How to Buy Bank Auction Property in Mumbai?

There are many ways for how to buy bank auction property in Mumbai. You can visit banks’ websites and look for auctioned properties; newspapers sometimes mention auction properties so go through it every day; consult with people regarding the same and if they have leads, they will mention it to you. My uncle, however, found the easiest way to find auction properties and that is via NoBroker. Let me tell you how it works.

Steps to Buy Bank Auction Property in Mumbai

The easiest way to find auction properties in Mumbai online is via NoBroker. It is a reliable real estate company established nearly a decade ago and is now providing auction property listings in several cities, including Mumbai. You just have to

• Visit

  NoBroker’s Auction Properties Listing in Mumbai

  portal

• Select location and possession time

• Enter your name and mobile number

• Tap on Search and surf through the options available

You will find an ample number of listings and if you like one, you can extract more information about it in seconds. My uncle purchased an auctioned property through them; hence, I can assure you that they provide verified and genuine auction property listings for purchase.

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Buying bank-auctioned properties is a good idea, as you can be sure that the property is free from any dispute and cheaper compared to similar properties. My friends had bought such a property in Mumbai and shared with me the entire process of how to buy bank auction property in Mumbai. It is a lengthy process but also worth investing time and money into. 

How to Buy Auction Property in Mumbai?

Buying an auctioned property in Mumbai or any other city is the same and requires a series of steps to be followed. Let me share the generic process here for your understanding:

• Find a Bank Auction Property:

Start looking for bank auction properties in Mumbai. Banks usually advertise these properties on their websites or in local newspapers. You can also approach banks directly to inquire about upcoming auctions.

• Check Property Details:

Once you get information about an auction property, do the preliminary research about it yourself. Try to find out the market value of similar properties, why they are put up for auction, and whether there is any dispute related to them or others.

• Inspect the Property: 

Before bidding, inspect the property yourself. This will help you assess its condition and determine its market value. You can also hire a professional inspector to ensure there are no hidden issues.

• Register for the Auction: 

Register for the auction according to the bank's guidelines. This involves providing personal information and paying a registration fee. You might also be required to submit the tender form so it's better that you visit the bank and clarify the formalities. 

• Bidding:

You will be required to submit the bidding form as well so be sure to ask about this process from the bank officials as well. 

• Auction date:

On auction day, visit the site/bank/venue to know whether you have won the bank auction or not. If you did, make sure you fill out all the forms, follow the formalities, pay the fee and proceed further. You might also need to pay 25% of the bid amount within a day so you better be prepared for it. 

• Sale certificate:

Once the remaining 75% of the payment is made, you will get the sale certificate from the bank.

Register the sale certificate in the sub-registrar’s office:

This is the final and most crucial step. Get your sale certificate registered in the sub-registrar’s office to be the legal owner of the property. Make sure the sale certificate gets signed by the authorised bank executive at the time of property registration.

I am sure this entire process has given you some idea of how to buy bank auction property in Mumbai. 

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