Hi, if you are trying to know whether there are any problems in buying bank auction property or not, I can help you with that. A few months back, I bought a bank auction property, and here are the problems that you can face.
Bank auction properties are sold “as-is.” This means that the bank does not do any sort of repairs or improvements, and this could lead to repairs, which could cost you a lot.
The property could also come with litigations, and if you are purchasing the property you will inherit those as well. This could lead to legal battles.
If there are unpaid dues such as property taxes, maintenance fees, etc., then you, the new owner, have to pay those.
When I bought my property from a bank auction, I didn’t face these issues as I opted for
NoBroker’s Due Diligence service. Through this service, an lawyer inspected the property to make sure there are no outstanding legal issues.
Hope this helps.
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Are there any problems in buying bank auction property?
UshaMohan
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1 Year
2024-09-06T12:33:40+00:00 2024-09-10T09:17:19+00:00Comment
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