Hi, just want to seek you guys' professional advice and experience on one of the commercial auction property. The property is owned by a developer who is also a real estate agent. I just wonder why the owner let the property to be auctioned for 7 times (The reserve price now is almost 50% of the market value) Why the owner did not findi a seller by themselve since they are also the real estate agent??? Well, I do visit the subject property and been told that now the property is rented by a legal firm which also under management of the same developer company. The reserve price is really attractive but I am worried if I successfully win the property but the tenant don't want to move out and make me to continue the tenancy by a rental of RM100/month. So what should I do? Thanks for the advice.
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Re:Any reason behind???
Date: 2006/05/21 19:12
By: Blitz
Status: User
Karma: 2
Platinum Boarder
Posts: 52
limnooi wrote: Hi, just want to seek you guys' professional advice and experience on one of the commercial auction property. The property is owned by a developer who is also a real estate agent. I just wonder why the owner let the property to be auctioned for 7 times (The reserve price now is almost 50% of the market value) Why the owner did not findi a seller by themselve since they are also the real estate agent??? Well, I do visit the subject property and been told that now the property is rented by a legal firm which also under management of the same developer company. The reserve price is really attractive but I am worried if I successfully win the property but the tenant don't want to move out and make me to continue the tenancy by a rental of RM100/month. So what should I do? Thanks for the advice. limnooi, would like to know where u get the info of current owner? May I know where is the property going to auction (ie: in High court? in Land Office? or in Auctioneer office)? With more details, I am able to answer your question in details.
In regards to the question why the developer also a REA allow the bank to proceed 7 times of auction, there are lots of reason behind, 1 of it is they cannot come to an agreement with the chargee/assignee bank......OR the loans is under a company name, director is not borthered about this etc.......I need to know whether title issued for the property before I can provide you full answer...thanks
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Re:Any reason behind???
Date: 2006/05/22 20:08
By: limnooi
Status: User
Karma: 0
Fresh Boarder
Posts: 2
the property will be auctioned in a auctioneer's office. The strata title is ready just waiting for the owner to transfer the name. I get the curent info by asking the staff working at the legal firm and also the staff who is working at the (developer) real estate agent office. The owner own few office lots there with different type of business.
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