Bank Lelong - Standard Operating Procedure (SOP)

Bank Lelong - Standard Operating Procedure (SOP)

Step 1:  Check the Property

• To conduct on-site inspection, check whether this unit is vacant or tenanted either by owner or tenant.
• Bank coverage on outstanding bills – check what bank don’t cover, please check the outstanding maintenance charges with maintenance office, quit rent, assessment, water, electricity and iwk.
•  To consult a valuer to get indication of the property price and compare with the reserve price.
• Perform a title search (need full address) through Land Office (Pejabat Tanah untuk hartanah tersebut). Pay amount (around RM30 - maybe), to make sure there are no caveat or such. If you don't know how to read it, have a lawyer do it for you.
  
  

Step 2: Registration Process and Procedures

• Register with us, give us (via Private Message, email - smartwaynetwork@gmail.com, SMS/WhatsApp to Nazmi@0102317188 or or download the Bidders Registration Form, fill it and return it to us, via PM or email to : smartwaynetwork@gmail.com
  • Individual :
       - buyer’s name, ic, current address, tel no., email,
  • Corporation : -

          - a certified true copy of the Company’s Memorandum and Articles of Association.

          - Form 24 and 49

          - Board of Directors’ Resolution

LATEST 4 WORKING days before auction date.

•  we in return will confirm the property is still under available for auction.
•  A copy of Proclamation of Sale (POS) that contains Condition of Sale (COS) will be emailed to you after registration. 
•  Be aware the property may withdraw last minute.
•  prepare 10% or 5% bank draft on the reserve price.

Step 3: Organize your Finance

Loan financing. (90% balance payment after deducting bank draft deposit)

• Best if u could go to the nearest bank and ask the mortgage officer to apply for pre-approved loan indicative of your max loan amount and name cleared with CTOS and CRRIS. So that u would have more confidence upon successfully win this unit. (include preparing document needed for loan application) 

We can manage this unit for u, however if you’re coming for the auction, prepare yourself

• Set ceiling or maximum price that you are willing to bid 
• Bring extra money with you during auction to pay the (stamp fee RM50 + Pay the balance of the 10 % or 5% if the price is higher than the reserve price + any other arrangements)
  
  
   

Step 4: Familiar on the Auction Procedures  and Start Biding (The games is on)  

• Be there 30 minutes earlier to get yourself ready for the Auction
• What to bring on Auction Day

• Individual 

• - IC & Photostate of IC (Both sides)
• - Bank Draft/Cashier's Order equivalent to 5% or 10% (stated in POS)
• - Additional money to pay for difference (Hammer price & Reserve Price), to meet the 5% or 10% deposit required

• you will be given Assigned Bidder Number

• Think twice and get used to auction first before put up your hand for an auction.
• They will inform you the indicative per call bid example RM1000 per call.
• Auctioner will make 3 calls before concluded the deal.
• Stop when the price is over the bottom line that you set earlier. Remember there are plenty of auctions or opportunities out there. 
  
  

Step 5 : Congratulation, if you win the bid: 

• You are required to sign the Memorandum at the bottom of the Proclamation of sale (or the Sales Contract) 
• Pay the balance of the 10 % or 5% if the price is higher than the reserve price
• Send to us via emel to smartwaynetwork@gmail.com, a copy of signed Sales Contract

Don’t be upset, if you lose the bid:

• The streets are full of them and there are plenty of opportunities or auctions out there

• Don’t forget to claim back the 10% or 5% deposit that you have submitted and cash it back. You will get back 100% bank draft full amount.