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- I am also interested in discussing this topic, following the foreclosure india website for quite some time and found few deals really attractive.CommentQuote0Flag
- Originally Posted by nkg_8I am also interested in discussing this topic, following the foreclosure india website for quite some time and found few deals really attractive.
- Infact it a good idea/ quite safe to buy property which are on foreclosure.com. As the papers are with the bank and most likely the bank has done due deligence prior giving out the loan and you get the property much cheaper than the market price as the bank wants to dispose off the property to get back their loand and interest component.
You need to go to the concerned bank and talk to the concerned person/ manager. They will set a minimum price and u need to put in a bid as per bank norms. My suggestion is to bid abt Rs 5000 above the min bid price. If you are suscessful you need to pay 25% of the amount within a few days. Take the copy of the property papers to a lawyer, get it verified and the pay the remaining 75% on the day of registration. Bank will do all the necessary paperwork for registration. I hope the above helps.CommentQuote0Flag