Auction properties are priced attractively, but the fine print decides whether it is truly a good deal. Here are five checks every serious bidder should complete before bidding.
1. Title and encumbrance: read the auction notice and the legal description. Check the encumbrance certificate for existing claims.
2. Pending dues: society maintenance, property tax and utility bills can add up quickly. Budget for them.
3. Possession status: confirm whether possession is physical or symbolic, and who currently occupies the property.
4. Inspection window: most auctions allow a physical inspection. Never skip it.
5. Reserve price versus market value: compare with nearby transactions so you do not overpay.
Ten minutes of due diligence can save you months of regret later.
Property Auction