How to buy property at an auction
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Check the property documents thoroughly through a lawyer, if necessary.
A bank auctions a property 'as-is-where-is' which makes the buyer liable for any renovation cost or unpaid taxes on the property. Hence, a proper inspection is critical to assess the property's true value.
Buying a property at an auction is a relatively new concept in India and while it might seem to be a lucrative option, it requires the buyer to have really deep pockets to acquire one. Moreover, there are certain safeguards one needs to practice to enjoy the advantages that an auctioned property offers.
— The author is CEO, BankBazaar.com