It is necessary to estimate that at the time of release, the conditions of the property could be worse than those described by the appraisal or found personally during the visit to https://kakaakocondoexpert.com/ .
Define the maximum limit of the sum to be invested
Before participating in the auction, it is necessary to decide how much you are willing to spend on the purchase, in order not to run the risk of being carried away by the emotion and expose yourself more than necessary. Participating in an auction, therefore, requires calm and rationality before tackling a purchase it would be advisable to attend some sales to understand how it unfolds.
Inquire about expenses
Always before taking part in the auction, it is advisable to inquire about the number of expenses that must be incurred in addition to the hammer price registration tax or VAT, pending condominium expenses, any professional fees for the transfer.
Beware of payment methods
Those who buy at an auction must be able to quickly dispose of all the amount requested or obtain a mortgage in time, taking into account that there may be difficulties in instructing the practice. There is credit institutions affiliated with the courts, but it is necessary to inquire carefully about the relative costs.
Take tax benefits into account
The same benefits as for real estate transfers apply to assets acquired through real estate auctions. Taxes are calculated on the hammer price since the value price rule does not apply to executive and insolvency procedures. The desire to take advantage of tax breaks must be expressed already at the auction or better at the end of the auction.
What is a real estate auction?
The real estate auction is the buying and selling process that takes place through offers and ends with the sale of the property to the highest bidder. They can be of two types: judicial and divestment of public assets.
The judicial real estate auction, in the executive or bankruptcy process, is a particular form of an auction that carries out the forced sale of one or more real estate owned by the natural or legal person, called the executive, who undergoes the expropriation of the property due of outstanding debts. it is held in the court or in the offices of professionals delegated by the execution judge.
Anyone who intends to make a safe purchase, which could also be convenient, participates in the judicial auction. It can be convenient because a property can be awarded at a lower price sometimes even much lower than its commercial value estimated by the expert. Furthermore, every time an auction goes deserted, that is when the real estate is not awarded, it will be put up for auction after a few months at a price reduced by 25 percentage required by law.
What are the fundamental elements of a real estate auction?
The judicial auctions present some essential and essential elements: the appraisal basic selling price, cadastral data, floor plan, factual conditions and description of any problems, free or busy status. The sales order conditions and terms of the sale established by the execution judge. The judicial custodian is the one to whom the execution judge entrusts the task of conserving, administering and managing the seized property in place of the enforced debtor.