Buying a property at an auction/asta.We

11/19/2015 - 07:54

Buying a property at an auction/asta.We are considering buying a neighbouring property at auction 'senza incanto' and have been sent details of the solicitor dealing with the sale so it all seems above board. I am however warey as have heard tales of people using the auction process to buy back their own house or contesting the sale. The auction gives a guide price (prezzo base) and a lower, minimum price from which bids can be submitted. Does anyone have any experience of buying at auction in this way? If there was any contesting of the sale we would just want to walk away and get our money back but really wouldn't enter into a legal wrangle...



You mention a solicitor dealing with the sale, do you mean the custode giudiziaria who is in effect the seller on behalf of the bank who has repossessed the property? Because you might also find yourself dealing with solicitors (avvocati) or Agents who are offering to represent you personally at the auction and try to offer the winning bid. Sometimes they ask for money up front which is not correct. You should only pay 10% of the base price by bankers draft in a sealed envelope with your starting bid, and this is returned if you do not win.Dont expect to just walk away if there is any contesting of the sale, nothing is that simple, make sure before you even bid that you know everything possible there is to know about the property and all the charges registered against it! Get plenty of experts on board with you, including an opinion from a geometra on the court's expert report and a valuation of what the real market value would be so you don't overbid. 

Thanks Charlotte! Yes, I meant the custode giudiziaria. She suggested using a local solicitor to submit our forms and represent us at the auction although I can be there in person myslef if we decide to go ahead. How would I find out about all the charges registered against the property? Do I simply email the custode giudizaria and ask? So far she has been helpful in explaining the process etc but obviously will be bound to some degree of privacy. It would be strange to be prepared to bid for something if it was legal to withold any possible future liability towards charges against it. My understanding is that the wining bidder ( it is sealed envelope bids and then a chance to bid higher in court if there are several interested parties) has all 'charges' currently owing annuled as part of the work of the custode after the sale is agreed. You're worrying me now...coudl hidden 'monies owing' creep out of the woodwork and then you find out that you, as an unsuspecting new owner, are liable? There is also possibly the chance to buy out of auction for slightly more money...but maybe this ends up being riskier in terms of the buyer being less protected by the law than a giudicial auction?

Hello Rachel, as to the charges you should be able to obtain a full search against the property "visura ipotecaria". The custode should also give you the perizia by a court appointed architect which will describe every aspect of the property. All charges are then cancelled when you win, the cost of cancellation is covered by your payment of the sale price. You need to add imposte di registro tax too, this will be 9% if not resident or 2% if resident, calculated on the valore catastale!