You can participate in a bank auction in 3 simple steps:

1. On FindAuction.in Narrow down on the property of your choice and proceed to the e-auction website by clicking on the link provided on the page and register.

2. After registration on the e-auction site, submit the relevant documents mentioned and pay the Earnest Money Deposit (EMD) amount to the bank. The payment needs to be made prior to the date of registration for the EMD to participate in the auction.

3. Bid on the property on the date of its auction.

After successfully submitting the required documents and paying the Earnest Money Deposit (EMD) amount, make a note of the auction date provided on the e-auction site. Then, on the given date visit the site and place your bid starting at the Reserve Price. You can raise your bids incrementally based on the specified ‘Bid Increment Value’ as many times as you chose.

No, once you submit a bid you cannot cancel it.

E-auction websites are authorised third party auction websites that manage auctions on a bank’s behalf.

Pan Card, Annexure 3/Declaration Form, Annexure 2/Details of Bidder and Proof of Address are required to be submitted.

Reserve Price is the minimum price assigned by the bank for a given property to be auctioned.

Earnest Money Deposit or EMD is the deposit money required to be paid in advance for participating in bank auctions. The amount is usually 10% of the Reserve Price.

It is the auctioning Bank’s notice containing all relevant auction details.

On FindAuction.in, users can search for a property by the city it is located in or by the category - Commercial/Residential/Vehicles or even by the bank auctioning it. Enter your query in the Search Box provided on the home page or if you wish to access a specific auction then, you could do an Advance Search. The Advance Search allows you to search by either selecting a date range or by entering the minimum or maximum price and the Borrower or Company name.

On the listings page you can either subscribe to receive updates via email or click on the push notification to receive instant notifications on any new updates.

1. Registration at online auction sites: The first step for both the buyer and seller before participating in an online auction is to register on an online bidding site. Registration is required in order to keep a track of the items you bid on or sell. The seller meets the potential buyers with the competitive bids.

2. Listing of the item by the seller on the online auction sites: The seller lists one or more items for sale on the bidding site and sets up a starting price for bidding. The seller is expected to give a complete description and specifications of the items on sale. Mostly, a specified time period is set up for bidding. In some cases, the bidding process takes place live where on a specific date at a pre-specified time period, bidders log-in with their IDs and place their bids.

3. Bidding on online auction sites: Buyers visit the website, select the preferable item and bid on them during the online auction duration.

4. Online Bidding: The online bidding for each auction closes at the specified time. In the case of multiple bidders, the bidder with the highest online bid at the end of auction is likely to buy the items. If there is no online bidding at or above the reserve price, the auction closes without a winner. At the end of a successful online auction, the buyer and seller communicate over an email to arrange for payment and delivery of the goods.

There are generally two types of internet auctions:

Business-to-person, in which sites have possession of the items being offered

Person-to-person, in which individual sellers or small businesses offer their items for auction directly to consumers. Generally, the seller, not the site, has physical possession of the items on sale and is directly responsible for the sale.

E-auction offers a variety of benefits to both the buyer and the seller. These include-

Ease- The buyers can choose the item to bid on and can bid while sitting anywhere, just with the help of an internet.

Transparency- In order to conduct a transparent bidding, the sellers provide a comprehensive description of the item on sale.

Competitive prices- Buyers get an opportunity to compete with other potential buyers and get attractive prices.

Expansion- A seller can expand his reach by conducting an online auction, as over the web he can contact a large number of potential buyers together.

Handsome returns- A seller can get handsome returns by selecting the most appropriate bid for his item.

Quick and easy- E-auctions are easy, quick and also saves on the pocket.