Indian Foreclosures / Bank Auctions activity is transparent and emerging - Canara Bank's new Trend in resolving NPA's with Mega e auctions

Foreclosureindia.com is a market place for BankAuction properties in India since Nov 2009. It is the first of its kind internet portal that helps the buyers of property in getting the free access to all Auction property details / free foreclosure listings information of banks and financial institutions happening in and around 34 major cities of the country. End Quote

(1888PressRelease) November 17, 2015 - Foreclosureindia.com was established in 2009 and it is a market place for Foreclosure / Bank Auction listings in India and also providing e-Auction services to 18 Banks, i.e. Central Bank of India, UBI, OBC, Lakshmi Vilas Bank, State Bank of Hyderabad, IDBI Bank, Corporation Bank, IOB, Karnataka Bank, ING Vysya Bank, CUB, Religare ARC, IARC etc. for selling non-performing assets though BankAuctions.IN.

ADVANTAGES OF BUYING THESE PROPERTIES THROUGH BANK AUCTION ARE:
1.PRICE ADVANTAGE: At least 25% cheaper than market price.
2.LEGALLY SAFE: Since Banks / Financial Institutions have given loan after verification of all the legal aspects only, these are 95% legally safe.
3.CREDIBILITY OF SELLER: You are buying from a Bank / Financial institution, which is authorized by Govt. of India to sell such properties.
4.FIXED TIME FRAME: Entire transaction will be over in less than two months period.
5.TRANSPARENCY: 100 % transparent transaction. Any one can participate in e - auctions from anywhere in the world.
6.PROBABILITY: 90% chances of winning in the Bank Auction.

Buying properties in Bank Auctions is an intelligent financial decision. The following are the seven steps required to buy properties in Bank Auctions (https://bankauctions.in/) / Foreclosures (http://foreclosureindia.com/).
i. Read The Auction Notice Carefully,
ii. Verify Documents,
iii. Inspect property,
iv. Make Finances ready,
v. Submit tender,
vi. Participate in Auction,
vii. Get Sale certificate.

1. Read The Auction Notice / Sale Notice Carefully: Advised to take a printout of Auction notice and read the details mentioned in the advertisement carefully and note down the important aspects like contact details, inspection date, reserve price, earnest money deposit ( EMD), cost of auction forms, tender submission time & date, auction date & time and finally e-auction website details.

2. Documents Verification: Enquire with the bank / financial institution about further information of the property. Visit the Bank and see all the documents such as registration documents of the present borrower, link documents, latest encumbrance certificate pertains to the property, approved layout for plot by the competent authority, approved plan for flats / houses by competent authority etc. If required, consult with a solicitor / advocate before the auction. Once this aspect is clear, you can proceed further.

3. Inspection of the Property: Visit the site of the property as per inspection schedule given in Sale notice. Consult people around the property to know the price prevailing in that area. While inspecting the property observe the present physical condition of the property, enquire about the pending property taxes, electricity dues, welfare associations maintenance dues. The property comes as is, as such any pending dues should be added to your consideration price before quoting.

4. Get your Finances Right: Please make sure that you are prepared for the price to be paid for the property. If you have ready cash, you can clinch the deal faster and possess the property fast. If you are thinking of availing a Bank Loan, you may approach some bank for sanction of pre-approval loan to complete the transaction in the specified time frame very smoothly.

Media Contact
Yerneni Bhargav
08142000062
info ( @ ) foreclosureindia dot com

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