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How does a real estate auction work?? How can we participate in the auction of land, apartment or house? Is it possible to bid on an apartment that was financed and not paid for? Do real estate auctions work as well as vehicle auctions or not? What are the benefits of participating in these auctions?
The dream of home ownership has always been in the minds and hearts of Brazilians. In the past, it was obviously easier for this to be a reality: the real estate market was not as hyperinflated as it is today, so much so that many people became rich thanks to the land they bought for scraps in the past.
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In any case, there are still ways to save money when buying a property, whether this is empty land, with a house or an apartment in a building. One of these ways is the auctions held by large websites, financial institutions and banking institutions that have received defaults.
In today's content, we are going to tell you in detail, How does a real estate auction work?. Therefore, if you are thinking about buying yours, but you don't know how, we recommend that you follow us until the end of the article for more details. Come on, read with us and stay inside!
What is a real estate auction?
Before knowing how it works auction of real estate, let's understand what exactly we are talking about. A real estate auction is nothing more than an event held to sell properties that stopped being paid for at some point, and thus were resumed by the finance companies that paid the bill.
There is no other clear way for a real estate auction to be held except this one, or real estate that has been legally seized for some crime. Heads of criminal factions, for example, when they are arrested and forced to pay certain amounts to the state, end up handing over luxury properties, empty land and others as a form of payment.
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Thus, the state itself, usually represented by the Federal Revenue or the Federal Police, hold auctions so that the land is then sold by ordinary people, who want a good property to be able to use, but at a price below the average charged in the real estate market.
How does a real estate auction work?
But after all, how does real estate auction work? How to buy land at auction? Now that we've brought you more information about the auction and other finalizations about buying a property, let's answer your question. In reality, buying an auction property is very simple, and we answer below with the same guide as the content on buying auction motorcycles and cars. Look:
How the real estate auction works:
- enter the auction;
- Make your registration online, if the auction is online;
- Wait for the bids to start;
- Place your bid as far as you think is financially valid;
- If your bid was the last one, the property is yours;
- Follow the procedures mentioned for the withdrawal of documents from the property;
- Okay, the property is yours.
That's it, nothing more and nothing less. Remember to make sure your internet connection is good, to avoid network delay issues from hindering your bids. In addition, always try to act in a thoughtful way, and not on impulse, as this is not a game, but a negotiation.
But what are we trying to say with this? Well, if you have 90k to give on a property, that means your max bid is 90k. If someone has made a higher bid, stop here, don't insist on raising just for the sake of winning: be rational and not emotional, avoid losing money you don't have.
Also, remember that once you have finalized the product, be it a property, a motorcycle, a car or any other item, it is your legal obligation to comply with the purchase. That way, there's no going back, since you took the opportunity from someone else who would buy, just on impulse, as mentioned above.
Financial point of view: it's worth it!
This was our guide on how real estate auction works. From a financial point of view, it really is a very worthwhile purchase, mainly because of the condition of the properties, which, unlike the vehicles, are in excellent condition in most cases. Got questions? Comment below and we will respond. To the next!
