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AUCTION- Will you buy auction property?
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Will you buy Auction Property?
YES
50%
 50%  [ 5 ]
NO
10%
 10%  [ 1 ]
May be
40%
 40%  [ 4 ]
Definately NO
0%
 0%  [ 0 ]
Total Votes : 10

Author Message
Blitz



Joined: 09 Mar 2006
Posts: 26

PostPosted: Tue Mar 14, 2006 9:39 am    Post subject: Reply with quote

Pai wrote:
winnie the pooh wrote:
that one not consider auction property la... must strike deal with borrower BEFORE put on auction by bank. but actually illegal la... cause it bypasses the whole system of best offer secures. would be good to have friends in the banks Wink


The property was already put for auction at that time.

The owner can pay out the outstanding anytime and withdraw the property from the auction. there's no rule saying that the owner cannot pay up mah......


If i buy from him......use my 10%-20% deposit to settle the outstanding......the property then withdrawn from the auction as the owner pay up the outstanding already....simple Wink

If owner damn desperate, then count yourself lucky.

Its legal, there's nothing wrong wif that:)
...sometime it depends on which bank's recovery team....if they really wanna go strict, borrower supposed to "redeem" instead of settle all the outstanding owed.....usually when property under auction stage, thier facilities has been recalled.......but I think nowdays bank are quite flexible....again, depends which type of auction(ie: High Court/Land Office OR Private Auction) Laughing Laughing
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bennetton



Joined: 04 Jul 2005
Posts: 73

PostPosted: Tue Mar 14, 2006 10:52 am    Post subject: Reply with quote

been on the look-out for auctions in the past 2yrs....nv come across any superb good deals(40% or more)....20-30% below market value yes but most of the location are not very good....

wonders is there really jalan to pre-auction sales....anyone experinced this? Notice also nv much high-end stuff(got also bumis lot la)....probably most high-end buyer are smart enough not to overgear or these props got snap-up b4 reaching auction.

some tips....for unissued strata titled prop try not to go for those where the developer already pokai ....long and tedious process...

one time got a agent try to arragge for a deal in a auction....my agent advise me not to take because these fellas may not honor it later.....if next time got offer i might take it if they pay cash on the spot....
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winnie the pooh



Joined: 24 Jan 2006
Posts: 1999

PostPosted: Tue Mar 14, 2006 10:59 am    Post subject: Reply with quote

high-end stuff? the properties usually get snapped-up before it reaches the auction. but most times, the rental yield more than covers the repayment + maintenance charges...
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mercuri



Joined: 03 May 2005
Posts: 4599
Location: KL

PostPosted: Tue Mar 14, 2006 11:01 am    Post subject: Reply with quote

bennetton wrote:
been on the look-out for auctions in the past 2yrs....nv come across any superb good deals(40% or more)....20-30% below market value yes but most of the location are not very good....



actually got lah, more than 40% from the developer's price, Bkt Beruntung dun have meh? Wink
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bennetton



Joined: 04 Jul 2005
Posts: 73

PostPosted: Tue Mar 14, 2006 11:03 am    Post subject: Reply with quote

mercuri wrote:
bennetton wrote:
been on the look-out for auctions in the past 2yrs....nv come across any superb good deals(40% or more)....20-30% below market value yes but most of the location are not very good....



actually got lah, more than 40% from the developer's price, Bkt Beruntung dun have meh? Wink



yeah....more than 800% also got ah.... Laughing
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winnie the pooh



Joined: 24 Jan 2006
Posts: 1999

PostPosted: Tue Mar 14, 2006 11:04 am    Post subject: Reply with quote

eh, don't mention bukit beruntung, can or not? Crying or Very sad
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Pai



Joined: 28 Aug 2005
Posts: 902

PostPosted: Tue Mar 14, 2006 11:12 am    Post subject: Reply with quote

winnie the pooh wrote:
eh, don't mention bukit beruntung, can or not? Crying or Very sad


do you mind sharing with us how much was ur loses from that investment?

just for refference purpose.....i was still young back then when it was launched.....Smile
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Blitz



