Auction houses, 10 things to know to participate (and buy) in safety – Corriere.it

Of course we all hope to conclude profitable business without complications. But it rarely happens and buying a property at auction does not escape the general rule. On paper, the advantages are above all in terms of price both for those looking for a house to live in and perhaps even more so for those who intend to buy as an investment and therefore can afford to have fewer demands on the characteristics of the property but there are also many aspects that escape a non-expert and to which attention must be paid instead. L’Apep – Professional Association for the Executions of the Province of Padua, has drafted a detailed vademecum with all the specifications to be able to participate, in safety, in a judicial auction. “In the process of buying a house at auction, it is essential for the buyer to turn to a professional profile such as the notary able to guarantee maximum competence and transparency of the entire buying and selling process”, explains Bruno Saglietti, president of Apep .

But let’s get to the handbook.
1) Verify that the professional to whom the judge has given the task of carrying out the auction is specialized in the sector;

2) Search for the house only on official portals that offer the possibility of connecting to the reference court for the execution;

3) Study the real estate appraisal, verify the state of employment and whether there are people or companies that can claim titles to the property;

4) Always visit the property before making an offer;

5) Have a precise idea of ​​the budget available, exactly as one should always do even in traditional purchases;

6) Basic auction price and minimum bid: Evaluate the fairness of the auction price and the opportunity to make a low bid (possible up to -25%);

7) Deposit and expenses fund. You must have 10% of the value of the purchase offer to be paid as a deposit. The provision for tax expenses is requested only after the balance of the price;

8) Evaluate the opportunity of a mortgage. Today it is possible to have the purchase financed with an investigation conditional on the actual acquisition of the house, at rates only slightly higher than those of traditional mortgages;

9) If you believe that the sale price is too high, it may be worth waiting because, if the sale does not go through, the property is re-proposed with a 25% discount (with the possibility of making an offer further low as from point 6);

10) Immovable transfer. Once the auction is won, the price and expenses must be paid within a maximum of 120 days. After that you have to wait for the issuance of the transfer decree and the delivery of the keys. The sooner you pay, the sooner you get the availability of the property.