Forced auction of a house - what should be considered?

Please do not forget to report how it turned out.

Thank you very much for the many tips. I think that’s great. I’ll try to make my way through..

The house is not in Oker but the soil issue exists throughout the entire district ... mining and chemical industry.

Financing is secured. Our target bid + a generous estimate of the renovation value is well below what the bank would give us.

About our target bid. It is above the market value. Comparable houses were recently listed mostly in the range of 300k€ to over 450k€. That would be too expensive for me... So we’ll see.

: You strongly advise me against it. To be honest, I see it like this: I know how much money I want to offer and will not be tempted to a higher bid. I estimate the costs for a complete renovation, in my opinion generously, at 200k€ and have included that in my financial scope. I have read the appraisal (now even completely ... ashes on my head). I don’t see many more options that I can prepare for ... am I overlooking something serious?

I am still trying to locate the community of heirs, for example through the neighbors.

Best regards Christian

@11ant: You are strongly advising me against it. To be honest, I see it as follows: I know how much money I want to bid and I won't be persuaded to make a higher bid.

A foreclosure auction is like a blindfolded game of poker. A limit alone will only benefit you to a limited extent as a greenhorn. That is why I strongly advise you here, 1. not only to consider your limit but also to place ONLY ONE bid, in this case close to the starting price; 2. to definitely complete half a dozen practice opportunities: auctions in which you can participate completely without interest and therefore emotionless and also practice assessing the other players. Almost solely for the reason that you will not have enough time to practice before this auction, I advise you to "intend to lose" this property. It will be worth it at the next opportunity. And: read through my Barthel tips here and "learn" to buy actively. Buying passively is for losers (or those who want to become one).

A forced auction is like a blind man's bluff poker game. A limit alone will only help you to a limited extent as a greenhorn.

I understand. Experienced bidders are tactically superior. I will take it easy. It is also clear to me that this auction is not the only and last chance ;-) And all in all, it is indeed a rather emotionless matter for me.

Read through my Barthel tips here and "learn" to buy actively. Buying passively is for losers (or those who want to become ones).

Searching is boring. Finding is better. Post a link to the Barthel tips.

And all in all, it is indeed a rather emotionless matter for me.

This is exactly where I see the danger: that the person concerned considers themselves emotionless based on their self-assessment. This rarely succeeds when it comes to a private home – I would not even want to guarantee this for myself.