPP. Only then should you advance the outstanding maintainence on behalf of the bank. Give a copy of the letter allowing for deduction to your bank's lawyers so that they will issue the check less the maintenance if the amount is large enough to encroach upon your loan. If there is a difference between the loan and the BPP and that amount is enough to cover the outstanding, use that amount once you get the letter from the bank allowing the deduction.

2) OR take the riskier route - pay first and claim later but risk losing your money should the sale be aborted since your time to complete the sale is very limited. Once aborted, the bank is under no obligation to refund you the money you advanced to the Developer!

3) Get your lawyers to c.c all correspondence indicating their lawyer's delay to the bank. Most of the time the bank doesn't know of the delay as their lawyers are not doing their job (they dont' get paid extra for doing the documentation so ...no money, they don't want to do the work)

4) all correspondence are very important to protect your interest. In my experience, my confirmation letters and letters of record have saved my clients from paying late interest (although unfortunately not time!)

Hope the above assists.
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cahoot



Joined: 21 Jun 2005
Posts: 73

PostPosted: Mon Sep 26, 2005 7:24 pm    Post subject: Reply with quote

hi aimtrue
looks like we are both in the same boat and, to quote an old friend of mine, both up sh%$ creek without a paddle.... haha

but i am still fairly optimistic that this thing can be sorted out soon, tho the bank's lawyer had the cheek to tell me this afternoon, oh don't worry the bank will pay it's just a matter of whether it's sooner or later... uh hello? and that makes me feel better....how exactly??! Confused

anyways have noticed that there are lots of properties comng up for auction these days, and some quite high end, two in riana green, desa kiara (i think), a couple in amadesa, lojing heights.. treblecase, is this right?

hope this is not an indication of the way the economy is heading... Sad
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kychong



Joined: 13 Apr 2005
Posts: 643

PostPosted: Mon Sep 26, 2005 7:33 pm    Post subject: Reply with quote

aimtrue wrote:
Good idea, except that the outstanding is about RM9,000+. So not a small sum.

And the idiotic thing is that the management threatened in a letter to clamp my water supply. I want to ask them - yeah, you threaten now, but why didn't you do anything with the previous owner, before his outstanding reached that very high figure?

I ignored it. It's 3 weeks now, they have not done anything to the meter. Freaking opportunistic and toothless management. Like most developer-managers.


Very simple! Lodge a complaint to your payee bank, and attention to the branch manager. Stated your case, bank reference & contact no. in your complaint letter and fax to them. Meantime, carbon copy to Bank Negara Malaysia (Complaint unit) & payee bank HQ (customer service). You will received an immediate reply by payee bank.

Some time, lawyers & bank officer are not doing their job to expedite the document process. Crying or Very sad

As an investor, RM9,000+ is not a large amount. You are not welling to pay up-front money, and claimed back from bank. Wink
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aimtrue



Joined: 18 May 2005
Posts: 139

PostPosted: Mon Sep 26, 2005 7:39 pm    Post subject: Reply with quote

kychong: ah! that's an idea. Thanks, mate!
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adc



Joined: 15 Jun 2005
Posts: 122
Location: SIN

PostPosted: Mon Sep 26, 2005 9:52 pm    Post subject: Reply with quote

good approach!

Just CC to BNM Complain Unit to scare them - lol Wink
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cgpang



Joined: 20 Jan 2006
Posts: 1

PostPosted: Fri Jan 20, 2006 9:39 am    Post subject: Fairly urgent Reply with quote

Hi,

I'm a first time bidder, I need some advice from the sifus here fairly urgent.
Planning to bid for a house, but the POS states that there's no guarantee of vacant posession. The existing tenant, claims they missed 3 payments.

Question:
1) Does the bank auction off your house if you missed only 3 payments?
2) Has anyone purchased an auction property and later find it difficult to evict the existing tenant.? e.g. gangster/plain stubborn?
3) Has anyone had any experience in eviction of a tenant? Cost?
4) What if the tenant refuses to budge despite being served the eviction notice? What then?

