Property for auction in Italy

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Property for auction in Italy

Post by stevegwmonkseaton on Thu Nov 28, 2013 10:54 am

I feel a little uncomfortable about this method of selling/buying peoples homes, but have never really looked into it, have in fact avoided doing so. Just wondered if people here are aware of it in their area of Italy and also what they thought about it. Not only the morals of it, but the practicalities of buying at auction in a foreign country, the response of neighbours to people who buy their ex-neighbours property in this way? This link was posted on the  Abruzzolutely Forum LINK

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Re: Property for auction in Italy

Post by Gala Placidia on Thu Nov 28, 2013 11:43 am

The only cases I know are judicial auctions and I do not think that they are very successful. Some time ago, I published this thread here http://italy.forumotion.com/t124-historic-villa-stisted-in-bagni-di-lucca-for-auction and I do not think that it was sold. Our Comune has also tried to sell some of their numerous properties, including the magnificent - although dilapidated - "Villa Fiore"... As for the neighbour's attitude, I guess that it will all depend on their relationship with the previous owner and any particular circumstances.
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Re: Property for auction in Italy

Post by modicasa on Mon Dec 02, 2013 6:03 am

Property auctions are held all over Italy - repo's and Equitalia sales, as well as 'pignorati' - its not just communes selling off the unwanted stock.  On the whole the prices are competitive, BUT don't even think about it unless you know the area, the likely bidders and the legal system.  Trying to buy a house at auction without understanding the process will lead to trouble, as will buying if the 'forced' seller wants to buy it back for a song - which is all too common.   
There are two systems - court auctions which are held in the tribunale, and privately ordered court auctions which take place at a nominated lawyer/accountant etc - and they are with and without incanto - which basically means that each time the property doesn't sell for the minimum it gets repurposed a week/month later at a 10% discount.  This goes on till someone buys, which can mean a bargain. You must put 10% down before the auction and then you have 10 days usually to pay the balance.  This does not however get you the house, as the seller usually then goes to court to try and have the auction annulled.  And so on .... the only winners are usually the lawyers.

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Re: Property for auction in Italy

Post by stevegwmonkseaton on Mon Dec 02, 2013 11:07 am

Many thanks Modi... Such valuable information for anyone looking to buy... Amazed to hear people can bid for their own house, but did suspect this avenue to purchase would be fraught with all sorts of problems.

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Re: Property for auction in Italy

Post by Gala Placidia on Mon Dec 02, 2013 12:49 pm

Many thanks, Modi! That explains a lot...
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Re: Property for auction in Italy

Post by TAB_Flags on Tue Feb 11, 2014 9:10 pm

I do auctions in UK, so this was very interesting to read.

I get many questions here about the safety of it.

Of course Italy is different than UK but usually auctions is generally better to buy from than estate agents. Estate agents want the best price for the house, even if the property is under living standards.

Whilst, auctions you can indeed get a bargain but be careful as some have lovely money traps waiting for you. (previous owner leaving you their unpaid bills, premium costs etc) If you are unsure by it, don't buy it. But this does not mean auctions are bad. I think, they are actually rather thrilling and you make a lot of good turnovers when you buy properties from auctions, do them up and rent them out.

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Re: Property for auction in Italy

Post by modicasa on Wed Feb 12, 2014 6:18 am

Auctions in the UK are completely different to auctions in Italy.  In fact an auction as you know it in the UK is not even legal in Italy.  It is untrue to say that it is better to buy at auction.  AN estate agent in Italy is independent by law and works for both parties, not just to get the best price .... and given the amount of paperwork involved in a sale, it would be virtually impossible for a 'normal' person to just pop along to an auction and snap up a bargain.

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