Bank Property for Sale in Uganda
If you are looking for Bank Property for Sale in Uganda, you are at a right place. Properties for sale by banks in Uganda include land, houses, commercial buildings, warehouses, plots of land, apartments, farmlands and ranches among others. It so happens that many people get bank loans for business and unfortunately end up defaulting prompting the money lending institutions to attach their security property and sell them to recover their money. In most case, bank sale properties are always cheaper to buy as they are sold below the market value for easy and smooth recovery of the outstanding debt to the lender.
How do you buy property from a bank? Steps to Buy Property through Bank Auction
Step 1: Search for Bank Auction Property.
Step 2: Check Property Details.
Step 3: Physically Inspect the Property.
Step 4: Submit Tender Form.
Step 5: Bidding.
Step 6: Auction Date.
Step 7: Sale Certificate.
Step 8: Register Sale Certificate in Sub-Registrar office.
What is a bank sale?
The purchase of a property owned by the bank is same like dealing with a homeowner. At this stage, the bank is merely selling the property to remove it from its books and recover its money. Bank properties are usually priced lower than market price value and there is always a single asset manager assigned to oversee the sale.
Are bank Auction properties safe to buy?
Buying a property from the bank that is being auctioned requires significantly greater due diligence. Buyers should note that the bank’s claim on the auctioned property is only limited to the outstanding loan due on the property. Always ensure that the former owner who defaulted the bank money has consented to the sale, or else you may end up into legal battles with the previous landlord in a bid to reclaim his property.
Is it worth buying property at auction?
The benefits of buying a property at auction include expanding your purchasing options and probably buying at a discount. You may face less competition to buy an auction house or land compared with buying in the traditional way when dealing directly with an individual owner. But you will also be dealing with a various pool of potential buyers—often, experienced investors.
