Guide To Buying A Property Under Auction.

Guide To Buying A Property Under Auction.

Guide To Buying A Property Under Auction.


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The buying and selling of a property have already been major thing in business. The business procedures are complex nowadays. Auctions are conducted for selling a property in open. The buyers keep their bid. The one who makes a highest bid, takes away the property. The process is simple. The buyers have to register themselves for the auction. The auction takes place for a particular property in reference with a particular bank asset. The asset to be sold is surveyed properly and added to the auction listing. The minimum price for the property is decided by the sellers. The bidding starts from that price and ahead. The hammer hits the highest bid and the buyer has to sign the contract there and then. There is not a single buyer. For an auction to be conducted there must be minimum two buyers to bid for the property. A single buyer cannot compete for the bidding with himself. The rules and regulations are followed in this procedure. The buyer must be present for the bidding. The rules are decided by the bank officials. The contract to be signed between the buyer and the seller, i.e. bank is done after the final bid which is the highest bid is hammered. The buyer has to pay the sum of amount as a security deposit after the auction and complete the total payment as per mentioned in the contract. There is must of intermediate surveyor to know about the property. Without knowing about the property one should never indulge in the auction, it may be a waste of time though. The auctions are conducted after a proper registration of the buyers. To take part in the auction, the buyer must pay 10% of the amount for registration. After the auction is conducted the one who has highest bid in the auction has to pay about 15% amount, so 25 % amount is payed. The remaining amount is to be payed in a proper lapse of time as per mentioned in the contract. The amount of money to be paid for registration may vary from bank to bank. The buyers are notified about the auction by different types of the advertisement, Newspaper are the biggest source of advertisement for the auction. An article is given in the newspaper for notifying the buyers. The buyers interested in buying the property can reach to the respective banks. The total process is through bank. Nowadays the auctions are done by different ways. The digital India concept is nowadays a varying concept. It is increasing day by day. And even E-commerce is going on the top nowadays. So, Auctions are also now done this way. The auctions are now digitalized. It is called E-auction. In this type of auction, the buyers must not be present at a spot of auction. The buyers can do it from their respective places. This type of auctions also needs online registration. The registration process is done by the rules and regulations as per the bank terms. The world is getting compact, smaller and smaller day by day. The ways are innovated to do business and trading. The property to be sold is perfectly verified by the bank officials and their teams. Different types of department are assigned for different purposes in the bank. Particular department works on a particular assigned project. The auctions are similarly assigned to a different department. Any query regarding the papers and documents of a particular property can be resolved in a specific department. The buyers have to maintain code of conduct for the auctions. The disciplinary actions are to be maintained during the auction. There are chances of getting disqualified from the auctions if any illegal or wrong aspects are taken in to consideration by any buyer. The online auctions can be easily done. In online process, one has to keep the bid online and the highest bid is registered. The online process of payment is also considered along with the auction process. The bank officials are responsible for conduction of the auctions. If the auction is conducting by some seller, he must have a license for auctioning the property. There are fraud auctions too. There are many cases registered for fraud auctions. Thus, one must properly survey everything and then register themselves for the bidding. There are chances where one gets cheated in the auctions. So proper surveying is very important for the safety of ourselves. There are different laws regarding the auctions. Anyone disobeying the laws can be disqualified. Any property which has to be sold must be in clearance with respect to dues and loans then and only then auction can be conducted. Or to complete the dues of a property bank can sell the property by doing auctions. If the owner of the property claims to pay the due in a certain period of time with a legal notice just before the auction, the auction is nullified. The property thus must be clear of all the documentations and verification from the bank departments. The owner of the property which is auctioned have the right to stop the auction if he legally notices the bank about the dues to be paid, the auctions can be stopped. The registered fees are refunded if we are not the highest bidder. The money paid for registration is refunded back after a certain period of auction. The process of documentation is included in overall process. The property finally is named on the buyer who has given the highest bid.

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