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Mortgages for judicial auction houses: how to request it?

Is it possible to take out a loan to buy a house at the judicial auction ? To win even a quality property at affordable prices, real estate auctions are a good opportunity to find the home of your dreams at really good prices.

Although the prices are really attractive, you don’t always have the full amount to pay for the property.

Therefore, the need arises on the part of the aspiring buyer to sign a loan agreement to finance the purchase of the house at the judicial auction.

But, judicial auctions are not one of the increasingly popular channels for Italian buyers to buy a property: what are the reasons? Moreover, it is good to know if it is possible to turn on a mortgage and how to proceed with the request.

Real estate auction: why are they more and more favorite?

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Judicial auctions are not one of the favorite channels of Italians to buy real estate: the data confirm that we are witnessing an enormous drop in the total number of real estate auctions.

Although the prices of real estate at auction are really tempting, it is good to know that the reasons for which less and less use is made of this channel lie in the depreciation of the market value of the real estate object of the judicial auction.

In fact, these are houses whose price is less than 100,000 euros which, once sold at auction, do not guarantee repayment of the debt by those who have subscribed the mortgage.

For this reason, creditors accept a balance and write-off option to then sell the property on the market without having to resort to the legal tender.

This allows the debtor to honor his economic and financial situation

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In any case, for those wishing to resort to a judicial auction to find a property at really cheap prices, they can evaluate the possibility of lighting a mortgage for auction .

The sum financed by the loan can even reach 100% of the sales value .

A judicial expert sets the value of the property, once it has ascertained its cadastral parameters and its general conditions.

The judge establishes the base price, the deposit date and the balance payment date.

If the winner of the auction wants to buy through a mortgage, the signing of the contract takes place simultaneously with the transfer of ownership decreed by the judge.

The loan is then paid only on condition that the judicial auction participant actually wins the property, otherwise the preliminary document does not entail any obligation.

If the loan is not sufficient to cover the full cost of the purchase, the borrower will have to provide to cover the remaining part.

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