So that the dream of owning a house does not turn into a nightmare, bidders have to pay attention to a number of things in a foreclosure auction.
(Photo: Getty Images)
Dusseldorf Despite falling prices: If you want to buy a house, you have to dig deep into your pocket. Currently, a square meter of living space costs 3461 euros on average across Germany, according to the real estate agency Engel & Völkers. In popular cities like Munich it is three times as much.
An additional burden are the increased construction interest rates. If you cannot or do not want to pay that much, you have the opportunity to bid on a property far below its market value. However, this comes with risks.
Interested parties can find out when and where auction dates will take place through announcements at banks, in newspapers and special auction catalogs as well as on the website of the responsible district court. In addition to the date, the valuation report commissioned by the court will also be published there.
“This is the most important and most comprehensive source of information that is available to interested parties,” says Gerold Happ, Managing Director of Real Estate and Environmental Law at the Haus & Grund Germany owners’ association.
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