705 Rumah Lelong Petaling Jaya · Bank Auction Properties

1. 1
   Shortlist properties

   Browse auction listings in Petaling Jaya, compare each reserve price against nearby market prices and note the discount. Unsold properties are re-auctioned at a lower reserve, typically dropping 10% per round.

2. 2
   Do your due diligence

   Get the Proclamation of Sale (POS), check the land title, quit rent and assessment, outstanding maintenance fees and utility bills, and whether the property is still occupied. For strata units, confirm who settles arrears with the management office.

3. 3
   Arrange financing early

   Most banks finance auction purchases, but the balance is due within 90 to 120 days of the auction. Get loan pre-approval before bidding so your deposit is never at risk of forfeiture.

4. 4
   Register and pay the deposit

   Register before auction day through the bank's e-Lelong portal or the licensed auctioneer, and prepare a bank draft of 5% to 10% of the reserve price as the deposit. Requirements vary slightly between banks and auction houses.

5. 5
   Bid and complete

   Bid on auction day. The winning bidder signs the memorandum of sale on the spot and settles the balance within 90 or 120 days as stated in the POS, after which the transfer is completed. An auction specialist can guide you through every step.

Reminder: auction properties are sold as-is and may come with arrears or occupants, so always complete due diligence first. Contact Peter Tan for free guidance through the whole process. Read the full buying guide →