Buying foreclosure houses

[bdasites]

Hi,

I am looking at foreclosure houses as an option to buy a house. As I understand, these are houses whose owners fail to close bank loans and hence the bank seizes the houses and puts them up for auction. I want to understand the process to buy such houses. I also want to know any risks involved in buying these houses, and any specific things to note. One specific question I have is, how can I verify the documents of the house before/after participating in the auction. What will happen if I find that the documents are not valid after participating (and winning) an auction?

Thanks in advance,
Miss Thomas

[veeraanj]

Hi,

I did come across similar house through magicbricks, The information I got from bank employee is that: we need to pay the initial bidding amount through Demand Draft then only documents can be photo copied and lawyer verification can be done.

Regards,
Siva Kumar.