Hi Rushi

I share your concern as much. I met a company on Sunday and they mentioned same terms yet claiming completely genuine. This is the first time for me, so its difficult to ascertain anything. Were you able to find anything more and help me with your research

Thank you

Hi Rushi

I share your concern as much. I met a company on Sunday and they mentioned same terms yet claiming completely genuine. This is the first time for me, so its difficult to ascertain anything. Were you able to find anything more and help me with your research

Thank you

well, the formality does take time. you should check the bank papers before buying the auction flat. in case of qquery, contact me on (adv.mayur[at-the-rate-of]gmail[dot]com)

hi rushi

sunny sharma here from delhi i worked as head of loan division n now running my own company. If you wan buy bank auction property then i m telling you the genuine procedure. first of all check the RECOVERY CERTIFICATE of that property which is issued by the presiding officer of DRT( debt recovery tribunal) to the recovery officer of the jurisdiction of the property with concerened bank. you have to fill the bidding form one day before the auction date till 5p.m.you have to pay 10% of reserved price of property reserved by the concerned bank.then you will be eligible for bid . if you got success for that property on auction day then you ‘ve to pay 25 % immediate same day and rest 75% within 15 days in white.then after some formalities the authorised person of bank will go along with you to the registrar office to transfer the property in your name and he will also bound to give you the original title deed of previous owner. make sure before this the bank had verified the property before giving loan by your own sources.b’cose some instances happened many times before.you can also get the undertaking from bank where bank will be bound to pay huge penality if you dont get possession or the previous owner challange bank for wrong proceedings. If previous owner wins the you have to vacate the property n get your money back from bank with very difficulty…sunny (sharma…housingfinance98[at-the-rate-of]yahoo[dot]com)

Dear Rushi

I also wanted to buy an auction flat. However I could not still make out whether there will be any problem later, like, the distressed owner may or may not file a case against me and get it back, if the bank did not follow proper procedure and so on. I asked a good lawyer in my area, but they typically deal with well known things like registration of house etc., and they hardly come across such unusual matters like auction property. So I could not get a satisfactory answer. If u r interested, then we can do a joint research and get benefited. So far ur case is concerned, please check whether the company byes the property first through auction and then sells it to u or does it allows u to directly participate in the auction, then things can be clear. Generally it does not take 2 months to get the registration done.

TB Pal

(tbpal[at-the-rate-of]rediffmail[dot]com,) 9869808994(after 9pm please).

Please give ur contact details.

Hi Sunny

I wanted to buy an auction property because in some cases, the reserved price in less than 1/3 of the market price. Very tempting. But how do I know that the bank has followed the proper procedure before the auction? How do I know that all the papers of the property is all right, because the papers are with the bank and I cannot get a copy beforehand to be checked by a lawyer? How do I know that there is no litigation?

TB Pal

(tbpal[at-the-rate-of]rediffmail[dot]com,) 9869808994 (after 9pm)

Please give ur contact no.

TB Pal, Mumbai

Hi Rushi,

Can you advice, i have also heard the same offer from one of the consultant.

Would you recommend , basis your experiance

Thanks

what are the basic formalities involved in participating in an auction or getting an auctioned flat please call me on 98203 55688 or email at (salim6776[at-the-rate-of]yahoo[dot]co.in)

Hi,

I found your site when searching for advice on bank foreclosed properties. Thankfully I found this link … It answers Rushi’s question and I hope Rushi didn’t lose any money on investing in a flat of the kind he mentioned. I’m pasting this link so that other’s don’t get conned.

http://www.consumerforums.in/they-use-our-money

Take care

Just in case you are still looking for info. Pl read the following page:

http://www.consumerforums.in/they-use-our-money

give me your email id

Hi ,

Have bought a prop in Goregaon last year Mar’12 . Had paid 25% to bank withing stipulated time and had transferred other 75% with 15 day of sale got confirmed to me. The defaulter had filed and application in DART & DRT against the auction process and got an stay order. On that basis , bank had returned 75% amount on the same day back to my account. Now this case is court for a year now. I have kept 75% money blocked and I am loosing interest since 75% money is not utilized/invested , since court will give their decision anytime and then have to pay this 75% money to bank.

