Buying or Selling Residential Properties Through a Bidding Process

Selling and buying a residential property via auction is generally quicker than the more conventional open market route. Compilation of the contract takes place before the auction date. Once the hammer drops, the contract gets wrapped on the successful seller or a buyer, and no negotiation on the price can occur.

"As per India Residential Real Estate Market Size, Statistics | 2022 - 27 | Forecast Report (mordorintelligence.com), The residential real estate market in India is expected to register a CAGR of more than 5% during the forecast period 2022-2027. The loan crunch reduced residential sales in India's top seven cities from four lakh units in 2019-20 to 2.8 lakh units in 2020-21. 

During the April-June 2021 period, average property values in India's eight key residential markets increased slightly. While certain cities, like Hyderabad and Ahmedabad, witnessed a 5% increase in new apartment pricing compared to the same period in 2020, other cities saw far lesser increases. With the exception of the Mumbai Metropolitan Region, prices rose marginally in other areas during the second wave of the COVID-19 pandemic."

How precisely does the bidding method work, and how should you move as a seller or a buyer?

The buyer and seller cannot withdraw from the dealing without violating the contract and risking a significant financial penalty. A bidding process or auctions are quicker and hassle-free. There are some essential things to keep in mind to make the most out of the experience of buying or selling bank auction properties for residential purposes or residential flats. There are legal responsibilities that both sellers and buyers have to fulfill to make the auction process much more convenient.

Tips While Selling Residential Properties in an Auction

Here are some essential tips to consider while selling a residential property in an auction.

·      Choose The Right Auctioneer 

There are various auctioneers, some of which are individual auction houses, and some are departments of a real estate agency. In both cases, sellers have to look at their sold properties and auction procedures to check whether they’re the right choice. 

    Get Auction Appraisal 

If you want the residential property’s value to be higher, getting a proper auction appraisal from an auctioneer is the right choice. In most cases, sellers can achieve a much higher bid by selling at a particular auction that has provided an appraisal in the first place. 

·      Enjoy The Security of the Process 

Now that you have chosen the right auctioneer and are permitted the bidding, you can completely revel in the secure knowledge that the experts will take care of the process. Once the sale gets made, you can quickly receive the money in your bank account. 

Tips While Buying Residential Properties in an Auction 

Follow these essential tips to make the experience of buying property at an auction worthwhile. 

·      Get Your Information 

One of the most important things to keep in mind while buying residential properties at an auction is that you need to get the correct details of the property. These days, auctioneers provide newspaper listicles and ads detailing every single aspect of properties. Thus, one needs to ensure their inspection is thorough before making a bid. 

·      Compare Prices 

In the case of residential properties, one must always compare the bid price with the property's market value. Unless you want the deal to go sour after winning the auction, compare the prices to get the property's actual value. This exercise will also help you make the correct bid. You may need financial assistance based on the pricing and this is where AuctionBazaar.com comes into the picture. Do visit https://www.auctionbazaar.com/services for expert assistance.

·      Perform Due Diligence

Performing said due diligence is essential to buying residential properties through bidding. Check the society, property rates, flat residential permits, ownership details, and much more before making any purchase. That will ensure a smooth and efficient transaction in the bidding. You may not be able to do the DD alone and hence you may need an expert advice from relationship managers for end-to-end handling transactions.

Conclusion 

Whether you are looking to buy or sell a residential property in India, it is essential to follow the proper steps and complete the procedure thoroughly. With these helpful tips on bid houses, the bidding process will be much more convenient for both the buyer and the seller. However, it is essential to understand the process and get the right advice.