Hello,
I am getting an auction property at very good rates probably around 30% even after repaying their dues towards society etc. The only issue is that the owners are threatening to buy the property through them rather through the bank, and saying that they can sue the bank for undervaluation and can get a stay order on the transaction. Is that possible? As far as I see, buying from a bank in the auction is legal and the bank has arrived at this price after being unable to sell for 3 continuous auctions. How far that claim of suing the bank and getting a stay order is true?
Will, there be any involvement of the borrowers to complete the sale transaction? If they don't cooperate then what's the way out?
Thanks