Auction means a form of auction (selling an item) at a public meeting to the highest bidder. The term auction can also be encountered in the field of real estate; its circumstances and conditions are regulated by the Act on Public Auctions.
What can be involved in a property auction?
- Auction of houses
- Auction of flats
- Auction of land
How does such a real estate auction work?
The public auction of real estate has been an integral part of the real estate market for some time, yet many people distrust it. But there’s no reason why, buying through an auction can save you hundreds of thousands of crowns.
Buying property at auction
You can buy the property in a voluntary or involuntary auction, as a bidder you can of course have the opportunity to inspect the property in person beforehand. There are usually two deadlines for this.
Do you know the difference between voluntary and involuntary auctions? In the case of a voluntary auction, the owner himself decides to sell the item in this way. An involuntary auction is used to monetise the debtor’s property in order to pay his debts.
What is an electronic real estate auction?
Selling a property through an online auction is an easy and convenient way to buy a new home. You don’t have to go anywhere, you can participate in the auction from home. You will need an internet connection. Then just log in electronically, send the required documents by post or as a PDF with a certificate.