Buying a property and then renting it is one of the ways to make a living, that is, to earn without working. There are many properties available on the market, on many of these, you can save money, for example on auction properties.
By purchasing a house at auction, the savings can be around 20% of the market value, but the discount could even reach 25% or more if the house remains unsold after the first auction.
However, the sale of these houses has drastically decreased in recent years, as highlighted by the Revenue Agency which calculated a negative trend in 2013 compared to 2012. The reasons are multiple: the granting of a mortgage by the bank remains a utopia for many, the lack of liquidity, the crisis of recent years. An important fact that slows down the buying and selling of houses at auction is the widespread prejudice of Italians towards this type of market, above all, there is fear of procedures deemed not very transparent and of speculators.
To counter this prejudice, the National Council of Notaries and 11 other associations have developed a Guide entitled "Buying at auction: an alternative and safe way to buy a house" which offers useful information and advice to help you find your way around the purchase and overcome reluctance.
This is a guide to real estate auctions, conducted electronically or traditionally, which addresses the issues that are most dear to buyers: how to participate in the judicial auction, what are the phases of the auction, the characteristics of telematic auctions, follows a section dedicated to FAQs, ie the most frequently asked questions.
The guide explains the procedure for real estate auctions. First of all, the starting price is established by an expert opinion ordered by the judge who then decides the conditions and terms for the auction. It is necessary to know that all the documents concerning the auction, including the appraisal, can be consulted in court by all interested parties. The notice of the auction sale must then be advertised in various ways, including posting for at least three days in the register of the court that manages the file and publication on its website as well as any publications in local newspapers and national, flyers, etc.
The guide closes with ten useful tips for those who want to buy properties at auction, for example trying to understand when the property will actually be available, always visit the houses you want to buy, take into account the tax benefits, and other useful tips to orient yourself in the world of real estate auctions.
To clarify any doubts, before participating in a real estate auction, it is advisable to contact the registry of the execution judge or the delegated professional or rely on a lawyer.
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Buying a house at auction can be an excellent investment, with this Guide you can be more informed and aware.