Property Auction

geoffking39 Image
08/03/2010 - 15:16

Does anybody have any personal experiance of either buying or selling a property using a Property Auction in Italy? do they exist? many thanks for any info , Geoff .



No personal experience but they do certainly exist albeit on a fairly minor scale - in our bank (Banca delle Marche) they always have a list of available properties for sale at auction with all relevant details, ie auction date, who to contact etc. They tend to be repossessions and instances where someone has died without known heirs - according to our local bank manager, good for buyers, not for sellers. Not sure how you would find out about one, other than through a bank, but perhaps they are advertised in the local press - have never looked so don't know. If you are looking to buy, you may be lucky but if looking to sell I gather the traditional 'agent' route is much better.

Due to legal system, auctions as exist in other countries cannot exist in Italy.  The only auctions you will find for property are for repossessions or expropriation.  Technically it is fine buying at auction. However, for most foreigners it is more risky than in other countries.  You have very limited time, sometimes 10 days, to pay - there is no 'out' clause, and sometimes, especially in the south, the only people who are 'allowed' to buy the house are those who are selling - be careful not to tread on the wrong toes - some auctions in my experience are so rigged as to be ridiculous.  Unless you have a yen for adventure and risk, I would avoid auctions, especially if you are not fluent in Italian, and have a pet geometra who can do all your searches in record time...