Are bank-auctioned homes cheap?
Such properties are sold 15-20 per cent below the market price. Also, they are disposed of in the state they were taken over by the bank(s). Hence, you might need to bear additional costs. There are chances the house-owner could have dues on society, on house taxes, electricity bills, etc.
Does the bank provide this information at the auction?
It is not mandatory for banks to do so. If the bank is aware of unpaid dues, it may mention it at the time of auction. If it does not and unpaid dues are realised later, one cannot blame the bank. Hence, hire a lawyer to help with all the legal aspects of the transaction.
Such properties are sold 15-20 per cent below the market price. Also, they are disposed of in the state they were taken over by the bank(s). Hence, you might need to bear additional costs. There are chances the house-owner could have dues on society, on house taxes, electricity bills, etc.
Does the bank provide this information at the auction?
It is not mandatory for banks to do so. If the bank is aware of unpaid dues, it may mention it at the time of auction. If it does not and unpaid dues are realised later, one cannot blame the bank. Hence, hire a lawyer to help with all the legal aspects of the transaction.
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