1.] Can I ask bank to pay interest for the money ( 15%) that has been deposited to bank for 1 year ?

2.] In case court’s decision is not in Bank’s favor , can I claim notional loss ( ex. A prop in 2012 was of 25L but now it is for 30L in 2013) , because of not buying property ?

3.] Shall I ask bank to return my money (15%) back with interest, if there is more delay in this case ?

Please reply on this thread.

Ppls, who wants to know the process can reach me. ( i am not agent , am was one of the bidder and won the bid. )

Amit Saxena , (amitatmca[at-the-rate-of]gmail[dot]com) , 9930907110.

Dear All

Don’t be fool by such type of offers. No Broker never involves in BANK’s auction, whether it is DRT auction ot SARFAESI Auction. I am a Banking lawyer and sold almost 1400 properties through auction/sale.

For details please contact 09414062147

Hi,

There is a flat for auction by one of the leading MNC banks but the defaukter has sent a letter to this bank claiming that there is a high court stay and bank is not suthorised to sell. …also the defaulter is condifent that whoever buys the property in auction…will be in a mess as there is high court stay order because of arbitration processings between business partners of this property…this property is owned by a company.

urgent pls.

what are your consulting charges if i need advice

Hello Rishi,

This is right process to buy the bank properties

hi sunny please give me your contact number i have some doubts to clarify the auction property

Thanks and regards

Srinivas

8341478024

hi,

I am in touch with a legal consultancy for buying an auction property in mira road .Need your advise and also wanted to check if you can be my legal advisor on this .

Please call

Regards

Preeti Gupta

9867082363

Dear friends

First of all DO NOT GO THROUGH ANY AGENT. Probably all of them are fraud stars. They will take money and simply vanish. It happened to my friend. There are agents who will inform u about auction property and charge u only after the deal is sealed, they are probably a bit genuine ones.

Auction properties are advertised on news paper by banks. They do not go through any agent what soever. I inquired it from all renowned banks. If the agent is asking 20% in advance before even letting u to see the papers, it is 100% sure it is a fraudulent agent.

Banks will let u see the papers and property urself, only difficulty is they will not give any copy of it officially. Some banks will allow u to take pics of the papers in ur mobile. Banks do not take any money before hand. If u want to take part in the auction, deposit the prescribed amount (small amount) to the bank after filling up the auction form from the bank itself. This money will be returned to u if u don’t win the auction.

Once I went to an auction “agent” in CBD Belapur. I asked the most basic question: “Mr. Agent, I don’t mind how much money u r making out of this deal, but first show me some evidence that the property that u are showing is really under auction.” He simply backed off after some fooling around. I immediately realised that he was a fraud star.

No bank gives loan on auction property even on provisional basis. Not even on its own auction property. That speaks about the amount of risks involved on auction property.

U never know what litigation are lingering with the property and its very difficult to find out because there is no centralized/computerized database in India. A large proportion of properties on auction went into the ordeal because of litigation itself on the first place. U will always miss something and repent for the rest of ur life.

If u still decide to buy an auction property DO NOT GO THROUGH ANY AGENT AT ALL.

Dear friends

First of all DO NOT GO THROUGH ANY AGENT. Probably all of them are fraud stars. They will take money and simply vanish. It happened to my friend. There are agents who will inform u about auction property and charge u only after the deal is sealed, they are probably a bit genuine ones.

Auction properties are advertised on news paper by banks. They do not go through any agent what soever. I inquired it from all renowned banks. If the agent is asking 20% in advance before even letting u to see the papers, it is 100% sure it is a fraudulent agent.

Banks will let u see the papers and property urself, only difficulty is they will not give any copy of it officially. Some banks will allow u to take pics of the papers in ur mobile. Banks do not take any money before hand. If u want to take part in the auction, deposit the prescribed amount (small amount) to the bank after filling up the auction form from the bank itself. This money will be returned to u if u don’t win the auction.

