Buying a property at auction: how does it work?

Real estate auctions are still little known, yet they are proving to be interesting. Some people have obtained better quality housing thanks to these types of real estate sales. And again, there are three categories. Knowing, however, that this method has several particularities.

The notarial auction

For notarial auctions, property developers and buyers meet in the notaries’ department chambers. This type of real estate sale is more interesting for the buyer than for the seller. The latter must give the notary in charge of the sale a cheque at the beginning of the session. The money must be between 10% and 20% of the price of the property. Noting that notarial auctions are the most well-known auction methods. They are, however, less advantageous for sellers.

State auctions

State-owned real estate sales are not to be missed if you want to have rare enough properties. Indeed, through this means, the State offers for sale specific properties such as barracks, train stations or even public land. Sometimes the State also offers for sale real estate from vacant estates. In this case, the absence of heirs is often noted. State-owned real estate auctions often take place in departmental prefectures and tax offices. Sellers are not obliged to register in advance to participate in these sales. Procedures have been simplified to facilitate sales. The drafting of the deed of sale is free of charge during these auctions. In addition, sellers are not required to pay notary fees and charges.

The essentials to know to buy a property sold by auction

Please note that the dates and times of visits for Real Estate auctions for Real Estate are scheduled. This is planned by the sales managers. Thus, buyers must be flexible about their availability. In addition, the buyer must carefully analyze the specifications before starting the purchase. Thus, he will know all the particular details, such as the fees, the payment deadline, the characteristics of the property…Apart from that, during the auction, the buyer must provide several administrative documents to be able to attend the auction session. The signing of the deed of sale takes place immediately after the session if he wins the property in question.