Joined: 09 Mar 2006
Posts: 26

PostPosted: Tue Mar 14, 2006 11:17 am    Post subject: Reply with quote

bennetton wrote:
been on the look-out for auctions in the past 2yrs....nv come across any superb good deals(40% or more)....20-30% below market value yes but most of the location are not very good....

wonders is there really jalan to pre-auction sales....anyone experinced this? Notice also nv much high-end stuff(got also bumis lot la)....probably most high-end buyer are smart enough not to overgear or these props got snap-up b4 reaching auction.

some tips....for unissued strata titled prop try not to go for those where the developer already pokai ....long and tedious process...

one time got a agent try to arragge for a deal in a auction....my agent advise me not to take because these fellas may not honor it later.....if next time got offer i might take it if they pay cash on the spot....
.......there are lots of high-end prop that being auctioned off in High Court and Land Office ( eg: Residential Land in Tmn Bkt Mas at RM2.9M+,Semi D in Section 16 PJ at RM1.3M+) etc......its b'cos it happend in Court/Land Office....

I agree with you that Assignment property(ie:unissued strata titled ) process are tedious and complex.....u need strong and good lawyer advice in order to complete the sale but again, u might need to forego ur issuance of strata title after purchase... Laughing Laughing some info sharing Wink
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Blitz



Joined: 09 Mar 2006
Posts: 26

PostPosted: Tue Mar 14, 2006 11:19 am    Post subject: Reply with quote

Pai wrote:
winnie the pooh wrote:
eh, don't mention bukit beruntung, can or not? Crying or Very sad


do you mind sharing with us how much was ur loses from that investment?

just for refference purpose.....i was still young back then when it was launched.....Smile
.....mind to share? What type of property(apartment/factory/shop)? Under which developer? (Talam or MK?) Question
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Rohan



Joined: 13 Mar 2006
Posts: 13

PostPosted: Tue Mar 14, 2006 11:20 am    Post subject: Reply with quote

residential land at Taman Bukit Mas? Is that near our DPM Najib's house? I was eyeing that land but not enough money yet ...
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bennetton



Joined: 04 Jul 2005
Posts: 73

PostPosted: Tue Mar 14, 2006 11:32 am    Post subject: Reply with quote

Blitz wrote:
.......there are lots of high-end prop that being auctioned off in High Court and Land Office ( eg: Residential Land in Tmn Bkt Mas at RM2.9M+,Semi D in Section 16 PJ at RM1.3M+) etc......its b'cos it happend in Court/Land Office....

I agree with you that Assignment property(ie:unissued strata titled ) process are tedious and complex.....u need strong and good lawyer advice in order to complete the sale but again, u might need to forego ur issuance of strata title after purchase... Laughing Laughing some info sharing Wink


hahaha.....land is out of my league lah....the normal auctions i look at those below 300+....at one time got one in riana green but last minute withdrawn...maybe like what u guys say...owner sold it b4 auction date...

forgoing the issuance of strata is not a big deal as long as u are the beneficiary owner...then u can sell later....the problem u need the dvpr consent/reassignment prior for the whole deal to go thru...auctioneer and bank will normally get this b4 auction but if the dvlper no longer in business then its the bidder problem lah.....the appointed receiver may not be helpful...then the whole 90/120 days will lapse slowly and u not sure want to settle the balance or get back the deposit....hai...headache.. Rolling Eyes
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Blitz



Joined: 09 Mar 2006
Posts: 26

PostPosted: Tue Mar 14, 2006 11:32 am    Post subject: Reply with quote

Rohan wrote:
residential land at Taman Bukit Mas? Is that near our DPM Najib's house? I was eyeing that land but not enough money yet ...
....I m not sure.....but I know lots of VIP there ....1st auction price fixed at RM3M+ but price dropped twice only managed to get bidder ......
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Blitz



Joined: 09 Mar 2006
Posts: 26

PostPosted: Tue Mar 14, 2006 11:44 am    Post subject: Reply with quote

bennetton wrote:
Blitz wrote:
.......there are lots of high-end prop that being auctioned off in High Court and Land Office ( eg: Residential Land in Tmn Bkt Mas at RM2.9M+,Semi D in Section 16 PJ at RM1.3M+) etc......its b'cos it happend in Court/Land Office....