Once I went to an auction “agent” in CBD Belapur. I asked the most basic question: “Mr. Agent, I don’t mind how much money u r making out of this deal, but first show me some evidence that the property that u are showing is really under auction.” He simply backed off after some fooling around. I immediately realised that he was a fraud star.

No bank gives loan on auction property even on provisional basis. Not even on its own auction property. That speaks about the amount of risks involved on auction property.

U never know what litigation are lingering with the property and its very difficult to find out because there is no centralized/computerized database in India. A large proportion of properties on auction went into the ordeal because of litigation itself on the first place. U will always miss something and repent for the rest of ur life.

In some cases the defaulter sues the bank for not following a proper process, even if proper process is followed. The case goes on for years and the buyer is rendered bankrupt, because he cannot stay, rent or sell the property. and he has already paid a lot of money that too in cash, probably by taking loan at higher interest rate.

If u still decide to buy an auction property DO NOT GO THROUGH ANY AGENT AT ALL.

Yes even i am going through the same things actually its is cheaper then the market price and when you go to see the property is actually sealed.

They are asking for 10% in advance in which they say 1 lac will be given to the bank and in rest they will clear society due stamp duty registration etc.

I am very confused..what to do and more to it is they will arrange loan from DHFL for us…

Please help i am really confused..

if you go through net and put Priceless Properties..owned by Ms. Amruta Rajmane…

Please help…

My id is (mehra_sapna[at-the-rate-of]yahoo[dot]com)

Hi Guys,

Even I visited one agency this week for an auction property and they said the same thing 10% of the amount to be submitted first. After 45 days they will show the flat and if like we have to give the complete amount and if we dont like they will refund the amount.

To check the genuineness I visited the bank branch the next day. Bank officials said that the property is sealed but not kept for auction still now. Bank officials said auction property are always informed to public through advertisement in newspapers and agencies are not a part of it.

Hi

I have put my monies with them but last 3 month they are giving me some reasons that we are in process I don’t understand weather to trust thme or not

yes i also went to thane office name skyline for bank auction flat in kandivali,they also said yto me that they will give flat very low prize but pay some money befor by check of there name,then i went to bank hey said its seales but still owner paying some money for this flat,so thwy are not going to sail that flat,

i it means that agent are fraud,100%

plz tell us the name of dealers so will take more precautions

Priceless properties is a fraud. Ifyou have any contact details of Amjad or amruta, please give me. They took my money and are now missing

They are big cheaters they take away money and keeps on telling the silly reasons and doesnot show the property is there a way where in we can fight with them in a leagal way and can get my money back.

Hi fellas,

I too came across a property consultancies which are selling bank auctioned properties at relatively cheaper rate.When I inquired about the buying process,I too got typical answer as below.

First of all I will have to pay a booking amount about 30% of the cost of the flat in the name of consultancy. Then they will give me a document called Memorandum of understanding which will be a mutual agreement stating that the flat will be shown from inside to the buyer after four month the buyer has paid the booking amount & in case he does not like the flat the booking amount would be returned to him. Within next 2 months the buyer will have to pay remaining amount to the bank or home loan can be availed and then the property will be transferred on buyer’s name.

I am dealing with “MARATHA AUCTION HOMES PRIVATE LIMITED” firm, additional details can be found under URL-”http://www.companywiki.in/company/maratha-auction-homes-private-limited/u74900mh2013ptc250248”.

1) Has anyone dealt with above mentioned company then please confirm asap whether the deal was successful or you felt cheated.

2) Is the firm genuine or cheater company as this firm has many property listed in 99 acres site.

3) Should I ask for refund of 30% amount paid or wait for property to be handed over to me even after 4 months as court proceedings take time.

4) As far as now no reviews of this company.

Please help.

Dude that’s all fake.all bank properties come by auctioning.and u have to seat In a beating of auctioning.if n e types of such cases comes crosses u .dond b stupid to invest in such stupids crooks.for such details banks givers u all details.thanks.