SARFAESI Act, Planning to purchase bank auction property
Hi, I am planning to purchase a bank auction property in next month or so and read a lot of forums about Do's and Don's and now understand the process relatively well however has 2 questions and appreciate advise on them
1. Many friends tell me that not to go to bank auction properties as after the sale the Borrower who defaulted on loan can get to the DRT and get you in long uncomfortable situation and if DRT cancels the sale for any reason after a few years then i will have to surrender the property. Even i have see a few cases where the borrower moved to court got the buyer into legal battle. My question is it true, how often does that happen and what's the LAW that secure the buyer.
2. is there any issue to buy th bank auction property with symbolic possession (not physical possession), though the bank says that they will get the possession very soon.
is there any documentation that i should ask bank for me to provide to avoid above scenarios.
I live in Chandigarh and would like to take professional consulting before i move for this auction.