FAQs

Frequently Asked Questions

What is a Bank Property Auction?
A Bank Property Auction is a Public Sale, where properties, typically those foreclosed by the Bank, are sold to the highest bidder to recover the Bank’s dues.
What is Foreclosure?
A Foreclosure is a legal process in which a lender takes possession of a property from the borrower who has failed to make mortgage payments.
How do I participate in a Bank Auction?
Participation in the Bank Auction includes the following steps:
1. Narrow down your property search through AuctionGenie.in, avail assistance if required.
2. After finalizing the property you want to purchase, proceed to e-auction website.
3. Register on the auction website and provide/submit the relevant documents as required.
4. Deposit EMD as per the Terms & Conditions.
5. Participate in the Bidding process on the Auction date.
Can I cancel my bid, once submitted?
No. Bid once submitted cannot be cancelled.
What are the documents required to participate in a Bank Auction?
KYC (Photograph, Pan, Adhaar, GST etc) as prescribed in the auction site. Cancelled Cheque for Bank details. Other documents as prescribed by the auction provider or financial institution.
How should I prepare for the Bank Property Auction?
Search the property on AuctionGenie.in website and then research, inspect if possible, verify the title and possession, arrange your finances, set the maximum budget for bidding (this is very important). Market analysis should be done before participating in the Bidding Process.
What happens if I win the Bid?
If you emerge as a successful highest bidder, you must typically provide some additional deposit apart from EMD and complete the purchase within the specified timeframe. Failure to comply may result in forfeiture of your EMD.
Can I inspect the properties before the Auction?
Inspection policies may vary from lender to lender. Some allow open houses or scheduled viewing inspections, while others sell properties on ‘as is where is’ and ‘whatever there is’ basis.

Frequently Asked Questions

What is a Bank Property Auction?

A Bank Property Auction is a Public Sale, where properties, typically those foreclosed by the Bank, are sold to the highest bidder to recover the Bank’s dues.

What is Foreclosure?

A Foreclosure is a legal process in which a lender takes possession of a property from the borrower who has failed to make mortgage payments.

How do I participate in a Bank Auction?

Participation in the Bank Auction includes the following steps:

1. Narrow down your property search through AuctionGenie.in, avail assistance if required.

2. After finalizing the property you want to purchase, proceed to e-auction website.

3. Register on the auction website and provide/submit the relevant documents as required.

4. Deposit EMD as per the Terms & Conditions.

5. Participate in the Bidding process on the Auction date.

Can I cancel my bid, once submitted?

No. Bid once submitted cannot be cancelled.

What are the documents required to participate in a Bank Auction?

KYC (Photograph, Pan, Adhaar, GST etc) as prescribed in the auction site. Cancelled Cheque for Bank details. Other documents as prescribed by the auction provider or financial institution.

How should I prepare for the Bank Property Auction?

Search the property on AuctionGenie.in website and then research, inspect if possible, verify the title and possession, arrange your finances, set the maximum budget for bidding (this is very important). Market analysis should be done before participating in the Bidding Process.

What happens if I win the Bid?

If you emerge as a successful highest bidder, you must typically provide some additional deposit apart from EMD and complete the purchase within the specified timeframe. Failure to comply may result in forfeiture of your EMD.

Can I inspect the properties before the Auction?

Inspection policies may vary from lender to lender. Some allow open houses or scheduled viewing inspections, while others sell properties on ‘as is where is’ and ‘whatever there is’ basis.