In some countries, property auctions are a recent development, in Italy they have existed for many years. With the help of courts and enforcement agents, property is usually bought from companies and individuals that went bankrupt. The system has been planned out in all its stages. There are some advantages in the auction e.g. it can help you save a lot of money. The most important thing is that the operation is 100% safe.
Just think about how much money you can save by buying by auction:
***The seller doesn’t have an agent
***You don’t need a notary as you buy the property through court so the final purchase act will be performed by the judge
***You can buy property 30% below the market price
REMEMBER: absence of risk is guaranteed by the state. The system is thoroughly thought over and everything is spelled out in the law. It means that if a document is missing or something hasn’t been checked the judge will simply not permit the property’s auction.
This procedure takes quite a lot of time and money. The good news is that it won’t be for your (buyer’s) account. According to the law, the main creditor (the bank that issued the mortgage) pays all accompanying expenses connected to checks and conduction of the auction.