Get the Best of the Online Property Auction
Nov 05, 2019 Home Trading Steps
Choosing the right property to invest in real estate is not easy. It requires careful consideration of various factors that involves homebuying. From price, amenities, location, etc., everything needs to fit your requirement making sure the seller is genuine.
There’s a new trend among the home buyers. They are interested in the properties that are auctioned by the banks. The properties auctioned by the banks are auctioned at attractive prices and the buyers are curious to know how lucrative the deal can be.
Online property websites have made it possible to sell the properties online and the home buyer can bid from anywhere the world. Many banks partner with these online portals to make the entire buying and selling more transparent, easy and hassle-free.
Indian Overseas Bank (IOB) is gearing up to auction around 500 properties on the online portal, Magicbricks. The estimate of the auction is around Rs 800 crore and it will be carried out in two phases. The first phase of the auction is supposed to commence on Oct 21st and the second on Oct 30th. The properties are located in Bengaluru, Delhi, Mumbai, Chennai Hyderabad, etc. This calls for the potential home buyers to make the most of the auction this festive season.
There are many benefits of buying the property through an online auction. One can buy the property that would have been otherwise impossible to buy. All the details regarding the property are available on the website and the buyer can make the decision based on the detailed information.
If the original buyer fails to repay the bank the money they owe, then the banks take over the property and try to auction it to recover the losses. If the property is auctioned within three years of buying then the original home buyer is allowed to enjoy the profits it makes.
The banks seize the mortgaged property if the repayments are not done on time. The banks are authorized to do this under the Securitization and Reconstruction of Financial Assets and enforcement of security interest, to protect their interest.
Benefits of buying property in e-auction:
There’s a new trend among the home buyers. They are interested in the properties that are auctioned by the banks. The properties auctioned by the banks are auctioned at attractive prices and the buyers are curious to know how lucrative the deal can be.
Online property websites have made it possible to sell the properties online and the home buyer can bid from anywhere the world. Many banks partner with these online portals to make the entire buying and selling more transparent, easy and hassle-free.
Indian Overseas Bank (IOB) is gearing up to auction around 500 properties on the online portal, Magicbricks. The estimate of the auction is around Rs 800 crore and it will be carried out in two phases. The first phase of the auction is supposed to commence on Oct 21st and the second on Oct 30th. The properties are located in Bengaluru, Delhi, Mumbai, Chennai Hyderabad, etc. This calls for the potential home buyers to make the most of the auction this festive season.
There are many benefits of buying the property through an online auction. One can buy the property that would have been otherwise impossible to buy. All the details regarding the property are available on the website and the buyer can make the decision based on the detailed information.
If the original buyer fails to repay the bank the money they owe, then the banks take over the property and try to auction it to recover the losses. If the property is auctioned within three years of buying then the original home buyer is allowed to enjoy the profits it makes.
The banks seize the mortgaged property if the repayments are not done on time. The banks are authorized to do this under the Securitization and Reconstruction of Financial Assets and enforcement of security interest, to protect their interest.
Benefits of buying property in e-auction:
- The properties in e-auction are available at a low price as compared to the market value.
- Buying the property int eh prime location is possible under e-auction which would have been otherwise impossible.
- Less due diligence on the property as the bank has already all the information and background check done.
- Any dispute arising due to e-selling is also taken care of by the bank as they are the ones auctioning it.
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