The article is misleading ---wrong conclusions. As mos of the people go through brokes, they usually arrange the things as per your status. You may end of paying a few housands more, thats all. But the advantages you have are more.
Inquire in Bank who sealed flat for non payment.Give bribe of rs. 300 to 1000 rs per sq ft. U will get resale flat on reasonable rate OR Keep ready cash with u. search only neady seller you will get good results. Never purchase flat from sellers who quote prise same or 20% less as current prise.I have 13 years exp. as Estate broker.
don't be alarmed by the catch 22 situation in this article. i went through such an experience, i informed the bank from which i was getting the loan, they made two cheques, one for the outstanding amount to the bank where the previous owner has mortaged his property and the second cheque to the person who is selling the property for the money over and above the existing bank loan. at the time of the registration the person from the bank giving the new loan will come with both the cheque and give it to the seller. the seller deposits the cheque to his bank and when the document comes you can collect and give it to the new bank. bingo..no trouble.
Re: catch 22 situation...
by jay b on Nov 17, 2010 09:16 PM
This article is paid news from builder lobby so that buyers prefer new flats instead of resale.
