Bargain hunters beware: compulsory auctions from 108 euros!

Bargain hunters beware: compulsory auctions from 108 euros!

The forced auction of real estate currently offers interesting opportunities for buyers in Cologne. Loud Living happiness A property built in 1900 is being auctioned off at the local district court. The provisionally suspended purchase price corresponds to the market value, which was determined by a professional report from an officially appointed expert. The surcharge may be possible for as little as 50% of the market value - a real stroke of luck for bargain hunters!

What do these auctions mean for potential buyers? A foreclosure, so explained Real estate value Lindner, makes it possible to purchase real estate at an often cheaper price. These enforcement procedures protect the rights of the property owner and are important for creditors - mostly banks - if the owner gets into financial difficulties, for example due to unemployment or illness.

The process of a foreclosure auction

In the first step, the creditor, like a bank, must file an application for compulsory enforcement with the competent court. This process begins with a court order that is served on the debtor and entered in the land register. At the subsequent auction, bidders may not fall below the set minimum bid. A market value report plays a crucial role here Certa report, because it indicates what the property is worth and protects both the rights of the owner and the interests of creditors.

The auction date will be publicly announced via various media, and the market value including the minimum bid will also be published. If no bid of at least 50% of the market value is submitted at the first appointment, a new appointment must be scheduled. It should also be noted that the creditor has a right of veto if the highest bid is less than 70% of the market value.

Advantages of foreclosure

Another advantage of these auctions is that there are no broker and notary fees, which can amount to up to 8.5% of the purchase price depending on the federal state. Interested parties also have the opportunity to find out about online access to foreclosure listings a whole month in advance. This helps buyers to be optimally prepared.

You can be reached by telephone for questions about the foreclosure auction from Monday to Friday from 9 a.m. to 8 p.m. and Saturdays from 10 a.m. to 4 p.m. on 02102-711711. Over 80,000 properties are published nationwide in the monthly auction calendar - a large project with more than 30 years of experience in this area, as Wohnglück admits.

An important note: There is currently no energy certificate available, which is not required when purchasing. However, interested parties should be aware that the accuracy of the published data and exposés is not checked and it is therefore advisable to do your own check.