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Buying a house at auction can be a good opportunity, even if it sometimes hides some snares.

Judicial auctions are an alternative channel to the traditional market to find good buying opportunities at prices often lower than market ones. The judicial auctions are in fact the result of legal procedures started with a bankruptcy or a non-repayment of loans or loans, culminating in the attachment of a property and in its forced sale so that the proceeds go to cancel in whole or in part the debt contracted by the debtor owner.

Buying a house by auction can have several advantages, including particularly low prices, even 30% lower than market prices. No risk from the point of view of transparency or possible scams, given that all the information is available through the appraisals related to the proceeding.
Furthermore, no notary fees are charged on the purchaser of the auction house.

It is always possible to access a mortgage. The mortgage for the purchase of a house by auction is not different from any mortgage: to request it, as always, must be attached information related to income and guarantees of the applicant. In addition, however, the documentation related to the tender notice to which the buyer intends to participate and the property he intends to purchase must be forwarded to the bank. Therefore, a copy of the tender notice and the expert witness report must be provided.
There is the possibility of entering into a preliminary loan agreement between the customer and the credit institution in which the actual awarding of the asset and its transfer are established as conditions for the provision of the loan. If the contract is not awarded, the loan is not paid out. If all goes well, the bank agrees to provide the loan within the time limits set by the court for the balance of the purchase price.

The agreement between the ABI (Italian Banking Association) and the Italian courts in 2014 is then fundamental with regard to the timing of loan disbursements, which must necessarily be interwoven with those for the award of the building.

Even in case of purchase of an auction house, the mortgage will be facilitated if the property will be the main residence, with the associated tax benefits.


Andrea Di Munno

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