Is it safe to buy houses sold by the banks through the auction

POSTED BY johnpal ON October 17, 2011 2:23 pm ONE COMMENT

Hi Manish,

I heard from one of my friend that, banks go for auction for the properties of the loan defaulters(discontinued), is it safe to buy houses sold by the banks through the auction.

Regards,
Pal

One reply on this article “Is it safe to buy houses sold by the banks through the auction”

  1. Kamaljit says:

    It is Not Good as Defaulter can Turn up in Future and can Claim the Ownership of Property Stating Bank Knowingly Defaulted or I was not In State to Repay but now i can Pay the Due So Please Return the Property. And Also the Agreement Happens with Bank at the Time of Registration and not the Owner. Hence Many Banks dont Fund Such Properties. So it may be Difficult to Buyer who can Buy the Property on Cash if you want to sle it in Future.

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