http://www.livemint.com/Money/pnWcKvXFnZEuyRdnO4p1mK/Canara-Bank-goes-the-eauction-way.html
BankAuctions.in and Foreclosureindia.com
Missing stuff:
Check these sites - seem much better:
Some additional sites:
State bank assets: http://tenders.gov.in/department.asp?id=1577
Relevant Articles:
An example:
BankAuctions.in and Foreclosureindia.com
Missing stuff:
- Search for properties does not have a sort order.
- Search shows properties whose auction dates are in the past. There is no provision to filter them out nor sort by date
- Searches involving a combination of two or more filters usually gives wrong results.
- There is no export option for search results.
- For auctioned properties there is no winning bid price.
Check these sites - seem much better:
- https://www.bankeauctions.com/ (the column headings can be clicked to sort),
- https://www.auctiontiger.net/EPROC/,
- http://www.arcil.co.in/auction/auctions_details.php?id=81
- http://sbigroupauctions.magicbricks.com/mangalore.html
Some additional sites:
State bank assets: http://tenders.gov.in/department.asp?id=1577
Relevant Articles:
- http://www.nitinbhatia.in/real-estate/bank-auction-process/
- http://articles.economictimes.indiatimes.com/2013-02-02/news/36703857_1_reserve-price-
- online-auctions-property
- http://foreclosureindia.com/articles/procedure-of-sale-of-property-through-auction-4.html
- https://www.commonfloor.com/guide/how-to-buy-property-through-bank-auctions-23776.html
- https://bankauctions.in/faq/
- https://bankauctions.in/advanced-search/?meta_listing_id=&meta_institution=0&meta_city=0&wpas_id=my-home-page-form&wpas_submit=1#results
- https://eauction.npasource.com/ (see also http://npasource.com/investorservice.aspx)
- http://www.legallyindia.com/forum/legal-issues-talk-and-help/need-advice-on-buying-bank-auctioned-properties: Sunny Sharma's reply
- http://economictimes.indiatimes.com/markets/real-estate/realty-trends/buying-house-in-a-bank-auction-take-care-of-additional-costs/articleshow/19526203.cms: Reserve price = Outstanding debt of original buyer
- https://foreclosureindia.com/blog/category/updates/: Procedure
- http://m.firstpost.com/business/economy/how-to-prevent-a-nightmare-with-bank-auctioned-homes-512326.html: Issues with auctions
An example:
How to use: Go to bankauctions.in and click "Search upcoming auctions". Choose from and to dates, leave city blank..
1 hectare = 10000 sqm = 100 are..
1 are= 100 sq m = 1000sq ft
Questions to be answered:
1. How does one see a live auction without participating?
2. Usually what is the final amount as a % of reserve price. Marginally above is my guess meaning there is very little competitive bidding.
4. Can all payments be made online? I guess yes.
5. Is the title clear? The site says "its as is where is" and also that banks have verified title. Why cant the seller (bank) ensure EC or title is pakka at the time of auction? There may be issues of non payment of bills or society dues or a tenant who may not be willing to leave.
6, What is the difference between foreclosure and bankauction sites?
7. Why doesn't the filter work correctly in foreclosure site? Matter of fact doesn't seem to work correctly in most of the related sites.
Answered questions:
3. If I lose the bid, when will the amount be credited bank to me? Yes as per para "Refund Details" in https://bankauctions.in/beginners-guide/
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