Buying property at auction in Italy is a great opportunity to buy cheap homes for sale, but not all homes make it to the auction.
It is said that in Italy, the time during which bailiffs decide on the recovery of property in Italian courts has decreased. I will not bore you with numbers, it is not so interesting, but what is interesting is that a lot of cases remain unfinished, moreover, hundreds of thousands have been pending for more than 10 years.
The process of starting a confiscation procedure in Italy is complex.
What kind of property is being auctioned. First of all, these are houses and premises of those who are in debt on loans left after bankruptcy proceedings or real estate owned by state structures
The procedure for auctioning real estate in Italy has many nuances, and I advise you to seek the help of professionals: lawyers, real estate agencies, to be sure of the correctness of your actions. Each Court has its own procedure for participation in the auction.
Not all confiscated properties in Italy are sold at auction. But if we talk specifically about auctions, then there are several types:
without open trades SENZA INCANTO. In this case, the participants in the auction leave bids for purchase in a sealed envelope at the Chancery of the Court.
And the open auction CON INCANTO. In this case, proposals are made directly at the hearing before the Court, or where the auction is taking place.
This is the big picture. And in the end, a few tips for participating in the auctions.
You need to go to the Court, to the department of "confiscation and sale of real estate" or to the department of "bankruptcy" in order to get as much information as possible about the sale in which you intend to participate.
Why the property is put up for sale, it would not hurt to find out the reasons and the history of the premises. One of the reasons may be, for example, the presence of tenants who live in the apartment without any legal basis and who do not want to leave it, or the presence of tenants with a signed lease contract: in the absence of violations of the contract by the tenant, it is possible to move into the apartment only after the natural expiration of the lease.
There are many reasons. Therefore, never act rashly. Check everything first!