Purchasing a house ain't a breeze or a walk in the park though many wish and crave for it to be as such especially the lower income group. Buying a house or an apartment is never easy and everyone in the deal except the buyer is ever so trying to fleece, cheat, trick the buyer. Many buyers have actually lost they life savings cheated by property developers who take their money and disappear even before you can say hello again. And not forgetting the broker cockroaches from hell who negotiate on the dealings. Then come the money sucking lawyers - do I need to say more. How we wish we can tie all their legs together with a 50 ton anvil and sink them deep into the Bermuda Triangle.
Many dream of having a dream home and in the way fork out their life savings to buy one. For some, to have a roof over their heads is heavenly godly irrespective of how and where the house is built or located. And for the many others, buying a house is pure pain, torture and months of endless debts. Buyers are made to come up with loads of cash so that the banks, brokers and lawyers can sleep peacefully on the buyer's expense.
The role of banks, by way of charter and being the custodian of public funds is to ensure customers are not cheated, bullied or hoodwinked by property developers, lawyers or even brokers. They also have the right to ensure properties bought are of worth the money and not any other way. But sadly and dejectedly, that is not the case. Many buyers are cheated and taken on for a ride. I worked in a bank so I kinda know this is true. I've heard countless stories from customers been cheated and taken on for a ride by the very bank they trust their money with. All I see in their eyes are pain.
Banks and their panel of lawyers play a big role when a sale and purchase of property come into play. Banks work their way - any way to make a profit in their dealings. A bank with all its money-might will ensure their part of the deal is safeguarded. They would do anything even drag a pauper house buyer to court to collect debts.
Believe me, banks are heartless.
When banks auction off properties, buyers are NOT allowed to view the interior of the property. The bank will ensure the buyer pays his 10 or even 20 percent down payment or money up front and sign all documents before it allows the new buyer to view the interior of the house. In secrecy, the bank will ensure never to reveal the debts the auctioned off property had accumulated over the years. They'll cunningly pin all debts to the new buyer and make he or her pay up every penny of it. This part of the deal is never relayed to the new property owner when the property is sold by the bank. The onus is upon the banker to reveal all money or monies owed to the bank before the sale is concluded. This never happens. Banks are sinister, more crude than a shrew.
The new owner will only come to realize later when he or she gets hounded by unseen "forces" haunting in. To the bank, if they can pin all their guilt onto the buyer, then their work as a bank financing the customer is deemed to be done, pure and on 'clean' sheets. How unscrupulous!
Lately, I came to know of a property left idle with a sizable amount of debts auctioned off. This property had been idle without any tenant for a little over five years (I know this for sure). This property was auctioned off by a prominent bank.
From my point of view, the below are the problems I foresee the buyer need to address and get through with ...
This below is the very property the bank sold to a "victim."
1. The entire property, leaving no wood left, had been foraged by terminates. The main door looked sturdy but with a slight push, it caved in, crumbled and "shattered" to wood-bits. This is what happens when Mr.Termites go on a rampage, eating everything in its path. Smart fellows heh!! They leave the surface of the door looking perfectly intact whilst munching away the interior 'juicy' part to the pulp.
2. The water tank's internal float mechanism had busted and water had been overflowing a little over a year now. The water seeps through the walls and exits via the front door. Even the water knows where to exit hahahaah. What a mess!
3. Now, when it rains, the outer walls of this apartment will 'wail' in water. Over the days and months, the walls had become pungent, soft, soggy and fungus grown. The walls had discoloured and smell wet chalk.
4. The sipping out of the water flowing from rain and from the water tank had many times fused the walkway lights leaving other tenants to grope in the dark during nights.
5. The interior of the house, now that it is broke opened, looks like an unused storeroom kept in the basement of a disused mine. Spider webs and gossamer sway like curtains hanging down from the white turned brown ceiling.
6. The balcony of this apartment looks like it's gonna be the next leaning tower of Teluk Intan. It may fall anytime soon due to the slanting corroding walls.
7. I don't know how much the new owner is regretting over this purchase. I hope the owner knows about the 'other' charges coming in when the Sale and Purchase Agreement comes into the picture.
8. This is a leasehold property. Over the period of 5 years, there could be a collection of late maintenance fees and penalties awaiting to be paid and also not forgetting the late interest charges as well. I can easily say it could amount to a whopping five to six thousand ringgit more or less...
9. Let's not forget about the Quit rent and the other Dewan Bandaraya blah ... blah .. blah... issues and chargers.
10. The tenant may need to spend something like RM50,000.00 or so to fully repair and restore the apartment and that so taking into consideration the other hidden damages there could be as it is a duplex apartment.
Now the bomb - This apartment was auctioned off for a whooping RM102,000-00. That's a lot of money to pay for a "dungeon." Either the buyer is filthy rich or plain dumb.
This is how banks work. Something worth dirt cheap is sold three folds higher.
Let me tell you this too - I don't think the buyer can even raise a finger or even sue the bank for selling such a worthless property for such a price. The bank knavishly would have covered all corners if the buyer were to sue.
If you're planning to buy a house / apartment or for the matter any property worth a bomb, do GO and INSPECT lots, I mean lots of queries from the people who live around such properties or people who have been cheated by big large humongous hungry and greedy financial institutions. It'll cushion you from an 8.0 Richter scale cardiac arrest.
Sick.