Although acquiring a property is not within everyone’s reach, there are alternatives that help so that the disbursement is not so high and therefore being an owner becomes a reality.
To this day, the real estate up for auction are a great opportunity for those interested in buying a cheaper housing. Houses that, on some occasions, may be seized by the treasury and with which special care must be taken to avoid future complications or last-minute surprises.
What does it mean that a property is seized?
There are those who, regardless of whether they are a person or an entity, ask the court to auction their home to Pay a debt, either because it has not been possible to pay off the mortgage or for other reasons. A petition that leads to the seizure of said property.
From then on, the property is put up for auction at a price that can be up to 50% cheaper than what the market fixes real estate, as indicated by the Idealista portal. Some homes that, through a new search system launched by the Tax Agency, are published in the Portal of the Official State Gazette (BOE).
However, when buying in a judicial auction Several things must be taken into account to avoid, in the future, having problems that may lead to paying an extra amount of money and therefore not being as beneficial and becoming a poisoned opportunity.
What are the drawbacks?
If you are interested in participating, you should know that with each bid you have to pay a deposit equal to 5% of the total price of the desired property. An amount that you will lose if, in the case of winning, you decide to reject it. If you accept, you will have a margin of 20 days to pay the remaining percentage, otherwise you can apply for a mortgage.
Although in plain sight looks like a bargain It must be taken into account that there may be debts not included in the final price and therefore have not been considered when setting the amount to be paid in the auction. Payments corresponding to the community or to the house that, despite the fact that they correspond to the previous owner, will have to be paid by the new one.
Another danger is that the person interested in buying the property, although they do have knowledge of all the data and details of it, may not know the real state of the house, since it is delivered as it was at the time of being repossessed.
For this reason, at NIUS we recommend the prior counseling to avoid future surprises or misunderstandings that can directly affect your economy.