Real estate auctions in Italy are a great way to acquire movable or immovable property at a lower price, with a full guarantee that there are no debts at the property.
The consequences of the economic crisis continue to affect the owners of various property, and some do not manage to pay off debts to the state or banks during the time, so the property has to be given in order to repay the debt. Therefore, the amount paid by the new buyer for this or that object will pay off the same debt that caused the sale, so the new owner will not face the fact that he will have to pay some additional money.
The judicial auction today is held under more loyal conditions for the buyer. If earlier it was impossible to look inside the object, and buying it you could only rely on the expert’s opinion, today the situation has changed - now the object can be carefully examined.
The auction honed its positive aspects in matters of accelerating the acquisition of real estate. Now you can buy any object from the auction at a faster procedure than in comparison with the usual purchase and sale process, and the object itself can be much cheaper than if you purchase it through an agency. Since the second option, purchased property in Italy will cost much more. The benefits of acquiring real estate from a judicial auction.
Before putting the property for sale, the judge carefully examines all the documents and proposals from those who wish to purchase this property. The property being sold is completely clean from any encumbrances and debts, which means that the obligations of paying old, unpaid taxes are not transferred to the new owner. If the object is purchased from a judicial auction, the buyer is absolutely protected from fraud, and all rights are guaranteed and protected by Italian law.
The database of objects is updated daily, so you will not encounter the fact that you liked the object, but it has already been sold.
In order to get the right to participate in the auction, it is enough to deposit in court 10% of the initial value of the object. And already the rest of the amount can be transferred in the period established by the court, which can last up to 3 months.
More than 45 thousand objects fall at a judicial auction a year, and among this abundance it is difficult not to find something suitable.
Compared to the market price, the same thing can be bought at auction, but it’s 30-50% cheaper. At the auction, you can purchase both new housing in Italy, as well as secondary or unfinished, but at a cost lower than in the market.
Prior to the auction, the object can be carefully examined, both independently and with your experts. The cost of taxes and fees will be from 4 to 20% of the value of real estate, this will depend on a number of factors that are established in court. Even after I have paid all the taxes, fees and the total cost of the property, all the same, all costs will be much lower than if you purchased this property not from an auction, but at an agency.
At the same time, in connection with the consequences of the crisis, supply exceeds demand, which means that real estate prices are really low. Moreover, every time the object does not pass the auction, its value decreases by about 25% each time. And this makes it possible to purchase this object not at a discount of 50%, but even at 70%.
Buying real estate at auctions is beneficial, not only because it is cheap and guaranteed against fraud, but also because having your own property in Italy speeds up the process of obtaining a residence permit or allows you to start your own business.
We provide a full package of services for the purchase of real estate at auction in Italy.