Property from partition auction

Hello Jumi1,

there are no existing rights or other entries in the land register for the property, everything is stated in the appraisal.
Nevertheless, thank you for the hint

Regards
Peter

You are going into a shark tank as a herring.
Auction: So, forced auction.
1) Is the property really that great? Then there will already be professionals who contact the bank conducting the auction and try to secure the winning bid before the auction. Then the date will be canceled. This is common. So: if it is serious, take this path too.
2) If that does not happen, or if the bank wants to auction because of high demand expectations, it goes like this:
You already have to pay 10% of the market value to the court treasury to be allowed to participate. If you don’t win, they will transfer it back to you.
3) If that has happened and you actually win the land, you have to pay immediately. By putting the money on the table in cash or by issuing a bank-certified check.
You cannot come with a financing commitment. The money has to be there.
4) Now you can imagine who might still be there: Rolex wearers with gold chains and Corvettes. Real estate sharks with big hands and bushy eyebrows. Slick lawyers. Etc. Karsten

You go in as a herring in a shark tank. Auction: So, forced auction. 1) Is the property really that great? Then there will already be professionals who contact the bank running the auction and try to secure the winning bid before the auction. Then the date will be canceled. This is common. So: if it’s serious, take this route too. 2) If that doesn’t happen, or the bank wants to auction due to high demand expectations, it goes like this: You have to pay 10% of the market value to the court cashier just to be admitted. If you don’t win, they refund it to you. 3) That’s done and you actually bid on the land successfully, you have to pay immediately. By putting the money down in cash or by writing a bank-certified check. You can’t come with a financing commitment. The money has to be there. 4) Now you can imagine who might be sitting there: Rolex wearers with gold chains and Corvettes. Building tycoons with big paws and bushy eyebrows. Slick lawyers. Etc. Karsten

schaaaaaaaaaaaaaaaappo

Karsten, you always amuse me! But you hit the nail 100%

3) Once that has happened and you actually win the land at auction, you must pay immediately. Either by putting the money on the table in cash or by issuing a bank-certified check. You cannot come with a financing commitment. The money must be there.

No no. The difference between the security deposit and your bid will be due for payment about 6 to 8 weeks later, after a request from the court. You don’t have to slam a check or a sack of money on the table. However, the time is subject to interest.

But you should have already talked to the bank beforehand so that it goes as quickly as possible after the award.

By the way, the security deposit can be made by a bank-certified check or a bank guarantee. The money does not have to change hands. However, both cost fees through the bank.

By the way, I would already practice a bit. Meaning, participate in 1-2 auctions first.

Hello Nordlys,

the property is a partition auction, not a foreclosure auction.
I think it is more likely that one owner wants to sell and the other does not.
Therefore, I don't think it is possible to buy beforehand if one does not want to sell.

Regarding the payment, you have to pay about 4-6 weeks later, not immediately, right?

We can deposit the 10% security with the court.

If at the auction someone is still sitting there with 2 Rolex watches on their arm and a golden Corvette, I wouldn't care as long as I get the winning bid.

Best regards
Peter

Hello Caspar,

exactly as you wrote it is how I had also understood it.

The first practice session is already scheduled for next Wednesday

: 100% not quite