Blog: Real estate auctions between individuals: ten rules for beginners

sale, also using the typical auction bidding system of price increases, while providing specialist support and advice in the name of absolute transparency of the whole procedure.

The allure of real estate auctions

The growing popularity of this new tool for buying and selling real estate is also affecting the types of users interested in this sector, and the risk for newcomers and less experienced participants is that they may face many questions and doubts, which can lead to "a few mistakes" that can negatively affect the outcome of the auction. In this regard, a group of experts in Italian private real estate has compiled a useful guide with ten tips for buying''real estate (housing, commercial real estate, land, etc.) at private auction, designed for those new to auction transactions.

The path for a potential buyer in a real estate auction begins with identifying the target property by first browsing specialized websites. It is important to contact one of the professionals responsible for the sale and seek advice on the documents required for presentation and technical details contained in the listing, perhaps requesting a preview of the property in person or via an interactive 360-degree virtual tour.

Another important point to consider relates to the budget allocated to attend a private auction for''real estate sales, and the possibility to obtain information in advance about obtaining a loan from a lending institution to finance the operation in whole or in part. Since private real estate auctions are online sales, it is also necessary to provide the necessary technical equipment (e-mail with delivery confirmation and electronic signature) to fulfill all the previous bureaucratic procedures of the auction and to participate in the trade itself.

The private auction is in fact a democratic system that gives everyone the same conditions to buy real estate without privileges, and in this respect, transparency is the key word for this type of real estate transaction. Another important feature''This tool is a guarantee that is provided to the buyer: all inspections, which are usually carried out only immediately before the transaction, are carried out here at the initial moment of the auction.

Sale villa in Lecce 869 085,00 $

Italy,Lecce

5 Bedrooms

450 м²

Sale villa in Catania 1 963 824,00 $

Italy,Catania

4 Bedrooms

5 Bathrooms

1050 м²

Sale flat in Roseto deli Abruzzi 212 022,00 $

Italy,Roseto deli Abruzzi

3 Bedrooms

2 Bathrooms

105 м²

Sale villa in Mutignano 606 185,00 $

Italy,Mutignano

4 Bedrooms

4 Bathrooms

172 м²

Sale flat in Pontassieve 8 497 422,00 $

Italy,Pontassieve

26 Bedrooms

19 Bathrooms

3200 м²

Sale flat in Rome 635 675,00 $

Italy,Rome

1 Bedroom

1 Bathroom

77 м²

Only after their successful completion is the object offered for sale to interested parties.

Private real estate auctions - ten rules at last

There are ten rules developed by a panel of experts for users who are about to participate in private real estate auctions for the first time:

Request the opportunity to visit the property or take a 360-degree interactive virtual tour to see if the property is right for you;
Check out the attached sales listing'. 'documentation;
Solicit a meeting, either in person or by video call, with the company or professional responsible for the sale to clear up any doubts or get clarification;
Consult your banking institution beforehand if you do not have the full or partial amount to purchase the property, taking into account the possibility that the final price may increase as a result of auction bidding;
Read the sale alert carefully to understand the terms and conditions of participating in the online auction;
Prepare in advance the necessary documents that must be attached to the sale auction bid;
Equip yourself with an electronic signature and a Postal Email Seal (PEC) to send'. 'offer;
Submit a bid on the specified digital platform in a timely manner and keep the receipt of confirmation of bid submission;
Prepare the transfer for the deposit, which must be at least 10% of the offered price, taking into account in advance the "transaction days" required for crediting the specified bank account, and in any case no later than the maximum term indicated in the sale notice;
To participate in the auction and any subsequent bidding, provide yourself with reliable technical equipment (computer, tablet, smartphone) and make sure you have a good and stable internet connection. In fact, sole responsibility for the use of information equipment and programs''for telematic transmission lies with the applicant.

* APP is one of the leading private real estate auction houses in Italy.