If you want to buy a house at auction, be careful! There are things you need to know to avoid risks: here are the 5 points to analyze.
Having a home of our own is the desire of many people, we do everything to achieve the goal: we try to save to increase the money to set aside, we take out a small mortgage and perhaps with the help of the family we manage to buy a property. Unfortunately these days it’s not easy and sometimes you have to give up to avoid getting stuck in too much debt. But in recent years there is one more possibility: houses at judicial auction.
Buying a house at auction saves us a lot of money and is a real deal; an investment that some make to have a first home and others to earn a small income by renting it. There are good deals on the market in all cities. the procedure is a little more complicated than the normal purchase but good results can be achieved. However, we must be careful because these types of houses could reserve some unpleasant surprises for us. There are some things that are essential to know to avoid taking risks.
Let’s see together the most common risks we can run into when participating in an auction for a property.
Participating in an auction is not that simple, we could win a house which is a real bargain but we must carefully analyze the history of the property to avoid surprises: we must carefully read the appraisal which is the most reliable document regarding the history of the property if we are not experts perhaps it is better to rely on a specialized figure who will accompany us in the choice.
Buying a house at auction, everything you need to know (DesignMag.it)
-The court is authorized to sell everything that has been seized but there is no guarantee of the legal status in which the properties are located. To be clearer, we could buy a completely illegal house that we won’t be able to live in.
-Banks are not always willing to provide mortgages on properties at auction. If the house has technical or legal problems, even if easily solvable in most cases, the bank will withdraw and not issue the mortgage. This can be a real problem for us: we are about to conclude, we have to pay the balance and the bank turns off the taps!
-Sometimes you find properties at auction that are not exclusive property: after we have purchased it we may realize that we are not 100% owners due to usufruct or bare ownership issues.
Get informed before buying a house at auction, your future depends on it.
2023-10-29 21:01:17
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