Under the hammer: auctioneer during an auction in Stuttgart
Individuals looking to own their own home can also bid in court for real estate owners in debt. But you should know what you are getting yourself into. A specialist gives practical tips.
M.Sometimes a foreclosure auction even has to take place under police protection, as is the case with this property in Baden-Württemberg: “Built-up residential property with an oversized garden area”. The invitation to tender was so tempting that in April around 100 interested parties came to the Villingen-Schwenningen district court to be auctioned, even though the previous owner had threatened the date. All bidders were therefore searched for dangerous items before they were allowed to enter the courtroom. The threat should possibly deter bidders so that relatives could have bought the property cheaply – to the detriment of the bank, which was sitting on five-figure debts.
The example from the provinces shows two things: The previous history and the circumstances surrounding foreclosures are sometimes moving, and the interest of private individuals desperately looking for an affordable home or a financial investment in the real estate market is so high. From the point of view of private house and apartment buyers, foreclosures offer a decisive advantage over transactions on the normal market: You can calmly prepare for the auction date instead of engaging in an often hopeless race with other interested parties over who can transfer the money to the seller. How does a foreclosure auction work and which lines of conflict must bidders consider? Are the transactions only for professionals or can private individuals venture into battle as well?