Just be busy body here.....anyone have good or bad experience buying auction property? Mind to share?
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Re:Experience of Buying Auction Property
Date: 2006/04/17 15:55
By: davidksm
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ai yah reserve price 55k but when bidding go till 68k (even above the reserve price of earlier auction where no bidder). some more condition pretty bad inside gotta do lots of repairs..some more occupants difficult to collect rent and difficult to move out.
better if auction property is empty / not occupied. less problem.
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Re:Experience of Buying Auction Property
Date: 2006/04/19 17:17
By: Blitz
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davidksm wrote: ai yah reserve price 55k but when bidding go till 68k (even above the reserve price of earlier auction where no bidder). some more condition pretty bad inside gotta do lots of repairs..some more occupants difficult to collect rent and difficult to move out. better if auction property is empty / not occupied. less problem.... I think its everyone's dream to buy a lower market value property, good rental income(for investment), good location (self occupied) but its quite hard-lor.......just curious, why RP55K and u willing to go all the way to RM68K?
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Re:Experience of Buying Auction Property
Date: 2006/04/20 23:53
By: ain
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blitz, why don't u share with us your success stories... i'm sure u have a lot to tell...inspire us
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Re:Experience of Buying Auction Property
Date: 2006/04/21 09:28
By: Blitz
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I am in this line(property auction) since 2001 (almost 5 years).......witnessing thousand of properties put up for sale and transactions by way of auction .........there are good and bad (sour) events .... some people are happy and some are sad.........however, my conclusions is out of 10 person purchased auction properties, 8 are happy. The reason why the balance of 2 are unhappy mainly due to below:
1. no proper reasearch and did not read through the conditions properly; 2. affected by third parties (ie: developer, agents, auctioning bank) ....thats why I like to come in this forum to answer questions here....what about you aint? any good/bad experience?
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Re:Experience of Buying Auction Property
Date: 2006/04/23 08:55
By: ain
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i've no success story...yet. i'm new in this field. just started last month. my 1st time, rp 106k, mp 180k. there were only me and the other bidder. he offered 2k for me to let go but i wasn't into it. the final price went to 139k. my 2nd time, rp 43k, mp 85k, tenanted-but i made a deal with the tenant- no prob. on the auction day, there were no other bidder but it was called-off. the owner settled with the bank just one day earlier. other times, i was just an observer... looking for opportunity.. usually i do research on my own, title search, inspection etc...
just curious, if i get an agent, will they do the research for me? can i trust them?
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Re:Experience of Buying Auction Property
Date: 2006/04/25 00:57
By: Blitz
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ain, dont give up, you are doing fine now......1 success story come with thousand of failure story behind.....
Since you have experience doing research by your own, who are the people that you dealt with? Is it with the auctioning bank directly, auctioneer or lawyer?
Just give you my 5 cent thought, since agent are earning commission from the bank, you may required thier service as they have lots of way to find out more details about the properties.....again, you need to get those reliable type (there are few in the market that are quite prominent).......I think lelongtips did a good job as well.....may be you need to look for the admin people here...hahahahaha....
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Re:Experience of Buying Auction Property
Date: 2006/04/25 11:19
By: fara2210um
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i have purchased 1 property last year. RP - 90k, have 3 bidders and i won at 106k. but still under market price.but i didn't think about legal fee which cost me around 5k.water and electric due about RM300 etc etc...that's my experience...
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Re:Experience of Buying Auction Property
Date: 2006/04/25 15:37
By: Blitz
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fara2210um wrote: i have purchased 1 property last year. RP - 90k, have 3 bidders and i won at 106k. but still under market price.but i didn't think about legal fee which cost me around 5k.water and electric due about RM300 etc etc...that's my experience... .....I think the latest auction loans offered by 1 bank will definately suit you........this will kill all your problems......so...going for another property?
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Re:Experience of Buying Auction Property
Date: 2006/04/26 12:14
By: fara2210um
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thanks blidz but not now.maybe next year.May i know which bank u referred to?
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Re:Experience of Buying Auction Property
Date: 2006/04/26 12:37
By: Blitz
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fara2210um wrote: thanks blidz but not now.maybe next year.May i know which bank u referred to?......the package now is by SBB, only for auction properties.......I think lelongtips is thier authorized agent to sell this product (look at the banner in this site)....
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Re:Experience of Buying Auction Property
Date: 2006/05/17 17:53
By: amdin
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Blitz, have u experience / heard discount price on reserve price for auctions properties?? let say MP 200k, RP 150k, than got discount another 20k. Means your buying price less than exec RP. are that possible??
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Re:Experience of Buying Auction Property
Date: 2006/05/21 13:31
By: ain
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yeah blitz, i also wanna know if there's such thing.. what i know, we can get discounts on outstanding maintenance fee from some banks... is there any other discounts available?
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Re:Experience of Buying Auction Property
Date: 2006/05/21 19:18
By: Blitz
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OK...this is possible in the market, famous among the foreign banks, name for it can be called "Discount Bid" OR "Proxy Bid".....check around and you will find it....
The scenario is like what amdin mentioned BUT again, HOWEVER lots of conditions applicable such as below: 1. Not all properties (ie: usually for property cannot sell/badlocation) 2.Provided no other bidders come in to bid on auction day; 3. Fees and charges for lawyers to prepare this agrement
.....there are more conditions will be mentioned ......lots of transaction being completed in the market based on this model but also lots cant get through....u need a very experience estate agent and lawyer to assist u all the way......my conclusion, this is possible...
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Re:Experience of Buying Auction Property
Date: 2006/05/24 19:21
By: amdin
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wow.. very interisting. What about local bank, are they practice it? how big discount we can get? (hmm sound ..greedy) How to identify such properties?
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Re:Experience of Buying Auction Property
Date: 2006/05/29 13:02
By: ain
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blitz, tell us more...
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but still under market price.but i didn't think about legal fee which cost me around 5k.water and electric due about RM300 etc etc...that's my experience... 
