Hi, today my agent brought me to view an auction property internally. He has the keys to enter to that property. Just wondering whether it's lawful? or Trespassing? pls advise, anyone?
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Re:Internal Property Inspection
Date: 2006/03/29 15:48
By: Blitz
Status: User
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Posts: 52
What sort of property is it? Is the auction by private auction (Assignment cases) OR public auction by Order for Sale(Title property)?
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Re:Internal Property Inspection
Date: 2006/03/30 02:03
By: Jessica ooi
Status: Visitor
It was a condominium in Jalan Ipoh.
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Re:Internal Property Inspection
Date: 2006/03/30 07:11
By: Blitz
Status: User
Karma: 2
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Posts: 52
Then I assumed its an Assignment property. This is a gray area as there are two school of thought in the market as below: 1. The Bank's Agent have the right (ie: legal) As property is being assigned to the bank and the agent is appointed by the bank, thus, so long the bank's lawyer have porperly recall the facility against the defaulter and have terminated the license to occupy, with consent from the auctioning bank, the agent is allow to do so;
2. The Bank's agent do not have a right (ie: illegal) As bank is merely a secured creditor, they have no rights to access until the property being disposed and proper transfer has been performed (ie: after 90% paid + DOA signed)
In your situation, as its open by the agent, you will not owe any responsibility and in the event the house owner is suing, you are not liable as you are genuie buyer with invitation by the bank's authorized agent.Thus, you dont need to be worry.
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Re:Internal Property Inspection
Date: 2006/04/25 10:21
By: David
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Must be them!!! They are "thief" agents who change lock and even break in to those vancant property. It's totally unacceptable. I think Jessica should stop them by report to the assignee bank. They are devil!!!!! Not fair at all for other interested bidders.
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Re:Internal Property Inspection
Date: 2006/04/27 03:21
By: coffeegirlvv@yahoo.com.sg
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Yeah. I bought one auction property last 3 years ago. My agent told me that this property is vacant( The ex owner after bought this property didn't stay there at all, and this property have been empty for almost 6 years). But when i move in the lock all gone. My agent told me the another agent (thief agent)open that house and bring his customers view that property b4 auction.
My friend lawyer say can sue. But how to sue? i have no idea who open my house b4 auction...
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Re:Internal Property Inspection
Date: 2006/04/27 03:21
By: coffeegirlvv@yahoo.com.sg
Status: User
Karma: 0
Fresh Boarder
Posts: 3
Yeah. I bought one auction property last 3 years ago. My agent told me that this property is vacant( The ex owner after bought this property didn't stay there at all, and this property have been empty for almost 6 years). But when i move in the lock all gone. My agent told me the another agent (thief agent)open that house and bring his customers view that property b4 auction.
My friend lawyer say can sue. But how to sue? i have no idea who open my house b4 auction...
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Re:Internal Property Inspection
Date: 2006/04/27 12:24
By: Blitz
Status: User
Karma: 2
Platinum Boarder
Posts: 52
I dont think legal action can go against the "thief agent".....as even to do so, the actual borrower (ie: bank customers) should sue the bank by allowing the agent to do so....then again, its your words against my words situation.....very difficult......the only possible way is to complaint to the auction bank directly, let them handle the "thief agent", a good bank will know how to work on that....
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Re:Internal Property Inspection
Date: 2006/04/27 18:38
By: boss
Status: Admin
Karma: -1
Admin
Posts: 53
For me i think it's time for auction buyers to get professional advice and support from professional agents. The 'Professionality' i mean here is that an agent should not advise buyers for the sake of selling and getting commission, but to consider every aspect/problem that buyer may face, if any. I have heard and received feedbacks from our dear members that've been over-promised by agents, or mis-represented. With the support from everyone, I believe advisors from LelongTips.com can improve the standards and acceptabilty of Auction Properties.
Post edited by: admin, at: 2006/04/27 18:39
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Must be them!!! They are "thief" agents who change lock and even break in to those vancant property. It's totally unacceptable. I think Jessica should stop them by report to the assignee bank. They are devil!!!!! Not fair at all for other interested bidders.
