Advantages of buying property through bank auctions

by Paul Joseph on February 3, 2013 · 0 comments

HYDERABAD: Under The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act ( SARFAESI Act), lenders like banks and financial institutions are empowered to recover mortgaged properties, without intervention of court, in case of default by the borrower. The properties so recovered are subsequently sold by the bank through Auction to recover their dues. The excess of sales proceeds, if any, are handed over to the defaulter (original property owner). How it works An auction is one of the common methods adopted by banks to dispose-off such properties. The bank will appoint an authorised officer to conduct the auction. A public notice of auction will be given

[via India Properties – Real Estate India – Indian Property News Site]

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