What You Need to Know When You’re Going to Buy an Auction House

Are you going to buy an auction house? Now we will provide an explanation on the procedure of buying auction house. Why? Because some of you may have to buy auction house but not yet know the way.

Getting auction house is easy but difficult. You must be diligent to go to property or real estate auctions or can also go to the bank to inquire about the procedure for buying an auction house. For more details, here are the procedures that need to be considered and done to be able to buy auction house:

1. House with bank’s supervision

Find home that is under the supervision of the bank. Under-supervision-houses are definitely houses to be auctioned off. You can see which bank that confiscated the house.

2. Go to a bank’s branch office

You might need to go to the branch office. This way is needed to get more information. If you are in a branch office, you simply meet customer service and you can ask for information on how to buy an auction house (your target). If the house can be purchased directly, then you can make purchases at the branch office by cash or installments.

3. Fill out the form

Typically, you will be asked to fill out a filing form provided by the bank. This is one of the conditions you need to do to get the auction house. Accuracy in filling out forms is important to avoid unnecessary risks. Do not be in a hurry, make sure you really understand any points listed otherwise you will regret later on.

4. Request auction schedule

Ask for information about the auction schedule to the customer service bank. You will get information about the location and time of the auction process. Typically, a bank has an auction schedule that will be done within a period of one year. Make sure you are really dealing with the official agency and confirmation from the bank is the main thing.

If you already get the auction schedule information, you can directly follow the auction process. But before the auction, there are some things you need to consider. Here’s what to do when going to auction:

– Apply to the State Property and Auction Service Office or the private party appointed by the bank.
– Pay registration of 20% of the auction house price limit (this may be different in another bank). If you do not win the auction, this money will be returned to you. If ultimately declared a win in the auction, you must pay off the total cost of house price within 5 days. After paying off the auction, the State Property and Auction Service Office will provide a letter or file that you must bring to the bank. Later, this letter or file will be exchanged for the house certificate you have won in the auction process.

Hopefully this information can add insight for you.


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