To be able to consult via internet all documents relating to the property at auction and all information on the buying procedure has eased in recent years the access of “non-experts” to this type of purchase. In the coming months a new process will start which should contribute to a further growth of auction sales, thanks to the activation of the “portal of public sales”, established by the Ministry of Justice with DM 5/2017.
According to the new legislation through the new portal there will be accessible all the executive sales and the procedure to move forward. There will also be possible to fix online a visit to the property prior to the auction, and make offers online nationwide and probably even from abroad.
The auctions are an instrument to implement the property forced sale. According to law, if an individual or a company is overwhelmed by debts, assets may be subject to forced executive sale. Buying a property at auction can be extremely convenient because often the auction price is below the market value. Moreover, whenever the auction results in no official offer, the price is lowered to 25% by law.
For any further information on the matter please contact us.