Legal Vetting of Property Documents
A foreclosure property will have a history of legal wrangles. Sometimes the property might be encumbered by another secured creditor or a private creditor. It is most important that, the legal vetting of the property be conducted by a lawyer and the risks evaluated. We at OBS, has the proper contacts by which the legal vetting can be done by utelising the services of a legal professional thereby bringing in more transparency and risk evaluation by the bidder. The bidder thus has the knowledge about the risk potential of a foreclosed property which enables them to take calculated risks in the auction.
Property Litigation Management
Litigations are inevitable in minor share of the properties put for sale in auction. The reason why the value is advertised considerably low. But not all properties end up in litigations. The financial institution will not take up the case of lifting of attachments by the other creditors as its duty. The sale is normally in as is where is condition. Hence to crease out the anomalies and to get the properties without any encumbrances, a round of litigations by the auction purchaser is a must. We at OBS, work in tandem with full service law firms which enable post auction litigation management a possibility. The cases sometimes range from city civil courts to the DRT, NCLT and also at the High Courts. OBS will liaison with the law offices and get the clients the best desired results within the shortest period of time.
Property Due Diligence
Before venturing into buying a property, the background check of the same is most important. It includes the nature of the property, valuation, the devolution of title, boundaries, disputes, whether the civic authorities will allow constructions, etc. It is a multi-pronged approach wherein multiple departments are involved. We at OBS shall facilitate the seamless operations with multiple agencies to get a fool proof due diligence report as to the viability of the sale. It puts the prospective buyer in an advantageous position and negates any unwanted surprises in the sale. The buyer thus will have a realistic valuation of the property and planning his resources well in advance for buying and utelising the auction properties.
Negotiations With Financial Institutions
Any property set for sale in foreclosure is subject to further negotiations with the financial institutions. The financial institutions are trying to get the best value for the property to reduce their burden in the debt books. But most of the times, the buyer is at the receiving end of the decisions of the officers and will not get a term negotiation process with financial institutions. We at OBS, wish to deal each file in a professional manner, using our expertise and contacts to renegotiate terms with the banks and thereby getting a better package for the prospective bidder. It is a win win situation for both parties as the best possible rates at the given point of time can be negotiated with our presence.
Property Registration & Allied Paperwork With Govt Authorities
The sale of properties continues with mutation and change of title at government and quasi government authorities. It may also have to change the ownership records with other agencies if it is a running business. The task of doing the mutation and allied changes are cumbersome and it can be best handled by a professional entity. We at OBS, has the expertise and the check list of the post sale registrations. We service our clients to the fullest satisfaction, not letting them in the lurch. OBS is the answer for end to end forclosure sale management.
Auction bidding facilitation
Auction bidding is done in dedicated web sites as authorised by the financial institutions. It involves registration of the bidder, transfer of EMD, real time bidding and closure of the sale. These processes may seem to be cumbersome for those who are new to the landscape. Any error will lead to disqualification and sometimes forfeiture of the EMD. Hence it is always better to be guided by an experienced hand in the bidding process. We at OBS, has the dedicated experience of years of bidding which can be utelised by our clients. We would be happy to impart our expertise in the bid room and get the best results for our client.