Want to buy bank mortgage property
SAMIR MEHTA
(Querist) 23 June 2014
This query is : Resolved
From:
SAMIR MEHTA
JAMNAGAR-GUJARAT
Email: shreevardhmanagency@yahoo.co.in
Hello Dear
Lawyer Club Expert
I want to buy shop from co-operative bank lien mortgage property of borrower, In present Borrower's total due with interest in bank is higher than the shop's Market Value, because In past he took OD or CC by property mortgage & other security ( like goods stock etc) is also include in his security for OD-CC borrowing from Bank.
Now bank administrative director has say me that they want to do complete settlement borrower’s total due by sale his property.
Is it possible for bank to do settlement of total due of money with interest against shop, because total due is higher than property market value which they want to sale to me
Than what is the legal method & way for me to buy that property
I also want to know that Can a Co-operative Bank can legally sale me property directly by private treaty without public auction or tender
Please give me short detail of all legal steps starts to end for buy this property, so it can not generate any legal problem for me in future
Please give me reply as soon as possible so i can take the decision to buy that property
Thanks
Yours Faithfully,
S. B. Mehta
ajay sethi
(Expert) 23 June 2014
1) it is better for bank to sell property by public auction so that best possible price can be realised .
2) valuation is done of the property . based on valuation reserve price is fixed and property sold to highest bidder
3) the bank can also sell property by pvt treaty . the price at which property is sold should not be below the price fixed by valuer
Sankaranarayanan
(Expert) 23 June 2014
yes you participate in the auction and try to buy it.
Rajendra K Goyal
(Expert) 23 June 2014
The borrower can give the proposal to the Bank about depositing sale proceeds in Bank as full and final settlement and if Bank agrees in writing, you may enter an agreement with the seller / borrower with the help of your lawyer.
