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Auctions are believed to have begun with primitive human competition for ownership of others possession properties. The first documented auction was about 500 BC.

The word auction is derived from the Latin root auctus, an increase. Auctions have long been held for liquidation of property and were used by ancient Romans. Auctions have deep roots in many cultures of the world, and to this day they are widely used as an effective mechanism for the disposal of fine art, real estate, automobiles, livestock, antiques and furs, to name a few.

The concept of using an open competitive process for conveyance of property is visible in everyday life. Auctioning of personal property, real estate or commercial goods has long been an effective marketing channel.

Auction activities in the United States have experienced tremendous growth since 1980. In 1980, Real Estate auctions involved transactions worth more than US$10 billion. In 1991, it increased to US$33 billion in auctions. It is predicted that by the year 2000, one-third of all real estate will be sold by auction.

 

 

 

 

 

 

 

You will need to be above 18 years of age to register and become eligible to bid at an auction. Complete and return to the auctioneer the Auction Registration Form together with a cashier's Order or Bank Draft equivalent to 10% of the reserve price of the property that you intend to bid, prior to the Auction Sale.

In the interest of all parties concerned, the Cashier's Order or Bank Draft shall be made payable in accordance with the Terms and Conditions of Sale.

 

GENERAL AUCTION DAY PROCEDURES

Pre-Registered Bidders

As pre-registered bidders you will check in at the Pre-registered Bidders area prior to the Auction. You will receive your assigned Bidder Number and Terms and Conditions of Sale. If you are planning to purchase more than one property, you must present separate Cashier's Order or Bank Draft for each property you wish to purchase.

 

Auction Day Registration

Those who register on Auction Day will be required to complete the Auction Registration Form and deposit with the Auctioneer the relevant Cashier's Order or Bank Draft amount to 10% of the reserve price for each property that they wish to purchase. Intended Bidders should plan to arrive at least thirty (30) minutes prior to the Auction Sale in order to complete the registration process.

 

Auctioneer Announcements

Announcements made by auctioneer on the auction day shall take precedence over all prior written or oral terms and conditions provided by the auctioneer. Each seller or auctioneer reserves the right to withdraw, alter, add, delete or rearrange the auction inventory or any property, or modify the terms and conditions of sale, reject any and all bids, or advance or accept a bidder. The auctioneer is the sole person who can recognize a bidder as a successful bidder. In the event of any dispute between bidders, the auctioneer reserves the right to make the sole and final decision either to accept the final bid or to re offer the property in dispute at the auction. The auctioneer and the seller reserves the right to withdraw any property at or prior to the auction and sell the property to the Auctioneer.

 

Bidding Procedure

At the conclusion of the announcement and question period, the auctioneer will solicit bids for the property. Bids are generally made either orally, raising of a hand or raising of a paddle. By bidding you will acknowledge the acceptance of terms and condition of sale whether present during the actual announcement or not. Bidding increments are made in amounts to be determine by the auctioneer, who may set a minimum bid at an auction. The Terms and Conditions of Sale and order of the bidding will be announced prior to the Auction. As a successful bidder, you must sign a Bid Confirmation Sheet immediately upon acceptance of your highest bid. An Auction escort will then usher you to the contract area where you will complete the sales contract.

 

Writing The Sales Contract

In the contract area on Auction Day you will sign the sales contract and make an earnest money deposit of 10% of your successful bid price, but in no event less than the amount of your Cashier's Order or Bank Draft, for each property you purchase. Your Cashier's Order or Bank Draft shall be deposited as a portion of your earnest money deposit. The balance of the earnest money deposit may be by cash or personal check. The sales contract will be a binding contract of sale.

 

Financing

It is the purchasers' responsibility to obtain the necessary financing. If you plan to use a mortgage to purchase the property, we recommend that you apply for the loan immediately. If the bank must take longer than the specified time to complete the loan, the seller may extend settlement for a short period of time if you can provide proof of a loan commitment. If you do not obtain the financing within the specified time for settlement you will be in default of your contract for sale.

 

Published Reserve Price

The properties are offered with a Published Reserve Price. This means that when the bidding reaches or exceeds the amount of the Published Reserve Price, the Seller is committed to sell the Property to the highest bidder. Should the bidding fail to reach the amount of the Published Reserve Price, then the Seller reserves the right to accept, counter or reject the highest bid.

