Where to find auction properties?

If you are planning to buy a property, then let me tell you that there are alternative ways to purchase besides working with brokers and searching for real estate listings. You can buy a property at auction as well. However, if you find yourself in a dilemma when it comes to finding and searching for properties that are auctioned by banks. To make it easy for you, I will tell you where to find auction properties.

One can know about auction properties from:

• Newspaper ads by the banks

• Visiting the official websites of the banks

• Notices posted on the distressed properties by banks

• You can also visit the official website of IBAPI (Indian Banks Auctions Mortgaged Properties Information)

This online portal offers a common platform to provide details of mortgaged properties to be auctioned online by Banks. You can use this portal to find and view details of properties and participate in the auction process.

Now you know how to find auction properties.

• Research about the location and market price

• Make a thorough inspection of the property

• Make sure the bank has physical possession as it’ll help reduce your risk

• Keep the amount ready for the property to avoid delay

• Keep some extra money for registration

• If the mortgage documents or/and mortgagor's title are defective, the same won’t transfer any better title in the auction.

• Encumbrances like litigations, leases, and other possessory encumbrances.

• Statutory dues, municipal dues, electricity bills, and other taxes attached to the property.

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Now you know where to find auction properties.