Buying properties at auction -

Articolo su Quotidiano di Sicilia 25/05/2021

Corporate communication Purchasing properties subjected to executive and bankruptcy procedures can be an extremely convenient choice because, as happens in most cases, the award price is lower than the market value, since, as established by the Legislative Decree n.83 of 27 June 2015, then converted into law 132 of 6 August 2015, the judge can accept a purchase offer up to 25% lower than the base price. Furthermore, every time the auction is "deserted", i.e. the property is not awarded, the sale price is further reduced.

In recent years, despite the setback in sales caused by the pandemic, there has been growing interest from potential buyers who identify this type of investment as the best solution to realize their life and/or business projects . It must also be said that cases are not rare in which one decides to turn to this sector of the market because the category of property and/or property sought is not available on the free market.

A further advantage related to the purchase through judicial auctions is certainly the fact of dealing with a "transparent" purchasing method as it is possible to view, with all the details made available by the Court concerned, the appraisal of the real estate unit and the related part document containing the specifications relating to the state and conditions of the property for sale.

Once all the advantages deriving from this type of investment have been stated, it is worth specifying that there are just as many risks in which the winning bidder or, even before that, the auction participant can incur, since it is a market segment that requires specific technical skills that can be difficult to understand for a novice in the sector. The auction is a "transparent" purchasing method first and foremost because the appraisal, which contains the state and conditions of the property, can always be viewed. These sales, however, are not protected by "guarantee for defects", as established by the art. 2922 of the Civil Code. This means that, once the good has been purchased, "the sale cannot be contested in the event of injury" and, therefore, the buyer cannot in any way request any type of compensation in the event of faults and/or defects of what has been purchased . A considerable risk, especially if we consider that these are investments which, for the most part, amount to around hundreds of thousands of euros. By virtue of what has been said so far, it is therefore highly recommended to turn to professionals in the sector with proven experience in the field.

To date, there is no specific professional figure of "consultant for the purchase and participation in real estate auctions" but there are several companies that have refined their skills relating to this specific market sector.

This is the case of the Expertise Re real estate agency, mainly present in Sicily and Calabria, which boasts twenty years of experience in the field and is an operator specialized in free assistance for the purchase of properties subjected to executive and bankruptcy procedures, promoted by agency itself on behalf of leading credit companies.

The Expertise Re team of professionals is responsible for maximizing the opportunities for purchasing a property at auction, evaluating risks and profits. The consultancy provided to its customers is 360 degrees, starting from the appraisal for the evaluation of the property you wish to purchase in order to evaluate its actual purchase value and verify its convenience compared to prices on the free market. Furthermore, the consultants are responsible for supervising, prior to the presentation of the offer by the potential buyer, the documentary section relating to the property, in order to trace any defects related to the structure of the property that could compromise the purchase.

Specialized consultants also support their clients in the subsequent phase of submitting the application to participate in the auction in paper and/or electronic format (as in the case of mixed synchronous sales), according to the specifications requested by the bidding Court. This is a fundamental phase of the process as, not infrequently, applications for participation are discarded due to simple formal defects in the compilation of the same. Subsequently, you can proceed with the presentation of the offer and, once the award of the property for which you are competing has been obtained, the specialized real estate agents support the buyer in the phases of transfer of ownership and delivery of the property itself.

At the following link you can view all the auction properties we offer

To learn more about the topic, we recommend reading the following articles:

Why a property put up for auction? 

Real estate auctions: expenses in case of award

Expertise Re is a real estate agency based in Catania in Corso Sicilia 105, which operates mainly in Palermo and Catania, also through a network of selected real estate agents, present throughout Sicily, Calabria, Rome and Milan.
Expertise Re is a real estate agency specialized in the sale and rental of entire buildings, income properties, commercial premises, industrial warehouses, offices, executive buildings and hospitality and residential properties.
He also has skills in the evaluation of individual assets and real estate portfolios, and in the study and analysis of intervention plans aimed at the disposal and redevelopment of properties according to specific needs and objectives.
We believe that only by starting from specific needs can we identify the most suitable real estate investment solutions.

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