Category: Tips

This alternative, however, is not without risks, which can in any case be addressed with a careful analysis and verification of both the auction documents and the property itself. Particular attention must also be paid to the expenses that the purchase entails, among which we point out that of the condominium expenses.

Unfortunately, in fact, if you buy a house at auction, the condominium costs are borne by the successful tenderer of the property. The condominium expenses are charged not only for the current year, but also for previous years, so the successful tenderer may even find himself with an important sum to pay.

It happens in fact that, the owner of the house, knowing that the property will be sold at auction and that the condominium expenses will be borne by the new owner , decide not to pay them. What can be done at this point? How to protect yourself from such a surprise?

Is definitely to make contact with the condominium administrator of the apartment: he will be the most suitable person to answer the questions and will be able to tell you if on that property there are arrears of condominium expenses and for what amount.

In fact, it is possible that the old owner not only did not pay the ordinary condominium expenses, but also his shares for the extraordinary expenses, so it should not be surprising too much if the arrears expenses prove to be of a certain importance.

At this point, once you know the real overdue expenses, you can do your proper calculations: considering the overdue condominium expenses that you will have to pay (if there are any), is it still worth buying that property? Only you know your budget and only you can decide.

Before participating in the auction, therefore, do not forget to do this check, as well as of course visiting the house in person (and maybe even hiring a technician): the vices and defects that you may discover after the purchase are not refundable. The law, in fact, expressly provides that for auction sales, there are no guarantees for defects . On the other hand, it is one of the reasons why the base price is so low: you buy a house at a lower cost, but also with less guarantees.

The proposed purchase of real estate is a document of great importance and has legal value: with it, the buyer assumes the obligation to purchase the property. The seller for his part, by accepting it, undertakes not to sell the house to others.

The proposal is made by the potential buyer, so it is he who “dictates the rules”. Clearly, in order for it to be valid it must also be accepted and signed by the owner of the house, so it is necessary to be only appropriately demanding. Here are some important tips to follow.

Bound to mortgage loan
The first clause that the buyer must insert, if he does not own the entire sum, is to condition the purchase to the granting of the loan: the clause that the purchase will be completed only if the bank grants the mutual.

It is therefore necessary to enter a sufficient period of time for the bank to carry out all the necessary checks and, on the other hand, that it is not too burdensome for the seller. Usually 40 days are entered: the seller will have to keep the house locked for this period, until the buyer receives the reply from the bank (usually about a month passes).

Evaluate the potential ROI for your apartment, house or other property

When creating your proposal make sure you considering all the factors of inside the house. Such as how are the bathrooms, what condition is the roof, or does the kitchen have good cabinets and countertops? You want to ensure that you are outlining the potential of this property to earn you money down the road. And if you can have partnerships with contractors and remodeling companies, like having a professional team of kitchen remodelers at Kitchen Infinity, then you can take on projects and include this in your proposal. You’ll even be able to map out ROI.