I agree with you that Assignment property(ie:unissued strata titled ) process are tedious and complex.....u need strong and good lawyer advice in order to complete the sale but again, u might need to forego ur issuance of strata title after purchase... Laughing Laughing some info sharing Wink


hahaha.....land is out of my league lah....the normal auctions i look at those below 300+....at one time got one in riana green but last minute withdrawn...maybe like what u guys say...owner sold it b4 auction date...

forgoing the issuance of strata is not a big deal as long as u are the beneficiary owner...then u can sell later....the problem u need the dvpr consent/reassignment prior for the whole deal to go thru...auctioneer and bank will normally get this b4 auction but if the dvlper no longer in business then its the bidder problem lah.....the appointed receiver may not be helpful...then the whole 90/120 days will lapse slowly and u not sure want to settle the balance or get back the deposit....hai...headache.. Rolling Eyes
Riana Green got withdrawn last minute.....if I m not mistaken, its by Stand Chart .....below RM300K in auction for condo is quite difficult as borrower can have thier own private treaty rather allow the bank to sell.......unless borrower totally abandoned property and become uncontacable to the bank....

Agreed with your view on assignment cases, however, lots of public went to purchase auction property without thorough checking of developer etc.......u are lucky cos your agent is honest to u.... Laughing
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Rohan



Joined: 13 Mar 2006
Posts: 13

PostPosted: Tue Mar 14, 2006 11:56 am    Post subject: Reply with quote

Where is Taman Bukit MAS? Is it by the Indian High Commission?
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Blitz



Joined: 09 Mar 2006
Posts: 26

PostPosted: Tue Mar 14, 2006 12:01 pm    Post subject: Reply with quote

Rohan wrote:
Where is Taman Bukit MAS? Is it by the Indian High Commission?
Near Jalan Duta.....yes its near Indian High Comm
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Rohan



Joined: 13 Mar 2006
Posts: 13

PostPosted: Tue Mar 14, 2006 12:08 pm    Post subject: Reply with quote

I heard it is very exclusive. A hideaway to the city of riches. I also heard that the land that someone bought for 2.9 million is actually worth 3.5 million. Is this true?
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mercuri



Joined: 03 May 2005
Posts: 4599
Location: KL

PostPosted: Tue Mar 14, 2006 12:41 pm    Post subject: Reply with quote

Rohan wrote:
I heard it is very exclusive. A hideaway to the city of riches. I also heard that the land that someone bought for 2.9 million is actually worth 3.5 million. Is this true?


very exclusive, one of the nicer places to stay, I remember during the 80s, u can get a 8000sf bungalow for 500k, now it's worth in excess of 8mill! Shocked
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Blitz



Joined: 09 Mar 2006
Posts: 26

PostPosted: Tue Mar 14, 2006 3:24 pm    Post subject: Reply with quote

Rohan wrote:
I heard it is very exclusive. A hideaway to the city of riches. I also heard that the land that someone bought for 2.9 million is actually worth 3.5 million. Is this true?
......Yes...this is the one sold in auction...
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Blitz



Joined: 09 Mar 2006
Posts: 26

PostPosted: Tue Mar 14, 2006 10:45 pm    Post subject: Reply with quote

Pai wrote:
jt wrote:
xsw05 wrote:
Furthermore the property in auction seems not appealing.

Of course they are not appealing.
Ever wondered why you can't see property in good location listed for auction?
Good ones will not even reach the auctioneer. You have to do your networking to smell those out. Laughing



Care to share any tips on getting good properties before they go to auctions?

I know a way, buts its kinda illegal.....so rather not post it here.

As far as im concerned, any property on auction must be advertised prior to the auction. Does anybody know anyone/anyway to bypass this? Wink
....check this site...not bad :
..lelongtips.com
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