 

Unpublished Reserve Price

Some auctions are conducted without a published Reserve Price. The "Unpublished Reserve Price" is the confidential minimum price agreed to between the seller and the auctioneer. If the bidding at the auction fails to reach the Unpublished Reserve Price, the property is returned to the seller. To protect the seller's interests, the said reserve is kept confidential by the auctioneer.

 

Bid By Mail

If you are unable to attend or do not want to disclose your identity at the Auction, you may request a Mail Bid Form by calling the Auction Information Office. Mail Bid Forms will be accepted when accompanied by a completed Registration Form and Cashier's Order or Bank Draft of 10 % of your purchase price made payable to the seller of the property you wish to purchase. If you are not a successful bidder, your deposit will be returned to you by mail immediately. The disadvantage? You risk being outbid for a desirable property unless you are present to respond to other bidders.

 

Paddle

An implement given to each bidder at the registration desk. The paddle contains the number assigned to the bidder when the bidder registers for an auction. When you want to place a bid, you simply raise your paddle until the auctioneer acknowledges you. If you are successful, you number is recorded alongside you bid. To pay for your purchase, you need to bring your paddle along to the purchaser payment counter.

 

Hammer Price

The final bid made before the hammer falls and closes the sale of an Auction. The hammer price is the final purchase price.

 

 

Telephone Bidding

In certain cases, the auctioneer will accept bids from a potential buyer by telephone. An auctioneer's assistant in the sales room will relay the bidding information. Telephone bidding is generally only an option for properties of substantial value.

 

Rights

All announcements made on the day of the auction sale shall take precedence over any prior written or verbal terms and conditions of sale. If any terms and conditions of sale contained herein are not complied with by the successful bidder, Property Auction House Sdn. Bhd./Syarikat Patrick Wong may, in addition to asserting all remedies available by law, including the right to hold the defaulting successful bidder liable for the purchase price, either

a) cancel the sale, retaining as liquidating damages any payment made by such buyer

b) resell the property without reserve at public auction or privately on seven days notice to such successful bidder,

c) take such other action as it deems necessary or appropriate.

If Property Auction House Sdn. Bhd./Syarikat Patrick Wong resells the property, the original defaulting successful bidder shall be liable for payment of any deficiency in price and all cost and expenses, the expenses of both sales, reasonable legal fees, commissions, incidental damages and all other charges due hereunder.

Law Regulating The Auctions

The respective rights and obligations of the parties with respect to the Terms and Conditions of Sale and the conduct of the auction shall be governed and interpreted by the respective law/s and or rules regulating auctions in the various states of Malaysia. By bidding at an auction, whether present in person or by an agent, by written bid, telephone or other means, the bidder shall be deemed to have full knowledge of the aforesaid law/s and or rules regulating auctions in the various states of Malaysia wherein the properties lies.

 

Important Note: Please note that as the above procedures are general in nature, interested bidders are advised to consult their solicitors or the auctioneer as to the specific procedures, terms and conditions applicable for private auctions, auctions held by judicial courts or through the various land offices concerned.

 

   

 

 

 

 

 

 

 

 

 

 

In the past few years, the world has watched paintings, exotic cars, properties, etc. sold at auctions for millions.

The time has passed when people thought of auctions as a last resort sale or as a means of liquidating assets that could be sold no other way than the court foreclosures. Today the modern auction method just a normal way of disposing your assets in an open market for an immediate sale at the highest possible price.

Why sell by the way of auction? Essentially, it is simply because of the two most valuable commodities in business that is time and money. Lengthy and costly selling periods are eliminated with a professionally conducted auction. It is often pointed out that a property that could not be sold at any price is sold for top dollar in minutes at a properly conducted auction. Why? Because the property will be promoted and exposed to a multitude of interested buyers.

The auction method, once viewed as a last resort for marketing undesirable property, has come full circle, primarily due to the many advantages this marketing method offers for non-distress owners. Sellers are able to sell their property within their time frame, thus capitalizing on their investments within a short period.

For buyers, auctions provide the ability to pay real value for a property, in fact, the market drives the value. This value is substantiated in an auction market by competitive auction bidding and offer the buyer an opportunity to buy at market price, with the added confidence of not over paying for the property.

Therefore, it's no surprise that buying and selling at an auction presents a sound business decision for all parties involved.

