Please read the following details about the bank Auction property
We are glad to introduce ourselves as Chennai Bank Auction dealing with Bank Foreclosure Property since 2010. We thoroughly satisfy our customers by giving them an opportunity to buy properties at 20 -40% less than that of the market price. Banks keep coming up with property auctions to recover loan dues when borrowers default. Th
e Bank will commit for sale of the property of the Default Borrowers as per provision of SARFAESI ACT 2002 (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002), DRT (Debts Recovery Tribunal) and NCLT (National Company Law Tribunal), ARC (Asset Reconstruction Company)
The Bank will set a base price or reserve price for a particular property based on the valuation report. The bank will fix a day for auction and 10% of the EMD amount(earnest money deposit)has to be paid as Demand Draft or RTGS prior to the day of the auction in order to participate in the auction. If you win the auction by bidding the highest price then you have to pay 15 percent of the sale amount which should be paid as a Demand draft or RTGS to confirm your sale order. The balance amount should be paid within 15 days to 1 month. Simply pay 25 % of the property value on the day of auction. The remaining 75% amount should be paid within 15 days to 1 month. Further the Bank will give you all the documents such as Sales Certificate, Original Sale Deed and the Parent document of the property after you pay the remaining 75% of the payment. We also arrange 90% loan for properties less than 30 lakhs(if possession is vacant). For properties above 30 lakhs, 75% of the loan amount can be arranged.(if possession is vacant)
Some properties are occupied by the Borrower or Tenant/Lease party. In such cases, Our Company together with the bank gets a court order to evict the party. It usually takes 2 to 4 months for this entire process of eviction. Advantages:
1.PRICE ADVANTAGE: Approximately 15 – 40 % cheaper than the market price.
2.LEGALLY SAFE: Since Banks / Financial Institutions have given loans after verification of all the legal aspects only, these are 100 % legally safe.
3.CREDIBILITY OF SELLER: You are buying from a Bank / Financial institution, which is authorized by Govt of India to sell such properties.
4.TIME FRAME: Entire transaction will be over in less than two months period. Ownership in one month.
5.TRANSPARENCY: 100 % transparent transaction.
6.PROBABILITY: 80% chances of winning in the Bank Auction. Our Services in the purchase of the property
We identify a suitable property as per the customer’s requirement. We arrange a site visit for our customers to inspect the property free of cost. Assist our customers to buy a property. Advice on steps involved in buying the bank foreclosure property. Our service starts right from site visit till the registration of the property and handing over the possession to our customer. Our Charges:
Chennai Asset Recovery p.ltd is an Authorized Recovery and Enforcement agent in all the major banks in Chennai. Buyers who are interested to buy the property should strictly sign in the MOU form (Memorandum Of Understanding) before the verification of documents in the particular Bank. We charge 2 % on the sale consideration (if applicable).plus possession eviction charges (if applicable) Out of which 1 % has to be paid by the customer at the time of Auction sale confirmed (if applicable). Balance 1 % has to be paid at the time of registration of the property(if applicable). Note:
Bank properties are 10-40% less than the market price. The price mentioned is not the final price. It can be increased during the auction. The payment is fully white and accountable. There is no black money transfer in bank auction properties. The bank is the only owner of the properties that have come to auction. All signatures in the sale certificate when you buy the property will be signed by the bank Authorities and not the borrower. The Borrower is no more the owner once the property is mortgaged. As per SARFAESI ACT 2002, the borrower’s sign in the sale certificate even as a witness is invalid. More Details pls visit My website
https://chennaibankauction.com
