Need info: auction by bank to recover the amount

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Deal Cadet
the_dev
I have few queries regarding auction items(properties, bike, car, etc). If anyone knows about it please share your experience.

  • How to know about it?
  • Is it worth it to take items in auctions?
  • Can we purchase an item via loan or can it only be purchased via cash only?
  • Can we check the item before bidding/auction?
  • As bank is doing the auction that means, there will be no legal issues in item?
  • Any other things which I didn't mention here.
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Deal Cadet Deal Cadet
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  • How to know about it? - newspaper or online portals who list this info.
  • Is it worth it to take items in auctions? - sometimes yes.
  • Can we purchase an item via loan or can it only be purchased via cash only? you can get loan for 75% balance on home during 45 day repayment period after winning auction. others you can get personal loan or arrange funds.
  • Can we check the item before bidding/auction? home yes.
  • As bank is doing the auction that means, there will be no legal issues in item? cannot say. you have to make a due diligence.
  • Any other things which I didn't mention here. make a valuation before. do not overbid. you have to pay 15% balance in 24 hours if you win auction else your initial deposit of 10% will be forfeited. you should have 25-35% funds ready before going to any auction. for remaining funds you will get 45 days time.
Deal Subedar Deal Subedar
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@pentiumd

any online portals you know of regarding these auction info??

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