In Malaysia, most of the auction property are known as distressed properties i.e. property that owners had default the loan repayment.
If an owner owed the banks a certain month of installment, the bank will normally issue them a notice to pay and if owner still do not pay then the bank will proceed with the foreclosure (auction).
Unlike other developed countries such as Australia, United Kingdom, Scotland and etc. auction property does not only falls under distress property but also is a channel of marketing to sell their own property which is free from encumbrances (means selling with clearing all charges with banks or any financial institution) to gain a better price and also to sell faster rather than agency sale.
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