Tips for compulsory auctions

 

Thus you can successfully purchase by auction your real property:

1. Thus you will find appropriate objects
2. The court files contain this information
3. Do visit the object personally
4. Secure you financing plan
5. Play it safe
6. Practice the bidding
7. Develop your own bidding strategy
8. Develop your tactic while bidding
9. After the award follows the date of distribution
10. The new owner has this exceptional right of tenancy cancellation

 

1. Thus you will find appropriate objects

You can find the best real estate objects of compulsory auction in the perfect location in Frankfurt am Main and its neighborhood by searching on a regular basis in the database of INCOS

 

2. The court files contain this information

There is an official expertise report in the local court to each object. From this expert opinion follows an open market value. Besides this, it contains information on returns, construction/structural damages and deficiencies. The annexed extract from the cadastral register offers clarity over possible debts such as long time living claims or rights of way of third parties (info@INCOS-services.com).

 

3. Do visit the object personally

The printed version cannot replace the personal impression about the object. Therefore you/INCOS' team should take a personal look at objects of real interest. With help of an architect or a civil engineer it is possible to find out whether land and building are appropriate to you. The creditor bank is to large extent ready to offer an appointment to potential buyer for the indoor inspection.

 

4. Secure your financing plan

As interested party one should timely enquiry at the creditor bank from which percentage of the open market value upwards one could expect to get the award of the house. The payment follows 4 to 6 weeks after the date of the auction. Then latest, you must have cleared the whole financing with your bank. 10 percent of the open market value is already due at the auction.

 

5. Play it safe

Frequently an appointment is cancelled imminently before the auction. Do enquire therefore in advance the county court and ask whether the appointment will take place indeed. An appointment can be cancelled temporarily or definitively in case of payments of the debtor or from internal reasons of the court.

 

6. Practice the bidding

Gain several experiences of "probe auctions" before starting to bid. Sniff the atmosphere and study the strategies of the successful bidders.

 

7. Develop your own bidding strategy

Set your bid limit clearly above a "sound barrier" (for ex. 209 000, - EUR) and go decided to this. Inexperienced bidders make no bids at 199 000, - EUR. When you pay the deposit, it seems that this is you last money.

 

8. Develop your tactic while bidding

Make your bids in sinuous sums and irregular bid steps, hide from other bidders and representative of banks your bid limit and irritate thus your bidding competitors. The judicial officer will accept any bid. If you tear away other bidders through your unorthodox behavior, you have reached your goal.

 

9. After the award follows the date of distribution

Even if you remained the highest bidder, you will become owner of the object only after the approval of the creditor. The award can be confirmed at once or also first suspended through the representative of the bank. Usually, it is important if the result of the auction corresponds with the targets of the creditor.

 

10. This exceptional right of tenancy cancellation has the new owner

The purchaser has the right to cancel the contract and revoke the old owner the usage of the estate directly after becoming the award. The cancellation should be delivered by a bailiff because it is then always efficient. Should the real property be in use of a tenant, the provisions of tenancy law come into force. The owner has then a special right of cancellation if he needs the real estate for himself.