I have been informed about a property coming up for sale by auction as a result of a forced bankruptcy sale. Has anyone had experience of buying this way or can advise me of what difficulties and specific issues to look out for.
Category
Property Sales/Rental Advice
Submitted by Anonymous (not verified) on Sun, 01/29/2006 - 11:02
[QUOTE=dakim]I have been informed about a property coming up for sale by auction as a result of a forced bankruptcy sale. Has anyone had experience of buying this way or can advise me of what difficulties and specific issues to look out for.[/QUOTE]
I participated to a few ones and know many people how do regularly.
I suggest you to participate to a few auctions before the one you are really interested in so that you’ll know by then the system and what’s going on.
There is a seminar for getting information about the auction system.
The best bargain it’s to buy a property listed for auction before the auction is due, it’s the most complicated way to buy a property in Italy but you can get properties for a fraction of the value.
Before you go to the auction check the property is not occupied by anyone, legally or illegally. You might want to negotiate the terms of their departure before you buy the property.
[QUOTE=dakim]I have been informed about a property coming up for sale by auction as a result of a forced bankruptcy sale. Has anyone had experience of buying this way or can advise me of what difficulties and specific issues to look out for.[/QUOTE]
I participated to a few ones and know many people how do regularly.
I suggest you to participate to a few auctions before the one you are really interested in so that you’ll know by then the system and what’s going on.
There is a seminar for getting information about the auction system.
The best bargain it’s to buy a property listed for auction before the auction is due, it’s the most complicated way to buy a property in Italy but you can get properties for a fraction of the value.
Before you go to the auction check the property is not occupied by anyone, legally or illegally. You might want to negotiate the terms of their departure before you buy the property.