+44 (0) 20 7097 8653
PROPERTY AUCTION
Thanks to our unrivalled depth of experience and market knowledge for properties in Italy The Property Organiser offer a unique service to help buyers to participate to real estate auction and bid with confidence.
Whether you're looking to buy your first home in Italy or you're looking for investment in Italy, considering an auction purchase could be a wise move. Buying a property auction can save you thousand Euros, and here at Property Organiser are here to assist you and handle every single aspects of your purchase from start-to-finish:
What we offer:
- personalised consultation and property search through all types of auctions in Italy (asta giudiziaria ad asta fallimentare)
- registration to the auction & personal assistance during the auction (you can either be present or give us power of attorney to attend on your behalf)
- preparation of documents needed to attend a property auction
- legal assistance and advice
Contact us now for further information or to register to our Property Auction service
Frequently Asked Questions:
Q: What is the difference between Asta Giudiziaria (Judicial auction) and asta fallimentare (bankruptcy auction)?
A: They are both used to repay creditors. However, in the asta giudiziaria the main creditor is usually the Government and the property in auction are the ones that were seized; while the asta fallimentare is due because of bankruptcy.
Q: Who can participate in a real estate auction?
A: everyone can participate with the exception of the previous owner.
Q: What type of auctions do you have in Italy?
A: There are two types of auction:
Con incanto: This type of property auction method is without reserve, and the property is sold to the highest qualified bidder regardless of price.
Senza incanto:This type of property auction involves a minimum acceptable price in which the seller reserves the right to accept or decline all bids within a specific time. The participants have to make a first offer in a sealed envelope and this offer is secret. In case there is one only offer, this is binding (subject to seller's agreement). Otherwise the bidding starts from the highest offer.
Q: What should I do to participate in a property auction?
A: The Property Organiser will register you to the auction on your behalf.
You will need to pay a deposit of 10% of the property starting point in order to be part in the bidding and provide the receipt.
Property Organiser will also provide you with fiscal code, power of attorney or proxy if you cannot personally attend, opening bank account if you prefer to pay with a cheque rather than by means of a bank transfer.
The deposit is fully refunded if you do not win the auction.
Q: Can I see the property before the auction?
A: You will be able to review the survey report for the property and arrange viewing to the property. Property Organiser will arrange this for you by liaising with the property care taker.
Q: Can I buy an auctioned property without going through the bidding process?
A: Yes, it is possible. This will entail the payment of all outstanding debts on the property (eg. mortgage) and the auction starting price of the property.
Q: Can I apply for a mortgage for a property in auction?
A: Yes, but you will need to provide a mortgage promise from the bank or ensure that the bank will provide you finance to you. If you plan to finance part of the property you will need to inform the auctioneer before bidding.
Q: What costs should I consider when buying a property via an auction?
A: You will need to consider property taxes (property taxes), as for any other property, and agency fee.
There are no notary costs.
Q: How long does the buying process take with an auctioned property?
A: It can take several months depending on the type of property and if the property is occupied you could consider an average of 90 days from when you win the auction.
Q: How does The Property Organiser assist with?
A: After a first consultation we will search through all types of auctions in the areas of Italy you are interested in and we will send you regular updates of auctions for properties matching your requirements.
Once you wish to participate in an auction we will register your interest with the Tribunal or auctioneer, submit all necessary paperwork and apply on your behalf for fiscal code (hyperlink to How to buy in Italy - documents you will need). We will also act as your power of attorney if you do not wish to personally attend and we will be on the phone with you during the bidding.
We will assist you from start-to-finish until the property is registered under your name and afterwards if you wish (see our After-sale section).
Q: How do I register with your Property Auction service?
A: You can contact us via our Contact us page or calling us on +44 (0) 20 7097 8653 if you wish to register and start a personalised search for property auction.
While by registering your email address below, you will receive email updates on interesting properties.
Subscribe to our Auction News
If you decide that buying at auction is an option, you will need to ensure that you fully understand the purchasing process and that you have organised a number of key elements before attending the auction. The Property Organiser can help with all the related property purchase services you will need including mortgage
