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Property purchase in usual way or by the auction

Do you intend to buy the property but you don´t trust in the real estate agencies? Then you should try the auction. Our advisory is ready to help you and guide you by the process of the purchase. We are going to compare the difference between the auction or regular purchase of the property in the article below.

The real estate agent versus the auction agent

What are those two competitors going to talk about in case of they meet by the same party? They won´t probably find the common topic at all, since they differ utterly in the essence itself.:

  • The real estate activities belong to the bound trades, therefore the realtors are allowed to do whatever they want. Everything, which is not litteraly forbidden, is allowed. The unfair conduct won´t inflict punishment on them.
  • The auction activity is on the other hand contained in the licenced trades. The auction agent is tight to the rules difined by the law. Moreover his work is under the supervision of the ministry for the local development, therefore the auction agents are not allowed to do whatever they take into their heads. The auction agent has to be insured for the possible damages, unlike the broker.

The rate of the purchase price

To get the property by the auction could be very budget-wise investment. But in case of you aren´t familiar with the certain rules, you might easily go wrong:

  • In case of the property is sold by the real estate agency ( or by the owner himself without the agency), the offered purchase price is usually overvalued. The seller waits, if any buyer gets interested and the purchase will succed. If you aren´t much familiar on the real estate market, you might easily swallow the hook and pay for the property unnecessarily much money. This is the reason why your advisory is ready to help you, in order not to be taken in.
  • The price speculations are eliminated by the public auctions. The purchase price is determined by the estimation in accordance with the usual current local prices. As a result the developing price is never going to be the overvalued. The bidders can just bid, but usually by the rate, by which it still does pay off. Therefore our advisory is here to assist you.

The price decrease and the complaints

The people are often „blind“ by the property-hunting and they discover the potential imperfections after the purchase. The following procedure differs:

  • You are entitled to claim the appropriate reduction from the purchase price by the standard purchase from the real estate agency or from the direct seller.
  • In case of the public auction you buy the property in a given state. Neither you aren´t authorised to claim any additional reductions, nor you aren´t allowed to step down the signed contract.

Even by the auction purchase you have to check up and ivestigate all the details regarding the property. You don´t need to be afraid with a advisory by your side. Not only that it will assist you by the auction, but also it searches for the flat or the house in accordance with your requests and assures all the necessary. There is a huge range of possibilities in the auction´s portfolio. There are even budget-wise offers of the property auctions in the execution.

To sum up we remind you the service of our advisory, which is at your disposal non-stop. Don´t hesitate to turn to us and contact us in case of you might need to consult anything with a respect to the property purchase.

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Author: Rádce
Published: 23.04.2014

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