auction advertisements, auctioneer, bidding price, closed bid auctions, down payment, foreclosed property, government owned property, high-value private properties, litigation issues, loans, open bid auction, property auctions, property auctions in Pakistan, security deposit, taxes, unpaid bills
Property auctions are gaining traction in Pakistan, where high-value private and government owned properties go under the hammer. A significant number of foreclosed properties (that were used as collateral and are being sold by banks and other lending institutions to recover defaulted loans), as well as those located in remote areas that are difficult to sell through conventional methods, can be purchased at such auctions.
Properties at these auctions are usually priced five to 10% less than their current market value, and buyers usually do not have to pay third party commissions to agents and dealers, which makes them more economical in the long run. Continue reading