Thank you banyak-banyak in advance.
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xsw05



Joined: 12 Jul 2005
Posts: 172

PostPosted: Wed Feb 22, 2006 1:37 pm    Post subject: Reply with quote

Hi,
Any idea why owner selling their property in Auction instead of selling in secondary market. Usually owner can sold at higher price in secondary market. why owner don't do that????
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nick1994



Joined: 24 Apr 2005
Posts: 6116

PostPosted: Wed Feb 22, 2006 1:48 pm    Post subject: Reply with quote

...coz if negative equity, u'll have 2 top up with cash................2 pay off your loan...............and if kenot find cash then how.... Question





well, lets put it this way, if u alredi have cash 2 pay the diff in -ve equity, u might as well use the cash 2 pay the instalments due.....
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xsw05



Joined: 12 Jul 2005
Posts: 172

PostPosted: Wed Feb 22, 2006 2:47 pm    Post subject: Reply with quote

nick1994 wrote:
...coz if negative equity, u'll have 2 top up with cash................2 pay off your loan...............and if kenot find cash then how.... Question

well, lets put it this way, if u alredi have cash 2 pay the diff in -ve equity, u might as well use the cash 2 pay the instalments due.....


Thanks nick,
from my understanding, if the selling price is less than owner outstanding loan amount, the bank will ask owner to pay the different. correct me!!

Usually property was selling at below market price in auction. if the owner can sell at market price in secondary market, from here they can cover the outstanding loan and maybe can get back some money...pls enlighten me.
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nick1994



Joined: 24 Apr 2005
Posts: 6116

PostPosted: Wed Feb 22, 2006 4:12 pm    Post subject: Reply with quote

xsw05 wrote:
nick1994 wrote:
...coz if negative equity, u'll have 2 top up with cash................2 pay off your loan...............and if kenot find cash then how.... Question

well, lets put it this way, if u alredi have cash 2 pay the diff in -ve equity, u might as well use the cash 2 pay the instalments due.....


Thanks nick,
from my understanding, if the selling price is less than owner outstanding loan amount, the bank will ask owner to pay the different. correct me!!

Usually property was selling at below market price in auction. if the owner can sell at market price in secondary market, from here they can cover the outstanding loan and maybe can get back some money...pls enlighten me.



...mebbe use numbers as eg......

say the o/s loan is 300K.......................i agree auction price typically lower than what market price is....

say market price is 250K..............in this case, the owner will have 2 top-up 50K 2 the bank just 2 b able 2 sell in open market.......

i agree, in auction, the bank will get back even less , mebbe around 230K or whatever after several rounds.......usually then what will happen, the bank will oso make the owner bankrupt.........


the point being, in negative equity cases, not so easy 2 just say sell in open market, how is the owner gonna come up with the differential, and even if he could, it would make then make more sense just 2 make good his o/s instalments...
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xsw05



Joined: 12 Jul 2005
Posts: 172

PostPosted: Wed Feb 22, 2006 4:42 pm    Post subject: Reply with quote

nick1994 wrote:

...mebbe use numbers as eg......

say the o/s loan is 300K.......................i agree auction price typically lower than what market price is....

say market price is 250K..............in this case, the owner will have 2 top-up 50K 2 the bank just 2 b able 2 sell in open market.......

i agree, in auction, the bank will get back even less , mebbe around 230K or whatever after several rounds.......usually then what will happen, the bank will oso make the owner bankrupt.........


the point being, in negative equity cases, not so easy 2 just say sell in open market, how is the owner gonna come up with the differential, and even if he could, it would make then make more sense just 2 make good his o/s instalments...


thanks, actually i'm new in auction property and found interesting. Need some advise from you all on how to buy auction property

any comment for auction property frm CIMB?

.://..cimb.com.my/custom.cfm?name=auctions_main.cfm
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xsw05



Joined: 12 Jul 2005
Posts: 172

PostPosted: Wed Feb 22, 2006 4:42 pm    Post subject: Reply with quote

nick1994 wrote:

...mebbe use numbers as eg......

say the o/s loan is 300K.......................i agree auction price typically lower than what market price is....

say market price is 250K..............in this case, the owner will have 2 top-up 50K 2 the bank just 2 b able 2 sell in open market.......

i agree, in auction, the bank will get back even less , mebbe around 230K or whatever after several rounds.......usually then what will happen, the bank will oso make the owner bankrupt.........


the point being, in negative equity cases, not so easy 2 just say sell in open market, how is the owner gonna come up with the differential, and even if he could, it would make then make more sense just 2 make good his o/s instalments...


thanks, actually i'm new in auction property and found interesting. Need some advise from you all on how to buy auction property

any comment for auction property frm CIMB?

