The first Question all of you ask yourself after visiting our site foreclosureindia.com is -
How do i participate in an auction?
So here is the Step by Step process of how the auction is conducted and what you have to do to participate in it:
Step 1 : Read The Notification all the info you need, all the dates,times and prices are given in it.
Note down the following : Reserve Price, EMD, Date of Inspection, Date,Time & Place of Auction,
Time and Place where you can collect the Tender form and Last Date of Submission of Tender.
Step 2 : Collect the tender form at the given place and time.
Step 3 : Take a DD equivalent to the EMD. (EMD 10%* of Reserve Price)
Step 4 : Submit DD along with Filled in Tender Form before the Due Date/Time along with any ID proof they asked for (PAN Card/Address Proof/Voter ID etc...)
You are now qualified to participate in the Auction.
Step 5 : The Authorized Officer will start the bidding process at the reserve price at the given time.
Step 6 : State your bid and raise it as you deem necessary.
Step 7 : If you are the highest bidder.
Congrats You have now taken the first step in making The property yours.
If you are not the highest bidder NO PROBLEM your DD will be returned to you.
Step 8 : Deposit 25%* of the bid amount (Inclusive of the EMD) at the bank on the same day.
Step 9 : Deposit the remaining amount within 30* days of the auction
You have now succesfully bought the Property via Bank Auction.
Step 10 : Register the property under you name.
If you are the highest bidder and you do not follow steps 8 & 9 then you deposited Amount/DD will be forfeited.
* - The figure may vary from Bank to Bank and Branch to Branch. So check the Notification for exact Info.
EMD may be 10-25% of reserve price
The Amount to be deposited by the highest bidder may vary from 15-30%
Time to deposit the remaining amount may vary from 15-45 Days. Time may be extended by agreement by the Manager/Authorized Officer.
Next : How to read The Notification.