Best Tips for selling & buying at property auctions

Buying a property in the Sale of an auction apartment (??????????????) does not always mean that you are going to get the bargain. It is therefore important that you do your homework before buying.

What is the difference between a sale in execution and a property in possession?

Generally, there is confusion between performance in sales and a rehabilitated property. A property becomes a reprinted property when a homeowner is an insufficient amount due to his repayment on the loan of his home, the bank takes legal steps to summon the service to the owner, decides and eventually the property If the owner is still outstanding during these stages, then the bank directs a court principal to sell the property in a public auction.

If you want to buy a property in this type of auction, there are some factors to consider:

Potential buyers must register before the auction and submit a refund;

If your bid is successful, you will normally have to pay 10% of the purchase price and the Sheriff’s commission on the fall of the hammer;

The remainder of the purchase price should be guaranteed within 14 to 30 days;

The buyer is responsible for the outstanding rate and/or levy;

The buyer is generally responsible for the removal of people of any occupation.

Advantages of buying a property on auction:

The buyer can easily feel that bidding bidders have prepared to pay almost a single amount for the property. The buyer can feel confident that he did not pay more for the property.

An auction expires a long chat period.

The buyer knows that the seller is certain that he wants to sell, and not just ‘market testing’

Advantages of selling your property at auction:

The Sale of an auction apartment (??????????????) is done in an open forum, which allows both induced buyers and sellers to see the correct market value of the property as the progress of the bidding process.

You are sometimes able to decide the price and instead of the traditional upper bids, the buyers talk downwards.

No commission is paid by the seller; the buyer will be related to the market, usually between 5-10%, the auction commission.

For additional information about the buying or selling process, write me at office@feijoya.com.