Real estate Auctions
In homes and other real estate the most common way of selling is the private sale. In addition, the sale is established by agreement between the seller and the buyer, who may or maynot have enabled a broker. In principle, the parties are thereby free to make all sorts of arrangements.
Auction is another word for public sale. The place and time are determined in advance, so are the conditions applicable to the sale. Only the price is yet to be established. An auction is a method of sales with many rules.
There are two types of auctions: the voluntary auction and foreclosure auction.
A voluntary auction is held when it is expected that private sale wont sell quick or when they expext a higher selling price with a public sale. Execution auction – also called “involuntary public sale” – is, in principle, the statutory method to monetize assets of a debtor to satisfy the claim of an implementing creditor from the proceeds.
When secretly buying a home, it is customary to make a reservation to get a financing or a housing permit. Then you can invoke dissolution as the mortgage or license are not provided. When buying at auction is not possible. If you become a buyer, you must acquire the property, regardless of whether you do this requires a mortgage or get no residence permit. If you need mortgage but can’t arrange it on time, you are in default and you will have to pay a hefty fine. It is therefore important to investigate about your funding in advance.
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