there is no harm in participating in auctioned properties since fate has it that the would be 'owners' are not in a position to service the loans they had borrowed from banks and for one reason or the other no conscience can be forfeited for anyone's fate

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The fool folds his arms and consumes his own flesh. Better is one handful with tranquility than two with toil and a chase after wind!

no way.... unless i am buying to sell... no way i will be sitting comfy in an auction house while the displaced owner and his kin hate me to the marrow .... everyday praying for my demise.... its bad karma... buying a car is one thing... you drive away into the sunset but not property... remember this is kenya where thugs for hire are a dime a dozen... nothing the law can do about it

I would buy anything else from an auction except real estate. I can relate to @Kaigangio's concern because I too have a relative (separate gene pool! hehe) that has tried to give hell to the new owner of a house that his bank sold following loan repayment default.

I would rather pay for real estate through my nose and sleep soundly thereafter than get a rock-bottom bargain and end up with restless nights after getting caught up in the cross-hairs of a fight that has nothing to do with me or my kin.

Maybe the approach for real estate would be to buy and dispose off at a profit almost immediately (you know,the KANU thing?) assuming you bought it at a ridiculous bargain and the documentation is air tight.

my learned friends these auctions are all stage managed to get the best prices that the auctioneer can get. believe me you will not be able to bid fairly and buy a property unless you have cut a deal with the auctioneer before hand where u give him a percentage in advance to be favoured,and the balance is what you bid for. thats why the auction prices seem low,but in reality you pay more. trust me,i have been in the business for long. if you want to buy something,go and see the auctioneer first to cut a deal,then work out if its really worth the value. normally banks pass information onto their prefered clients long before the property is even advertised in the papers,and the auctioneers have already made the deals. that way the bank guy makes a cut and so does the auctioneer,and the client get his property using the same bank finance,so bank makes money also. that way everyone happy!

Hi All,we discussed this some time back,it's high time some of us together with auctioneers set up a website to sell these properties to a wider market,just like it happens in most developed countries. This way the owners would have a chance to get more,the buyers would compete fairly,the bank would get the right money and the corrupt ones would have to look somewhere else for their shady deals.

Just a thought.


Mors Tua,Vita Mea. (latin)