Tips to buy stressed properties
Assess the property and take a timely decision
Banks and institutions publish the properties with “As-Is” and “Where-Is” clauses. The good thing is that the property exists in that shape and form and is ready to possess.
At the same time, it is important to see the location, size of the property, possession status, and status of the title, among other things. Since there is limited time before the application deadline, we offer you a visit report for your preliminary assessment.
Read the Notice
All the terms and conditions of the property are listed in the notice. The key terms, including pricing, dates, possession status, and auction process are important. Most importantly, the authorized officer’s contact details are mentioned in the notice.
Submit offers early
Banks and institutions accept offers before the application deadline, so don’t wait. By submitting an offer you are committing to purchase this property if your offer is accepted. If you are not either the sole bidder or the highest bidder, you will receive the refund directly from the respective institution.
Gather entire capital requirement
The end-to-end purchase transaction can be completed in 4 to 6 weeks. There are no loans available for auction properties till the sale certificate is issued, which means 100% of the deal value has to be arranged in advance. So gather your entire capital.
Stay active
New properties are added to the marketplace every day, so register on Hecta.co and keep checking the marketplace for your next opportunity.
Guide to buy stressed properties Download Guide