AUCTION PROPERTY

Link to Jeff's FB page: / lelongkingjeff
Besides new property, subsale property, bulk purchase, one of the hot topic right now would be the marketplace of auction property.
It took me quite some time in updating my knowledge in this particular topic as it has transformed tremendously with the application of technology. So, hope you guys liked it.

[@grailsgarden5910]

I still remember participating in an auction with my uncle. He won a bungalow for 2.6M near shah alam but the situation got really sticky. The previous owners and his family do not want to budge nor move out, keeps bad-mouthing us when we visited the unit, eventually my uncle had to seek legal procedures to force them out of the house which took a lot of time and energy, the house only became properly vacant after 1year+

[@iherng]

OMG, the process must be dreadful:/ Anyway, thanks for sharing that story with us. It would be a great lesson for everyone here!! Thank you so much!!

[@marcusmosa9452]

It's absolutely normal.. As they have no any roof on top.. Thats why it said to visit the house before bidding

[@Arvinross]

Great video Sean. The first step is to ensure the price is at least 15% below equivalent subsales units and the next step is to do a title search after obtaining the Proclamation of Sale. The title search can easily show you if the property has any caveats or not.

[@iherng]

Great sharing Arvin!! I really appreciate it:)

[@Silvertron1970]

wow .... so easy to understand ... thanks Sean.

[@siewkee6093]

Totally helpful, totally enlightening

[@hurrycocamas2502]

Very good and funny videos bring a great sense of entertainment!

[@iherng]

=)

[@BOO000m]

Thanks for taking time to research for the topic. You're making sure the info you obtain is correct before recording this podcast. Quality !! Thanks Sean !

[@iherng]

I've learnt a lot too. Thanks for watching Pizza!!

[@onglilynicole]

👍🏻 much appreciation for this AUCTiON PROPERTY video. you're correct that many potential buyers are 'lost' in the complicated issue arise from auctions property. THUS ... we're very grateful of you pointing out ALL essential issues for due consideration. therefore, we would be more informed & confident in future auctions property. BiG THANKS for this educational video 😊 2023Dec01st, Fri

[@cohesian]

Thank u sean very informative!

[@iherng]

Glad it was helpful Pudding=)

[@dannin1826]

Thank you, very informative!

[@iherng]

Thanks for watching Danni!!

[@jeffshim9853]

Interesting to know that house and land can be 2 different subjects !

[@iherng]

Yupe. Anything can happen within the landscape of real estate in Malaysia hahaha:)

[@yayotwo]

Thanks for doing this video

[@iherng]

Thanks for watching Yayotwo=)

[@elprofessor1396]

Hi Sean, Can a Foreigner enter an Auction (Taking in consideration the foreigner price limit threshold of 600k)

[@lowkokjin]

First to comment after iherng reopens the comments section!

[@iherng]

Yea. I didn't know what was wrong as I post just like how I usual do:/ But thanks for watching Kok Jin!!

[@jasonlee9401]

More of this please 🙏🙏🙏 Planning to get one for investment first time buyer 😊😊😊

[@iherng]

Haha. Thanks for watching Jason=)

[@puiyinchai1437]

Hi Sean, quick question here ya. If the reserved price is 300k, i won the bidding at 320k. The 20k i need to pay in cash full or 10% only ya?

[@iherng]

You'll need to add on later but that still depends on the loan amount you apply. The 10% of the reserve price would be the 'entry' for you to participate in the bidding=) Great question Pui Yin.

[@lingduingting2631]

Thks

[@iherng]

You're most welcome Ling. Thanks for watching=)

[@chartwolf]

Hi Sean... I really enjoy your KZbin channel. Can foreigners buy auction properties?

[@iherng]

I think it's still restricted under the price limit. But do check with Jeff yea, he is the best person to advise you=)

[@amoamo5041]

Hi Sean! Did you make any vdo regarding subsale properties! I’m in the middle of interesting to purchase a subsale property

[@iherng]

What would you like to know Amo?

[@amoamo5041]

@@iherng Waltz Residence is my first priority

[@harrythian456]

So are you expecting 2021 September only got a lot of auction house?

