AUCTION PROPERTY BUYING IN ITALY
Some may never consider purchasing properties through court auctions. We are here to calm your worries and disgusts about the idea.
This way of purchasing property in Italy is actually a safe and appropriate way of purchase. This can, many times can lead to a great deal on real estate.
In recent years, this market has become much more flooded with properties. Thankfully, it’s been made more transparent in communications, simpler, and quicker than before.
So, while you may have never considered, it actually could be a great way to buy a property in Italy.
In this article, we will outline the benefits of using a court auction to purchase real estate. In addition, depict a ‘how to’ guide and some advice regarding the process.
BENEFITS OF COURT AUCTIONS
Property Price Savings
First, it’s irrelevant if your property was bought on the private market or through a court auction. Buyers can take advantage of the first home buyer tax benefits if this is in fact their first home.
Commissions to intermediate parties involved in the buying/selling process in the private market charge percentages of the purchase price for fees. These can be as high as 4% of the property cost.
Fortunately, buying through these auctions cuts out the middle man. They allow you to cut those additional costs from your budget.
Therefore, you can account for putting more money into the actual purchase of a home.
While shaving off additional fees is a great perk, the most important property saving part of the equation is the actual buying price.
Typically properties purchased through these auctions are less expensive than the prices they would sell for on the normal market.
Sometimes, if there are no bidders, the base price of the auctioned property is forced to be decreased. Ultimately, you can end up with a property worth well more than you end up paying for it.
The prices are better and many properties allow for financing options. The courts have worked with many banks to develop plans for auction buyers to be pre-approved for financing options.
This takes much of the risk out of the auction purchase. There is special relationship between banks and courts in order to aid you through the process of buying.
Increased Communication Transparency
Encouraging more transparent channels of communication, safeguards have been put into place.
While many say that there is a lack of honesty in the purchase, these court auctions have practices in place to clear up miscommunications.
The Code of Civil Procedure rules are enforced and overseen by a judge throughout the auction process. This ensures transparency on all fronts.
The Court Expert evaluates and describes each property in detail. This expert accompanies the Custodian in the agreement of the auction’s base price for each property.
Appointed by the court, this Custodian is there throughout the entire process. They ensure a safe and smooth journey for all involved in the auction/buying and selling steps.
The same Custodian personally visits the properties with potential bidders prior to the auctions, and providing whatever information they may need or want throughout.
All information regarding the real estate properties are publicized online at www.astegiudiziarie.it.
Any potential bidder can search online beforehand to see all listed properties and set up a tour of the place auctioned before the auction takes place.
In a similar line to this idea of transparency in the buying process and to make bidders feel secure with purchasing through these court auctions, there is an outline of conditional amnesty for buyers.
This allowance of amnesty varies by property and can be time-specific. This amnesty ensures the buyer will not be held accountable for work done previously outside of code or without authorizations.
To be clear about what is contained in this amnesty agreement and that the property is properly analyzed it is important for potential buyers to work with the courts
Our main advice during the buying process
If you are unfamiliar with the process of buying real estate through Court Auctions, we advise you to higher legal assistance to accompany you throughout the process.
While strict rules are in place for the courts, there are also rules and regulations for buyers. It’s best to hire a lawyer to ensure compliance with all of these during this journey.
Specific experience in Court Auctions and Real Estate Law is a must. This can help you to make decisions when bidding and going through the finalization of payment in obtaining a property.
Liberating property if auctioned without legal titles can happen with the help of hired legal guides.
SO, HOW CAN I START?
As aforementioned, the easily navigate-able web portal of auction-able properties is available for everyone at www.astegiudiziarie.it
This portal allows potential bidders to have access to all information and documentation present on the properties.
Outlined here are the rules and procedures of the Court Auctions for the courts and buyers. A potential buyer does not need to be present during the auction or can commission another party to handle it.
They can hire an attorney to attend the auction and operate on behalf of the actual potential buyer.
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