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Is it advisable to buy forecloser properties auctioned by Banks for self use???

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  • Is it advisable to buy forecloser properties auctioned by Banks for self use???

    Dear Sirs,

    I have often seen banks are putting forfeit properties on auction on " As and where basis". I Generally observed that initial auction price is less that market prices so selected residential properties (flat/ Appt in particular) seems interesting to me. In enquired to few of the bank where they informed that in case auction is won by me then said property with all the rights on As & where basis will be sold to me and sale deed will be registered between bank and myself.

    I want all your expert advice/suggestion / clarity that:

    1. Whether it is advisable to go for such purchase of properly keeping in view that it is required for self use with ZERO legal hassle or any other problem in future.

    2. Since real owner of property is not directly involved in auction / sale deed, can the real owner of property raise any legal or other issue once I make all the payments, taken possession and started using this property.

    3. What precaution to be taken in case such option of purchase is opted to make the deal safe from legal perspectives.

    4. Will private banks and govt banks will be same from any legal angle for such proceedings or Govt bank will be safe and to be preferred.

    Thnx in advance

  • #2
    Re: Is it advisable to buy forecloser properties auctioned by Banks for self use???

    I wish to inform you that when you buy you may check that property is clear in terms of possession, condition of property and description mentioned in notice. Court auction may transfer clear title to you as sale is under court order.

    AFF

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    • #3
      Re: Is it advisable to buy forecloser properties auctioned by Banks for self use???

      In an auction purchase the bank register the property to the buyer through a sale certificate and not through a sale deed. All auction purchases are not zero hassle free. It is advisable to obtain a no objection letter from the owner of the property to avoid future claims. It is good to consult a lawyer before finalizing the auction purchase.

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      • #4
        Re: Is it advisable to buy forecloser properties auctioned by Banks for self use???

        If you don't know what your are doing, don't do it.

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