Frequently Asked Questions (FAQs)
Q: Why are properties being auctioned?
A: Properties are being auctioned when the borrower can no longer make repayments to his/ her housing loan.
Q: How can I know details of an upcoming auction?
A: You can obtain the details through:
• Hotline 03-2718 0913 (24 Hours)
• E mail email@example.com
• Website www.auctionlist.com.my/
• Address Suite 8-23, 8th Floor, Wisma Budiman, Persiaran Raja Chulan, 52100 Kuala Lumpur
It will be our pleasure to provide you with the following:-
I) Details of the auction property
II) Date, time and venue of the auction
III) Copy of Proclamation of Sale (POS) and Condition of Sale (COS)
IV) Reserve Price and Current Market Value
Q: What is the Reserve Price?
A: The Reserve Price is the lowest price at which the property can be sold. The auctioneer will start the bidding process
with a price not less than the Reserve Price in the event that there is more than one bidder registered bidder for
the same property. If there is only one registered bidder for the property, the property will be sold at the Reserve Price.
Q: What is Current Market Value (CMV)?
A: The Current Market Value is also known as Open Market Value (OMV). It is the property value quoted by a licensed
valuer and it is usually based on comparison method with the recent transaction price of a similar property in the
surrounding area of the said property.
Q: Who will bear all the quit rent, assessment, maintenance outstanding and utilities bills?
A: The outstanding quit rent & assessment will be borne by the bank up to the date of auction. However, the payment
of the outstanding maintenance and utilities charges will be subject to the terms and conditions stated in COS.
Interested bidders are advised to read the relevant clauses of the COS.
Q: What are the benefits of buying auction properties?
A: a) It is a smarter investment choice as auction properties are sold at a fair market value without having
to go through any long drawn negotiation.
b) The risk of abandoned housing development can be avoided.
c) Buying auction properties can shorten the time to purchase a property.
d) At our mega auctions, there is a wide range of properties sold at one place and you have the benefit of making
comparison of the various properties in a single location.
Q: If I cannot attend the auction, what should I do?
A: If you cannot attend the auction, you can authorize anyone that is 18 years old and above to bid on behalf of you.
(Reminder: The bidder must bring along the original authorization letter together with your photocopy IC and bank
draft to the auction)
Q: What if the Successful Bidding price is higher than the Reserve Price?
A: Be prepared to top-up the difference on the deposit sum between the Final Successful Bidding Price and the
Reserve Price by cash immediately after the auction. Please ensure that the final price or the purchase price is
within your budget. If you have a limited budget, you can always find out from any Bank loan officer whether you
are eligible for a financing of the balance of the purchase price prior to the auction.
Q: Do I need to appoint my own lawyer to handle the transfer of property ownership?
A: Yes, you need to appoint your own lawyer to act on your behalf to execute the transfer of the property ownership.
The lawyer attending the auction will act on behalf of the respective Bank only.
Q: What is the length of time given to complete the Contract of Sale?
A: The duration is either 90 days or 120 days from the auction date, depanding on the Conditions of Sale.
Thus should you wish to obtain financing, it is advisable to apply the same as soon as possible after the auction.
The above is merely a guide and cannot be used as a substitute for proper advice by appropriate professionals. You
are advised to consult the appropriate professionals before you decide on a purchase. Whilst, every effort has been
taken to ensure the accuracy of the information contained in this guide, no representation or warranty of its
accuracy is given or intended to be given and no liability whatsoever will be assumed by the respective Bank for any
inaccuracy or ommision.