Religious Guidance on Auctions

[AbdiWahab252]

Is there anything haram about buying distressed, foreclosed properties at auction ? Say the house was bought at $300,000 but gets sold at auction at $150,000. Is it haram to buy it at a discount ?

[eternauta]

Is there anything haram about buying distressed, foreclosed properties at auction ? Say the house was bought at $300,000 but gets sold at auction at $150,000. Is it haram to buy it at a discount ?

It depends on the kind of people who lived there, the company that built it or the company that's handling its sale.

[AbdiWahab252]

Eter,

Plz explain.

Say it was the Bank selling the property.

[Naaima]

Salam alaikum

abdi waxay ee kuu tahay permissible and acceptable


Sayyiduna Anas ibn Malik (Allah be pleased with him) narrates ?that the Messenger of Allah (Allah bless him & give him peace) once sold a saddle and bowl through auction, he said: ?Who will buy this saddle and bowl from me? A Companion said: ?I will buy it for one Dirham?. The Messenger of Allah (Allah bless him & give him peace) said: ?Who will increase on one Dirham? Another Companion gave him two Dirhams, So the Messenger of Allah (Allah bless him & give him peace) sold the two items to him? (Sunan Tirmizi, no. 1218 & Musnad Ahmad, 3/114).

[AbdiWahab252]

Many Thanks Sista Naaima

[Naaima]

anytime

[eternauta]

Eter,

Plz explain.

Say it was the Bank selling the property.

If the bank is involved in activities that hurt the Ummah, Muslim country, individual Muslims, lends money to companies that construct casinos, weapons and arms that kill Muslims in occupied Somalia, Palestine, etc-- then doing business with that bank clashes with the teachings of Islam.