.://..cimb.com.my/custom.cfm?name=auctions_main.cfm
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cody99



Joined: 13 Sep 2006
Posts: 39

PostPosted: Sat Oct 21, 2006 12:30 am    Post subject: Reply with quote

Greetings guys,
Im new here. Hope u guys could assist me…

Recently I have bought a landed (Lease-hold) property from auction

Problem currently facing:

1. When can I evacuate the current tenant which is the ex-owner of the property? Now is already 30 days after the auction and still in the mist of waiting for the bank for approval.

2. The agent mention I could register TNB, JBA, and Telephone which means I do not have to bother on the unpaid bill my the previous owner.
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cody99



Joined: 13 Sep 2006
Posts: 39

PostPosted: Sun Oct 22, 2006 11:44 pm    Post subject: Reply with quote

Bump bump

Feed back please
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kpgan1



Joined: 30 Apr 2007
Posts: 12
Location: KL

PostPosted: Mon Apr 30, 2007 6:43 pm    Post subject: Lelong From Bank Reply with quote

Quote:
I read with great interest the posts on this thread and would like to share my experience as a solicitor who deals with a lot of auctioned properties.
When purchasing an auctioned property, it is always best to purchase a freehold property. the 90 to 120 days requirement in the POS can be easily met when the property is freehold. If the property is leasehold, an extension is often required. Almost all banks (in my experience anyway) will give an extension but some will charge interest whilst others will not.

As for the maintainence and utilities charges, all outgoings up till the auction date will be paid by the bank except for water and electricity bills. Don't worry abt the electricity bills because you can get TNB to charge you only from the date of auction onwards. But water bills are a little stickier. Usually if it is a residential unit, you don't need to worry too much as the bills are not to exorbitant but if it is a commercial unit watch out!

If you bought a bumiputera unit although u are a non-bumi, you can get your lawyer to cancel the sale and get a refund on your deposit, but you'll not get a refund in your legal fees, so beware! I have come across two cases like this and have managed to get the deposit back in about two months from termination. Its best to check with the Developer or Land Office before bidding. Also it is not necessary that if the previous owner is a non-bumi, the property can be sold to a non-bumi. I have come across one case where the first purchaser was non-bumi and the Dev said that the property must be auctioned to a bumi.

I think my post is too long already, so any further questions, feel free!

The property I plan to bid is Bumi onwer, I've check with Auction house, they claim that the unit is open to all even though the owner is Malay as in their brochure, there is no indication of BUMI BIDDERS.
Do I still need to check with developer or Land office before bidding ?
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kpgan1



Joined: 30 Apr 2007
Posts: 12
Location: KL

PostPosted: Tue May 15, 2007 1:52 pm    Post subject: TNB Reply with quote

cody99 wrote:
Greetings guys,
Im new here. Hope u guys could assist me…

Recently I have bought a landed (Lease-hold) property from auction

Problem currently facing:

1. When can I evacuate the current tenant which is the ex-owner of the property? Now is already 30 days after the auction and still in the mist of waiting for the bank for approval.

2. The agent mention I could register TNB, JBA, and Telephone which means I do not have to bother on the unpaid bill my the previous owner.

For my case, the property already vacant for some time, however, TNB claimed that the current owner must pay for previous owner outstanding bill before they resume the service ?
I personally find that it is not fair for current owner to pay for previous owner bill as TNB already have contract with every TNB user. TNB should take legal action againt the previous owner instead of pass the bucket to the the current owner.
I've lodge my complaint to TNB, so far, no action from TNB.
Is there any other way to complaint for this unfair practise ??
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Getris



Joined: 28 Jul 2005
Posts: 45
Location: Kuala Lumpur

PostPosted: Sat May 19, 2007 10:27 am    Post subject: Re: TNB Reply with quote

kpgan1 wrote:
cody99 wrote:
Greetings guys,
Im new here. Hope u guys could assist me…

Recently I have bought a landed (Lease-hold) property from auction

Problem currently facing:

1. When can I evacuate the current tenant which is the ex-owner of the property? Now is already 30 days after the auction and still in the mist of waiting for the bank for approval.

