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FAQ on Auction Properties

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Why do properties get auctioned?

 Properties can get auctioned for various reasons. The most common are,

  • The buyer of the property could not repay the home loan.

  • A loan was taken on the property for a business purpose and could not be paid back.
     

What are the advantages of buying an auctioned property?

The main advantage is the discount at which the properties are available compared to the market prices.
 

What are the risks involved with an auctioned property? 

When you look for an auctioned property, you need to ensure that, the bank has taken physical possession of the property. It's not easy to take possession of property where the bank only has a symbolic possession.

 

Also,

  • There may be dues that would have accumulated towards the Society, BESCOM, BBMP

  • There may be expenses to be incurred towards cleaning, plumbing, furnishing, etc.  
     

What is a 707North property survey report?

At 707North, we conduct a survey of the property, meet up with the bankers and apartment association members to assess the true value of the property. We only focus on properties that are value for money. 
 

What is the process for Bank Auctions?

Today, all bank auctions take place online. The bank decides the reserve price for the property and auction date and publishes an auction notice.


To acquire the property, we need to register online for the auction, deposit 10% of the reserve price as EMD and participate in the auction.
 

What are the services provided by 707North?

Our primary set of services include,

  • Ready to use Auction Property Survey Reports

  • Handhold you through the auction process

  • Provide assistance for home loans and property registration

 

We also provide additional services at cost for,

  • Repair and maintenance before you or your tenant can move in

  • Property Management Service if you have acquired the property for investment purposes 
     

What are the charges? 

  • By paying an annual subscription fee of Rs 10,000/- you have access to all our Survey Reports for one year

  • Once you are ready to acquire a property, we charge a flat fee of only Rs 50,000/- to help you with the auction process, home loan and registration
     

I am interested. How do I get started? 

  • Fill up the 707North Customer Form to help us understand your preferences

  • Buy our annual subscription of Rs 10,000/- to get started

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