how to buy Bank Foreclosure or auctioned property

[ramashome]

Hi All,

Good Evening

I wish to know about how to buy Bank Foreclosure in other words Bank Auctioned Property. Is there any website for participating in online auctions?

Even before the property goes to Auction is there any chance of buying that property from Bank that has been defaulted. Whom in the bank should I contact for this?

It's been hard to find a genuine house or plot in Bangalore. Atleast 90% of the properties that I have seen so far have title issues.

Thanks in advance,
Ram

[kbvs]

Hi Ram,
you may refer below two websites which provides all bank auctions (property)
http://foreclosureindia.com/
http://indiabankauction.com/

Am not very sure of buying property from Bank before it's on auction, cause banks have to legally auction the property and dispose it accordingly.
I had previously seen a lot of bank auction property and was looking forward to buy one however, was not successful getting one.
My suggestion would be to get the legal issues clarified with bank before you pick one, its so sad to see banks try to fool us with auction, i.e., auctioning the properties where the borrower/owner is still in possession and they call this "As is Where basis".
Better look for bank auction properties which are BDA/KHB or with some construction and off-course with POSSESSION.
Also, check with bank to arrange for loan, usually auctioning bank don't give loan on property (as its NPA) and we need to pay the entire amount within 15-30 days.
Hope this helps.

regards,
Karthick