What is a property Public Auction?
It is a public sale of property though open and competitive bidding. The property will be sold to the highest offered bid.
What is Aborted / Sold / No Bidder / Expired?
Expired: Property auction date is past, status pending confirm.
Aborted / Called off: Property has been called off from auction by bank due to owner settlement or documentation incomplete.
Sold: Property is sold with highest selling price
No Bidder: Property is not sold during auction date, new auction date may be pending or rescheduled.
Daily, as soon as we have obtained the data admin will post to LelongKingList.com.my to ensure all members benefit from the information.
What are advantages to the buyer to buy in property auctions?
Most importantly buyer get to buy their ideal property at below market value 30%-60% through public auction. It is suitable for property investment due to its high profitable margin.
Who are permitted to bid for auction property?
a. A person are above the age of 18 (minor).
b. A person who are not in bankruptcy.
Intending purchaser who possess a Bank draft/Banker’s cheque be equal to 10% or 5% (depends on bank’s requirement) of the reserve price is qualified to become a bidder.
Qualified bidder may authorized an agent or representative on his behalf. Letter of Authorization and NRIC card photocopy of the intending purchaser are required when registration.
Things to avoid or to take note on auction
1. Always check the specific amount requested and the Bank Drafts/Banker’s Cheque are correctly payable
2. Unprepared and inattentiveness during call bids will make you lose a probable opportunity.
3. Certainly do not bring personal or company cheque as Auction deposits.
4. To be present earlier to avoid disappointment.
5. It is important to listen to the auction proceeding very carefully to avoid unawareness.
6. Observe the details provided are correct in the Contract of Sale before endorsement.
What if I can't attend the Public Auction?
If you are unable to attend the public auction, you can appoint your representative via a authorization letter (only LACA cases). You can obtain the format or sample of the nomination letter from us.
Is there any additional payment to be made on the auction date?
In the event that the Purchase Price is higher than the Reserve Price, the Purchaser shall immediately deposit a sum equivalent to the difference between Purchase Deposit and the Bidding Deposit (the ‘Purchase Deposit Shortfall') either in cash of by way of a valid bank draft / banker cheque drawn in favour of the Bank which together will form the Purchase Deposit.
Also, successful bidder will also have to bear the stamping fee of the sales contract, which cost normally RM100, subject to auctioneers.
What happens to earnest money if buyer decides at a later date not to proceed for buying the property?
The earnest money deposit shall be forfeited if the successful bidder is unable to complete the sale regardless of the reasons.
Can foreigner buy auction property in Malaysia?
Foreigners, permanent residents (PR) and foreign companies can only buy non-landed properties (Master Title) priced at least RM2 million in Selangor & Johor Bahru and at least RM1 million in Kuala Lumpur. It is subject to foreign consent from the relevant authorities.