Auction property
hiren
(Querist) 29 May 2013
This query is : Resolved
I am planning to buy a flat from bank auction.Bank has put an advertisement in paper for the flat.but bank is not in physical possession of the flat.they said they had applied for physical possession of flat to deputy magistrate and it will take time of 4-5 months.. So if i buy the flat from auction will i get the possession in maximum 4-5 months as said by the bank..Is this the correct way to get the physical possession by the bank..and suppose the original owner comes in this 4 months with money then what will be my stand in the whole deal and where would I stand..
Please Reply on hnsmail@gmail.com if possible
Anirudh
(Expert) 29 May 2013
If the original borrower comes with money before the bank obtains orders from the Magistrate and before the auction sale is confirmed, then the auction sale will not get confirmed, the money will be refunded to you by the bank.
Raj Kumar Makkad
(Expert) 29 May 2013
It is strongly advised not to purchase such property wherein uncertainty loom large.