[@iherng]

That is if you're expecting for stocks that were affected by the pandemic. But my team are feeling incredibly positive about the property market right now.

[@amidlifecrisis]

Would you know if foreigners can buy condos at auctions?

[@iherng]

Not too sure. But it'll still be limited to the price limit and product type I guess. Do contact Jeff for more info as he's the expert in this manner=)

[@alexandermalaysia5530]

Hi Sean, can an owner with indivdual title (property) not pay for the past and current maintenance in a gated and guarded residential area, which he won through an auction? Does an individual title come with such legal obligation?

[@iherng]

Hi Alex, how is he having an individual titled project in a stratafied neighbourhood? So it's important to check is it governed under the strata act first. If yes, it's governed under strata act, then the owner is obligated to pay. If it's individual titled, then he's not. Well this also depends whether the Resident Association is registered or not.

[@alexandermalaysia5530]

@@iherng What has the Resident Association got to with it? The RA was only established recently but maintenance is still under the developer since the launch of sale of its bungalow land. As I peruse original first owner's S&P, it contains lots of conditions and covenant leaning towards the vendor (developer) including "Service Charges for Maintenance" and especially "Purchaser's Covenant Running with the Lot" whereby the provisions would be binding on heirs, successor-in-title and all subsequent purchasers.. I think it would turn messy if debated in court.

[@iherng]

So is it a residential land (bungalow lot I assume) located within a gated and guarded compound? Because your statement sounds totally different if it's a terrace house within a guarded neighborhood. I think since you bought it via auction, you're the client of the lawyer that prepares your SPA. I would suggest you to ask him because it's quite impossible for me to have full context of your property to advise properly.

[@Ken6013]

Thks for the video, but the link for Jeff is no more valid.

[@SharmaineDORK]

Was about to comment this as well

[@zeehao5748]

Can we buy auction property using epf money ?

[@iherng]

Well, it depends on your definition of EPF. If you want to withdraw out just to buy auction property then I don't think so. But if you have taken the money out as you're 55 then it's possible. Thanks for watching Zee Hao=)

[@jasonwong2851]

Sorry to say your effort is not good enough. There is a big error to say after successful auction you get to sign a new SPA! The bank auction the property because they have the right to do so because of defaulted payments from their borrowers. Actually when you succeeded in the bid you need to engage your lawyers for the deed of assignment transferred from the bank to you. There is no new SPA. New SPA IS FOR SUBSALE. Please correct your error. Thank you.

[@iherng]

Thanks for correcting Jason=)

[@kuanghongwang1743]

@jason you sound like a pro but there are also mistakes from you. Deed of assignment is only applicable for master title property, from where do you find an individual / strata title property under deed of assignment i wonder. So since you did not mention which title is it , it would be very inaccurate to use the word DA in this context. Yes the correct word is not SPA, but THE CONTENT IS THERE and viewer can understand better that way. So stop being a hatred and enjoy the video.

[@tangchuengkhai]

No you can’t extend the payment date after 120days lapsed. So bye bye to your 10%

[@iherng]

Well it depends case to case as you can appeal. I've seen a case than dragged more than 6 months. Thanks for sharing!

[@interactiveledger8990]

Most of the time, can extend with valid reason. You just need to pay for some penalties for late settlement.

[@eunicechew]

How to contact Jeff?

[@iherng]

You can check out his FB page. The link is at the description =) Tell him I said hi hahaha!!

[@eunicechew]

@@iherng Thanks Sean, I didnt see the FB link on the phone earlier. From laptop it is more visible. Sure will send your regards.

[@SharmaineDORK]

​@@iherngthe link is no longer valid tho 😢

[@davidkoay4356]

nana kaninah... nannn nanna... nana kaninah... nannn nanna...*why your video so addictive one..

[@iherng]

:)

[@ernestng4084]

Hi, sean, can't find the lelong jeff fb page anymore, is the fb link still valid ya?

[@iherng]

Owh really??! Let me ask him. Thanks for letting me know:)

[@kent6053]

@@iherng Hi Sean, do you have the updated fb link? Thank you in advance!

[@remisierlim2774]

Hi, Sean! Any updates?