Friday, August 12, 2011

Adventure in Buying Auction Property - Part 1 (The Buy)

It all started in early May, 2011.

After a few years without bonuses, I finally got a little bit since moving to this new co in Nov, 2010. The money is not that much, about 5k, but I knew that if I didn't do something solid with it, it will go down the Samsung Galaxy Tab pretty quickly :).

And I also knew ASB wouldn't be that save with the kind of man that I am. I will come up with far too many creative excuses to withdraw it later. And I had been thinking of buying property at an auction for some time now. That little financial push gave me more courage to search the web for options.

And I knew being the lazy guy that I am, the property has to be in my own taman. I knew if it's outside, I wouldn't be able to give the tender loving care that it needs. So I search a few websites:

and found some options near my house. The first one was a RM45k fourth storey flat. Took me lots of huffing and puffing to get there. And I thought I'll get lazy to walk up that far and won't visit it often if there are any issues with it.

Second option actually were two shop lot apartments at commercial area in my Saujana Puchong taman. I went to check out both places. One was occupied by what it seems like an Indian family and the other one never been occupied. Both were around RM28k.

After narrowing it down to the above two units, I contacted an agent from and also one guy who left his phone numbers by leaving all these small fliers at mailboxes. Since both only charge RM1k for their service and since the guy came to my taman to collect the bank draft, so I went with guy Halim. I didn't go to the auction myself since it was on a working day and to be honest, never been to one and I thought RM1k is alright of a fee for such thing.

The Indian unit was auctioned first and I didn't win according to Halim. He asked me before if there are other bidders, how much I want to up the price; told him to go up by a few thousands only. And since the unit was already occupied, and I don't want the hassle of chasing them away, I thought it's alright to loose.

For the 2nd unit, about an hour before the auction, Halim called and asked if there are other bidder, do I want to pay them? I was like, shit man, there's no way I could verify that and since I'm also at work doing other things, he caught me in a good situation. Not wanting to loose this unit, I told him I'm willing to pay only RM800.

And so, I lost another RM800 and got a 2nd floor 692 square feet apartment for RM28,500.00. These are some pics of the apt.

Main Hall. Main door needs changing, so is the toilet door.

Main bedroom. Only the window frame left, the window itself gone.
Main hall. And the window panes are missing.

ah lucky the meter is here

From outside

No comments: