To Do List Prior To Bidding At A Property Auction
If you were to scan the daily newspapers or some special publications or even brochures available at financial institutions, chances are there are some advertisements for properties which are going on auction. Almost always, these properties are on auction due to the borrower’s failure to maintain their loan account in good order. Some of these properties can be a good bargain based on the reserve (minimum) prices stipulated. However, prospective bidders should always do a few things prior to bidding at an auction for these properties as there are inherent risks which you ought to know about.
Do inspect the subject property. Well, it goes without saying that if you intend to buy something, know what you are buying. A photograph on a nice glossy brochure is not a reliable indicator of the property you intend to buy. Visit the property and carry out a physical inspection if at all possible. Most, if not all, of these auction sales come with an “as is where is” clause which means that you buy the property as it is - in whatever condition they come in. If the property is badly maintained, an inspection prior to the bidding process would allow you to factor in potential renovation costs after successfully bidding for the property. Read more
2 Types of Lawyers
I nearly lost my cool yesterday with someone. Thankfully, I managed to keep myself from ridiculing the other person because he did not agree with me. On the other hand, I was ridiculed and mocked indirectly for being a lawyer who could not do anything to sort out the problem that someone had got himself into. I had to keep cool because this person who ridiculed me is my classmate’s spouse. I was ridiculed even though he requested for some legal opinion (for free, of course). I was ridiculed at a point when I was having my dinner (he didn’t know I was having dinner when he called me for advice). For the sake of maintaining friendship and as a Christian witness, however, I have to overlook his ridicule. After a moment of quiet silence and asking God to give me peace.
The conversation came to a conclusion that there are generally 2 types of lawyers. Read more
Loans, who approves them really?
The current public debate on credit reference agencies, CTOS in particular, has seen two opposing views on the desirability to have these agencies working in Malaysia. Whilst there are many reasons given by those who oppose the workings of CTOS, one of the main grouses aired was the fact that applicants for loans or other banking facilities for that matter, have encountered rejection of their application if their names appear on CTOS’s database of those with previous legal proceedings commenced against them.
The argument that having their names “blacklisted” by CTOS and therefore resulted in their application for credit facilities being rejected is obviously unsustainable because at the end of the day, it is the sole discretion of the financial provider to assess the whole set of documents and information before it. The information as provided by CTOS is only one amongst other documents - the others may include salary slips, EA Forms, Income Tax returns, evidence of deposits and other financial liabilities. If at all the financial provider decides to turn down a loan application solely on the premise that the applicant has a previous record captured by CTOS with clear disregard of the other evidence of credit worthiness, do you blame the inflexibility of the banking officer or CTOS?
In any event, financial institutions, being a commercial concern with the aim to maximise profits, cannot be bound to issue loans if they decide not to. That, is the reality which we ought to face.