Rely on Prime Real Estate Aste to purchase your property at auction safely.
What is a real estate auction?
A real estate auction is the phase in an enforcement procedure through which it is possible to acquire real estate; this phase begins with the submission of bids and ends with the property being awarded to the highest bidder.
Who participates in a real estate auction and why?
Any individual or legal entity, except the debtor, can participate in a real estate auction by offering a sum of money to acquire the property up for auction. Participating in a judicial auction allows a secure purchase at a price that is generally more favorable than traditional purchasing. For this reason, the creditor provides a service from Prime Real Estate Aste to encourage participation in property auctions where properties secure their loan.
The safety of the purchase is ensured through the service from Prime Real Estate Aste, which provides all relevant information on the property and free technical-legal advice regarding participation in the auction.
Essential elements of real estate auctions
- The sale order is the decree by which the enforcement judge sets the conditions and terms of the auction (e.g., base price, deposit, last date for bid submission, auction hearing...).
- The sale notice is the document prepared by the court clerk or the delegated sales professional containing the details of the property, date, time, and location of the auction, the base price, minimum bid increase, bid submission deadline, and auction procedures.
- Advertising of the sale notice, which contains the sale notice details, is a mandatory requirement of the auction and is carried out as per current legislation.
- The appraisal is a document prepared by an expert appointed by the judge, containing data related to the property, and its purpose is to determine its value in relation to the real estate market.
- The judicial custodian is the person to whom the judge entrusts the responsibility of preserving, managing, and handling the seized property.
- The delegated professional is generally a notary, lawyer, or accountant to whom the judge delegates the auction’s execution to speed up procedures and streamline judicial office workloads.
Prime Real Estate Aste, the brand owner, provides a completely free consultancy service at every phase of the procedure, ensuring bidders assistance with documentation, property visits, court attendance, and mortgage applications.
How do real estate auctions work?
The property auction is held on the date and time specified in the auction notice and is preceded by the submission of bids according to the procedures indicated in the notice. Offers may be submitted personally or by an agent with special power of attorney. In particular, the service from Prime Real Estate Aste provides free delegation to an expert consultant, ensuring complete assistance throughout the procedure until the property is awarded and delivered.
To participate in a sale, a deposit must be provided. In a non-public sale, this deposit must be at least one-tenth of the offer amount, while in a public auction, the judge sets a deposit of up to one-tenth of the base auction price. Prime Real Estate Aste will also provide free assistance for depositing and retrieving the deposit if the bid is unsuccessful.
The auction methods include public and non-public sales. In a non-public sale, the offer is submitted in a sealed envelope to the court clerk's office. The bid is irrevocable unless the judge orders a bidding round on the highest offer. Public sale involves an open competition among bidders and is usually ordered after an unsuccessful non-public sale.
The transfer decree is the judicial act that transfers the foreclosed property to the winning bidder; it also contains an injunction for the debtor and custodian to release the property sold and serves as the title for recording the sale and an enforceable order allowing the immediate release of the property. If the property is occupied, Prime Real Estate Aste supports the buyer in the steps necessary for freeing the property.
Convenience, security, and transparency
Buying a property at auction can be extremely advantageous since the winning price is often lower than the market value. The judge may accept an offer 25% below the base price due to recent regulatory changes.