ADVANTAGES OF THE AUCTION METHOD

  • The seller determines the date and time of the sale.
  • Timely auction allows the seller to reduce holding costs.
  • An auction environment arouses the competitive spirit among the prospective bidders
  • Setting a specific date and time of sales creates a sense of urgency and forces the prospective buyers to the point of decision.
  • The seller can set terms and conditions of the auction and avoid lengthy negotiations of price and terms associated with traditional sale.
  • An advertisement program is tailored to the seller's property, which will attract the largest possible number of potential buyers. This insures a true market value for the property as determined by the market forces.
  • Auction allows the price to increase freely. This often leads to a higher sale price than would have been obtained by traditional sale.
  • Historically, when the market is on an upswing, public auctions have been known to establish the highest price. When the market is declining, an auction will capture the current market price before values drop.
  • The competitive bidding format creates confidence among buyers when they see other bidders willing to pay similar amount for the property.

 

   

Converting your property into cash!

 

 

[ Contact Information ]


 

 


NORTHERN REGIONS:

Penang Island:     

Ayer Itam

Batu Ferringhi

Batu Maung

Batu Uban

Bayan Baru

Bayan Lepas

Balik Pulau

Bukit Jambul

Bukit Gambier

Gurney

Georgetown
Gelugor

Jalan Burma

Jalan Larut

Jalan Perak

Jalan Sultan Ahmad Shah 

Jelutong
Komtar 
Paya Terubong

Prangin Mall

Relau

Sungai Nibong

Sungai Pinang

Sungai Ara
Sungai Dua

Tanjung Bungah

Tanjung Tokong

Teluk Kumbar

 

Penang (Mainland):

Alma
Ayer Tawar
Batu Pahat
Bandar Perda

Bukit Mertajam

Butterworth
Halaman Murni
Juru
Jawi

Kepala Batas

Lunas

Seberang Jaya

Seberang Perai

Sungai Puyu
Sungai Bakap

Megamal Pinang

Machang Bubok
Nibong Tebal
Prai
Penaga
Permatang Pauh
Tasek Mutiara
Teluk Air Tawar

 

Kedah:

Kulim

Sungai Petani

Langkawi

 

CENTRAL REGIONS:

Kuala Lumpur:

Ampang
Cheras
Damansara

Gombak

Jalan Awan Pintal

Jalan Ipoh

Jalan Pahang

Jalan Pudu

Jalan Sri Permaisuri

Jalan Tun Razak
Jalan Tun Perak

Klang Lama

Kepong

Raja Chulan

Segambut

Sri Damansara

Sentul

Setapak

Sungai Besi

Pandan Perdana

Pandan Indah

Petaling
Taman Desa Cheras

Taman Sri Sentosa

Taman Pandan Indah
Taman Bukit Maluri
Wangsa Maju
 

Selangor:

Bandar Putri Permai

Bangi

Banting

Batang Kali

Beranang

Bukit Sentosa

Cheras

Cyberjaya
Damansara
Kajang
Klang
Kuala Selangor
Petaling Jaya
Port Klang
Puchong
Rawang

Saujana

Semenyih

Serdang Lama

Serendah

Seri Kembangan

Sepang

Shah Alam

Subang Jaya

Sungai Buloh

USJ

Ulu Selangor

Rawang:

Bukit Beruntung

Bukit Sentosa

Bandar Baru Kundang

Bandar Sungai Buaya

Taman Tun Teja
Jalan Desa Ria

Kundang

 
Perak:
Bukit Merah
Ipoh
 

SOUTHERN REGIONS:

Johor:

Bandar Seri Alam

Batu Pahat

Desaru

Kangkar Pulai

Kota Tinggi

Kulai

Kluang

Masai

Muar
Pasir Gudand
Salang
Senai

Skudai

Taman Bukit Mewah

Taman Bukit Indah

Taman Mount Austin

Taman Universiti

Tampoi

Ulu Tiram

 

EAST MALAYSIA REGIONS:

Sabah / Sarawak:

Inanam
Papar
Penampang
Kuching
Kota Kinabalu
Kota Semarahan
Labuan
Lahad Datu
Sibu

Tanjung Aru

Tawau
 
 

 



 

 

FORECLOSURE PROPERTIES

 

 

 

 

 

 

 

 

Bank Foreclosure Real Estate, Malaysia

 

 

 

 

 

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執照地產拍賣行

(Bank Foreclosure / Licensed Auctioneer / Pelelong Rumah Berlesen)

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