Is "lelong" property your thing?

It's almost half of the year, May 2024! 

Have you found your dream property yet?

There is another segment of property that you may want to consider and that is auction property, fondly known in Malaysia as "lelong" property.

If you are looking for a bargain in the property market,these are properties that are auctioned off by banks or courts due to default or foreclosure. Lelong properties can offer attractive discounts, but they also come with some risks and challenges. That's why it is advisable to seek the help of a professional real estate agent when buying lelong property.

A real estate agent can help you in many ways when buying lelong property. Here are some of the benefits of hiring an agent:

Finding suitable lelong properties

They can help you find suitable lelong properties that match your budget, location and preferences. They have access to various sources of information and listings, such as newspapers, websites and networks.

Conduct due diligence.

They can help you conduct due diligence on the lelong properties, such as checking the title, ownership, encumbrances, outstanding bills, physical condition and market value. They can also advise you on the legal and financial implications of buying lelong property.

Preparing related documents

They can help you prepare and submit the necessary documents and deposits for bidding. They can also guide you through the bidding process and represent you at the auction.

Handling other issues and disputes

They can help you handle any issues or disputes that may arise after the auction, such as defects, damages, eviction or renovation. They can also liaise with the relevant authorities and parties on your behalf.

As you can see, buying lelong property with a real estate agent's help can save you a lot of time, money and hassle. However, not all agents are experienced or qualified in dealing with lelong properties. Therefore, you should do some research and interview potential agents before hiring one. 

Buying lelong property can be a rewarding investment if done right. With a real estate agent's help, you can avoid common pitfalls and enjoy a smooth and successful transaction.

Whichever type of properties that you fancy, be it newly built houses from developer, sub-sales houses or a lelong property, make sure get a professional to guide you through the process. 

Signing off for now, 

Ashlin REN01427