What is Bank Auction Property?
A bank auction property is a property that has been foreclosed by a bank due to the borrower’s inability to repay the loan. When a borrower defaults on their loan payments, the bank issues a public sale notice of the property of the Borrower, Co-applicant. Mortgager, Guarantor, and auctions it off to recover the outstanding debt. These properties are sold through an auction to the highest bidder, with the starting bid often being lower than the market value of the property. Buyers can often get a good deal on these properties, but they also need to be prepared for potential repairs or renovations and may need to pay in cash or have pre-approved financing in place. It’s important to thoroughly research and inspect the property before bidding at an auction.
We, Covai E-Auction Company hereby represent as Bank auction property agents help and assist the buyer or the bidder in several ways when it comes to buying a property through bank auctions. Here are a few ways we follow and support the buyer or the bidder for the successful completion of in participating the auction and purchasing the bid property.