Property Auction #1: General info on property auction in malaysia

There's basically 2 types of auction in malaysian property industry, i.e. the more popular public auction due to default payment with banks and also auction arranged by individual owners.

(1) Public Auction due to default payments with banks
Frequently called as highcourt auction as the majority of public auctions are always handled by highcourt. In actual fact, it can be done through highcourt, land office and also by the banks respectively.

Due to the problems in late issuance of subdivided/individual titles in recently years, there is 2 types of public auction emerges, i.e. LACA cases, which refers to property without individual title issued, and Non-LACA cases, i.e. property with individual title issued. The former ones are normally conducted by each individual banks and always in bulk sales, like what you can see these days where the banks are auctioning away 200 properties in one single day. The latter however is the conventional auction through highcourt and landoffice.

(2) Auctions conducted by private owners
This is merely one alternative method of selling your property as compared to private treaty and tender. Normally through the assistance from the lawyer and registered estate agents, the owners can opt to sell their properties through public auction. The procedure is somewhat similar to those from the banks, only that it's not what we would call a *fire-sale* property. In overseas like Australia, New Zealand and United States of America, this has proven been one of the best method of selling in getting the best price of the property in shortest time period.