What you have to know: PRO and CONS of purchasing in an AUCTION
Today purchasing in an auction presents a loto f benefits than before, than some years ago, in the list below you will find the PRO:
– You will save a lot of money on the purchasing price (up to 50% savings compared to a similiar purchase that you find on the open market);
– You will have the chance to visit the property and then you will have more information about the property you want to buy;
– There is an important reduction of the time of liberation, that change in relation to the reference of the court;
– There are more available property for you to make your own choice, this thanks to the increase of real estate transactions;
– You can also finance the transaction by requesting a loan;
– The presence of tax agevolation.
The Art. 579 c.p.c says that everyone can take part to the auction in person, or with a public prosecutor for the nominated person, or with an emissary that have a special proxy at the purchase of properties that were subjected to foreclosure or bankruptcy, except for the enforced debtor or failed. This howhever doesn’t imply that everyone are able to correctly evaluate the property that is at auction and that are able to follow the requie procedures in the correct way, with the risk o fan invalidation of the auction that demand an inability to take part to the competition.
The Art. 2922 c.p.c. says: “In a forced sale there won’t be any warranty for the defects of the thing (sold). It (the sale) can’t be pawned of lesion causes”, or again; … “(the goods) are going to be sold in the state of fact and law they are into… without any warranty …”
The things that were said above means that who buy have to be in the full awareness and responsabilità of what will be bought and of which the court won’t give any warranty. When there will be the purchase at the auction the court give as sale the fact that the person was well-informed about what will be won. It is also true that the court gives a documentation about the property, its vision won’t always be able to guarantee the exact pertinence 0f the tecnica-juridical overall of the property. It could happen that the documentation isn’t complete, that there were any unreported change, that the situation of the property has changed in time. This implies that is the necessary tests and studies aren’t carried out on the documentation, you could find at the moment of the auction with economic and structural slopes without knowing it. And, as said above, we can’t do much at already ended auction.
The purchase at an auction requires a careful evaluation, it is even better if it was made by an expert that know how to point out a lot of up and down and possible criticalities, for example the liberation times, the overall expenses of partecipation at the auction, any ridde cost, the quantification of the taxes, any slopes and above all to provide a true estimate of the market value of the property, in order to quantify the actual financial benefits of the acuisition.
Tridente Immobiliare offers at the customer the experience of an experts team, collected thanks to years of works in a lot of italian courts.
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