buying home

How to Safely Buying House Auction

One way to get decent housing at bargain prices is to buy a house at auction. The average price was below the market and can be had easily if you follow the right steps.

However, the auction house is also a high potential of any dispute. For example, a homeowner who tendered refused foreclosure by the bank. To that end, the auction house buyers need to know and be observant in choosing and buying a home is auctioned bank.

As is known, the auction house is the property of seized banks for their bad loans, or the inability to pay the creditors and pay off monthly installments as the initial conditions.

So, if you want to buy a house auction, consider some of the following in advance.

1. Reason The house is auctioned

There are at least three common reasons home is auctioned or seized by the bank. Among them:

A creditor who buy a house do not pay monthly installments for a few months in a row (in accordance with the bank). Finally, the house was seized and put to the auction list.

A creditor pledged his house certificates as collateral. However, the lender does not pay the monthly installments or stalled for several months until it was confiscated.

Individuals or companies do not pay the tax obligations that should be paid. Then ended with a sanction of foreclosure by the related parties.

The process of auction houses are generally two ways, namely through the Auctioneer and judicial determination. Auction schedule will usually be notified prior to the time the auction starts.

2. Things To Look For When Buy Auction House

Buying a home through auction could be a problem later on. To that end, do not forget to note the number of the following first:

Credit agreement

Be buyers keen to learn and understand the contents of the Credit Agreement, the Deed Granting Mortgage along with other important documents. Its function is to describe clearly and complete procedures for the auction house. When you have a clear written agreement between the banks and the homeowners, the houses tend to be not problematic.

Completeness Checks Letters Home

Bank expropriators generally ensures that the documents and letters full house. However you should still double check. A number of documents that must be checked as building permit, certificate of land and homes has land and building tax.

Coming Jump to Location

For a more secure, transparent and did not disappoint later, you can go home to be auctioned. Check the condition is still livable or to be renovated again because it is very messy.

Prepare Notary

Assistance from the notary made everything related to the legality safer. It is better to contact a notary at least two weeks before the auction takes place.

3. Steps for Buying a Home Auction

You need to be diligent to auction the property or bank to buy the auction house. That is why many people believe that to get the auction house was tricky and must pass through a number of steps. Among them:

Looking for auction houses

Discover the house that reads or painted in bank supervision. House marked as it was certainly included in the auction list. In a paper or paint, you can also find out which bank the foreclosing.

After knowing the name of the seized bank, its nearest office go to get more information as the procedures for buying a home

Filling in form

After finding the auction houses that want to buy and go to the bank, you will usually be asked to fill out the submission form. The forms are to review how many enthusiasts who want to buy the auction house.

Following Auction

Prior to join the auction, do not forget to ask for the schedule, time and location to the relevant bank customer service. Generally, the bank already has a schedule of the auction will be conducted for one year.

Then you also have to register the State Property Office and Auction or private parties appointed by the bank. After that, you are required to pay a down payment of 20 to 50 percent of the price of the house is auctioned.

If you do not win the auction, the money will be returned. When you win, you have to pay off the purchase price home to the time period accordingly. When defaults on repayment, the advance has the potential to scorch.

When settled, will submit a letter or files that you must take to the bank. Later, a letter or file a certificate that will be exchanged with the original house.