This is my first hand experience,

Saw an ad about a foreclosed property in chennai advertised by the owner who lost the property to bank. The bank has the keys for the property. He wants to sell the property for say 50L , to remind you he cannot show the house as he has no keys. when approached the bank, the officials are saying they expect it to sell for 60L. they are not interested in showing the house. They have been saying that the ad for auction will come in this paper, that paper etc, but it never came.

The owner and second level bank officials are pointing hands at a group of buyers , who bribe the people and get the property for cheap rate in a cooked up auction. The bank and the property owner are cheated. while the officials and the goons make their money.

The owner stands helpless as people won't trust him as the keys are with the bank. The bank officials don't even respond to his calls.

Has any one of you experienced this?

In particular, does any one of you have ever been to a bank forclosure auction?

For sure there are properties to be auctioned by banks, but they never come to public.

I welcome your comments and experiences on this.
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