2. The agent mention I could register TNB, JBA, and Telephone which means I do not have to bother on the unpaid bill my the previous owner.

For my case, the property already vacant for some time, however, TNB claimed that the current owner must pay for previous owner outstanding bill before they resume the service ?
I personally find that it is not fair for current owner to pay for previous owner bill as TNB already have contract with every TNB user. TNB should take legal action againt the previous owner instead of pass the bucket to the the current owner.
I've lodge my complaint to TNB, so far, no action from TNB.
Is there any other way to complaint for this unfair practise ??


Last year I bought a single storey house. It cost me 1k to ask the relative of the ex-owner to vacant the house. The outstanding Water and electricity = the deposit, so no problems for me to register/open new account under my name.

My friend bought another unit, he is not so lucky, the water bills about 300 and electricity bill about 900. TNB and JBA also requested him to settle the ex-owner outstanding bills before he can registered new accounts. So what he is doing now is just pay the current bills and ignore the tunggakan.
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hannie



Joined: 22 Jun 2007
Posts: 24

PostPosted: Wed Jun 27, 2007 11:33 am    Post subject: Reply with quote

A real baby in this professional arena of property auction bidding, but exploring into getting stg cheap for stay / rental income in the coming years.

What would be a good margin of cushion in winning an auction? Sorry not so good in expressing myself, perhaps illustrate with example better:

Say, a property is worth RM200k mkt value
Reserve price RM130k.
How much (% or RM) to bid until before stopping (losing)?

To also consider those outstanding bills, legal fees, etc.
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hannie



Joined: 22 Jun 2007
Posts: 24

PostPosted: Tue Jul 03, 2007 2:04 pm    Post subject: HELP needed! Reply with quote

Eyed a property, but lost the details. How to chk where and when's the auction? I remember it'll be coming soon.

Your kind advice would be much appreciated.
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gavinykw



Joined: 18 Apr 2006
Posts: 107

PostPosted: Fri Jun 20, 2008 6:51 am    Post subject: Reply with quote

Really tempted to dump my money into this auction property 40% below market value.
A vacant landed hse in a much sought after location...
Hold a minute, I am thinking twice now after reading all the postings here.
1. the front entrance is splashed with RED PAINT.
2. Hse no 14.
3. Totally filthy inside.
What more to expect? Heard some idiot previous tenants even dump cement into the water pipings...
Conclusion: be prepared to inherit a house full of headache.
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louisng



Joined: 12 Nov 2005
Posts: 2

PostPosted: Sat Jun 21, 2008 3:09 pm    Post subject: Reply with quote

hi Banzai,

Can u give me some tips where can i find auction properties in Singapore? Where to find a good deal?
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World IR



Joined: 17 Dec 2007
Posts: 430

PostPosted: Sat Jun 28, 2008 3:13 pm    Post subject: Reply with quote

try DTZ / Collier as they had monthly property auction at Amara Hotel

Smile Smile Smile
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adc



Joined: 15 Jun 2005
Posts: 122
Location: SIN

PostPosted: Mon Sep 15, 2008 12:51 am    Post subject: Reply with quote

In Malaysia, auction is synonymous to bank-lelong / foreclosure.

In Singapore, it depends on whether it is HDB or private residential. For private you can refer to the names mentioned by World IR.

For HDB units, HDB itself will take it back. No auction of sort. Therefore, auction is not the approach to stay away from the staggering asking COV to purchase HDB. hehehe...

Just bought my liability in Bishan at very low COV.
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Iyaaks



Joined: 09 Jul 2008
Posts: 4

PostPosted: Tue Sep 16, 2008 11:55 am    Post subject: Reply with quote

Hey people, I am a real estate investor as I found a very good company real estate that gives full information on real estate investment. If you are looking forward for that you can visit to the site.
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