Malaysia auction property rules need to change, otherwise what is the purpose of auction! If the first owner already default, and the property is on auction block, he has no recourse.
10% bank draft Then bidding begins - frequently pushing property value above market rate + Agency, MOT & legal fees Remainder 90% needs to be paid within 30 days of signing - however, loan application hindered by delay in obtaining housing title
May I know, if the auction property is now still under master title, will it affect the MOT process in above case and delay the whole signing of agreements? Cause the developer still undecided whether is direct transfer or double transfer. Appreciate your feedback, TQ.
@iherng, the story for the title is not fully explained. so after the parent paid the remaining balance, isnt that the title is still hanging in the balance between the developer attempting to transfer to the original buyer? how can she eventually get the title in this case?
she will need to fully settle it or get loan before certain time flame given by the auction site(bank?), coz double transfer took time if bank cant wait, then it will lead to 10% deposit burned. since she got her parent's help to settle the remaining 90%+other fees, she got the title maybe after few months and got the ownership.
@@Sllee93 well, my question care very little on who gets paid. my concern is the title. if developer insisted on transferring the title to the original owner, can the original owner refuse to handover the title to the auction winner?
Doesn't make sense for the 10% of down payment to be burned though? Since it is drafted and confirmed. Why can't the bank wait for it? Considering got bank draft already 10% meaning to say the person is eligible and most likely pass the remaining of 90% (RM266K). The confusing part of this video is that this never get explained. Does this mean that the parents fork out the full amount then wait for the loan to be approved? then the loan amount is paid to the parents back? then Era just continued paying monthly installments to the bank? need some clarifications here
Is it possible to confirm whether the unit requires double transfer or direct transfer before putting deposit? also what is private caveat, read article on property guru, still dont understand
Some of the agents got the info on hand, including if the bank will cover any maintenance fee owed...else probably need to check with the bank. Private caveat is where a 3rd party went to acquire a legal notice to claim that property as they might have paid deposit to the current owner for it... to protect their interest.
@@JCDeltaJasonwow so have to provide the unit details to the developer? And double check with them...seems like another thing to check before entering an auction
@@BF_official_my u can ask them like "im interested on this unit from auction, want to check on title transfer status. if havent do anything, will u all allowed direct of title or double transfer?" usually they will know the answer la... and auction agent should had told buyer of this tho...
Malaysia auction property rules need to change, otherwise what is the purpose of auction! If the first owner already default, and the property is on auction block, he has no recourse.
so She fully paid the property with her parent's help and then refinance out the money repaid back to her parent?
wow...
Moral of the story:
1) Be rich
2) If cannot, have rich family
I think the pay back portion is imaginary.
Once parents paid , you can repay in your own terms. Off course , the faster the better .
Fantastic breakdown. Thumbs up, Sean!
10% bank draft
Then bidding begins - frequently pushing property value above market rate
+ Agency, MOT & legal fees
Remainder 90% needs to be paid within 30 days of signing
- however, loan application hindered by delay in obtaining housing title
Thanks Sean. This is a very very educational video. I am now even more reassured that auction is not for me. 🙏🏻
Thousand Miles t-shirt!!!
Also, Era buying Aera Residence, dunno issit coincidence lol
Wait im confused. Meaning she paying 1000 monthly to her parent since they paid the 90% ?
May I know, if the auction property is now still under master title, will it affect the MOT process in above case and delay the whole signing of agreements? Cause the developer still undecided whether is direct transfer or double transfer. Appreciate your feedback, TQ.
Yes it will!! Great question. This is entirely up to the developer since it’s still under master title and their consent is required.
Anyway we could know the auction price for a particular property ?
Only when it’s listed for auction hahaha:)
Nice watch
@iherng, the story for the title is not fully explained.
so after the parent paid the remaining balance, isnt that the title is still hanging in the balance between the developer attempting to transfer to the original buyer? how can she eventually get the title in this case?
she will need to fully settle it or get loan before certain time flame given by the auction site(bank?), coz double transfer took time if bank cant wait, then it will lead to 10% deposit burned.
since she got her parent's help to settle the remaining 90%+other fees, she got the title maybe after few months and got the ownership.
Yeap that’s right…so meaning her parents replace the bank and miss era no longer needs a bank loan
@@Sllee93 well, my question care very little on who gets paid. my concern is the title. if developer insisted on transferring the title to the original owner, can the original owner refuse to handover the title to the auction winner?
@@axzae technically... the owner no longer owned the property. and title usually hold by bank if under loan. so...
@@JCDeltaJason then i dont really understand the risk of the bank for not issuing a loan other than they just trying to argue on legal technicality
Very nice video. Can you also share your thought on bulk purchasing, what are the risks involve.
if u blindly follow, guru bring u go holland... 🤣
Hi wondering if confirmed with developer，the strata title has been issued and developer agree provide consent for transferring. Will it be safe?
Doesn't make sense for the 10% of down payment to be burned though? Since it is drafted and confirmed. Why can't the bank wait for it? Considering got bank draft already 10% meaning to say the person is eligible and most likely pass the remaining of 90% (RM266K). The confusing part of this video is that this never get explained. Does this mean that the parents fork out the full amount then wait for the loan to be approved? then the loan amount is paid to the parents back? then Era just continued paying monthly installments to the bank? need some clarifications here
Issue with title. Era applies for a loan without title. This is hard for the bank to approve.
which property developers do not go for “underground “ method? can name a few?
DPC
Unless you buy cash, i dont think newbies knows the ropes around auction properties enough to cover their A**. Just my 2 cent
It's crazy to have 300k cash on hand ready. That's 10% deposit for 3mil house.
Fully understand that it's only a game for the seasoned investors
great info
congrats
Is it possible to confirm whether the unit requires double transfer or direct transfer before putting deposit? also what is private caveat, read article on property guru, still dont understand
For eg, if I register a private caveat on your property, you will need my consent/permission if you wish to sell the property.
Some of the agents got the info on hand, including if the bank will cover any maintenance fee owed...else probably need to check with the bank.
Private caveat is where a 3rd party went to acquire a legal notice to claim that property as they might have paid deposit to the current owner for it... to protect their interest.
u can only confirm by direct calling the project's developer office if the unit can direct transfer or only allowed double transfer
@@JCDeltaJasonwow so have to provide the unit details to the developer? And double check with them...seems like another thing to check before entering an auction
@@BF_official_my u can ask them like "im interested on this unit from auction, want to check on title transfer status. if havent do anything, will u all allowed direct of title or double transfer?"
usually they will know the answer la...
and auction agent should had told buyer of this tho...
hi
so envy got rich parents to help in life mistakes
Yea. And they are gonna learn from it and grow even greater in the future.