Source: ET Wealth-10Jan 2011
Auction Facts
why?
Property cheaper by 15-20% than market price
How?
* Banks advertise in local dailies with property details, date and place of auction
* Bidders can visit the property
* Submit expression of interest by specified date
* Submit earnest money
* Attend the auction
* Banks also give home loans for auctioned property
Watch Out
* Bank may ask for part of reserve value immediately after the bid
* Buyer has to bear all outstanding dues on the property
Further,
1. Buyer should check important documents such as possession record in title before bidding. The title of the property can be verified at registry offices.
2. An investor should also verify municipal records to find out whether any tax is outstanding
3. An investor should check with the society for any outstanding maintenance or electricity dues.
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