BANK AUCTION PROPERTIES


There is an opportunity to buy properties, attached/seized by the Banks and are being e-auctioned or auctioned by the Banks.

Buyers are required to obtain diligent title or opinion on the properties, check with the chartered engineers about the quality and above all, check the compliance to the prevailing laws.

Bank Sanction of loans or approval or properties attached may or may not have good titles and irregularities are noticed in innumerable cases.

The buyers MUST NOT BE UNDER THE OPINION OR FEELING OR CONCEPT that the bank attached and auctioned properties have good title and compliance, therefore, it is strongly advised to obtain the legal opinion.

BANK ATTACHED OR AUCTION PROPERTIES – WATCH OUT – BEWARE


There are innumerable advertisements in newspapers and on the internet regarding the attachment or taking over the possession of the properties, who have defaulted the repayments by financial institutions/banks and such properties are being auctioned by the financial institutions and the banks.

Some very interesting facts:

a. The deliberate default of the loan repayment – title defect?

YES.

Of late, there are too many properties being auctioned by the financial institutions.

Buyers or the Bidders are WARNED to conduct a thorough and diligent enquiry into the property titles and other related issues, before appearing or even thinking of bidding for auction.

There are agents/managers/banks- who market or sell this type of properties stating that the titles of the properties are VERY GOOD, as it had been attached or seized by the Banks.