3 Replies to “Purchase of sealed property from bank?”

  1. well, it’s not safe to buy any property from a bank unless you do the proper homework. The banker is only interested in getting back the money that he advanced as a loan for the property. It may be quite possible that the bank has already tried to sell it once and didn’t get a good response, in the times of recession. Kindly ask the bank to provide copies of the property document and get them verified with the Lands Registration department and also an advocate. Once they give a green signal you can buy it. For more of this kind check this out:

  2. Its a real gamble—you will be buying it as is without seeing the inside. It could be stripped of plumbing have a mold problem or worse..Unless you plan to budget a total interior renovation its a real gamble if you cant look inside..Many people trash and strip places when they are foreclosed on.

  3. It is absolutely safe if at all you are dealing directly with the bank and not thru any broker or real estate agent or any sort of middle man.

    Make sure you get scrutinize all the documents in original from any qualified attorney dealing in real estate related documents or who is empanelled with the bank.

    Make sure of you do not make any payments prior to getting a letter from them stating right of ownership upon making full and final payment.

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