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What should be considered in the case of foreclosures? Is Munich now becoming a bargain paradise after all? Hall has clarified these and other questions. (Iconic image) © dpa/Christin Klose
The number of foreclosures in Munich is increasing – a treat for bargain hunters? An expert warns against hasty joy:
Munich – Up to 450 properties are foreclosed on at the Munich district court each year. The trend is rising, judges Dr. Martin Swoboda, judge on Pacellistrasse. While in 2019 there were almost 100 fewer properties called up, supply and demand are now increasing.
But not every property that can go under the hammer there with only 50 percent of the determined market value is also a bargain, warns Georg Hofmann, judicial inspector at the district court: “I have seen that in the case of coveted properties such as parking spaces, interested parties many times over.” It is not always heavily indebted properties that he offers. “Today we see split auctions in half of all auctions. For example, when a community of owners, heirs or former couples cannot agree on how to proceed with a shared property.”
Foreclosure auctions in Munich: Visit auctions as an observer
Before a bidder becomes a buyer at all, he must identify himself at the auction and, if necessary, prove his liquidity. “Everyone is the architect of their own fortune,” says Hofmann, because as a bidder you can influence the bidding process and set your own limits. Before you bid, you should do some research about the property. Depending on the location and condition of a property, whether it is encumbered with land charges or whether there is a renovation backlog, a bargain can be more expensive than expected.
Judicial officer Hofmann advises visiting some foreclosure auctions in advance only as an observer. Where and when they take place, further information, guidelines and a leaflet on the approval conditions as well as expert reports on objects and their condition can be found at www.zvg-portal.de. He advises against unauthorized viewings on your own: “This is trespassing.”
Munich remains expensive
Thomas Aigner has worked as a real estate agent in Munich for 30 years and has been a member of the city’s expert committee for ten years: “Munich is not and will not be a bargain paradise. The drop in price is relative. Real estate is always unique and an exceptional property in Munich always finds lovers who pay collectors’ prices.”
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2023-07-16 05:24:13
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