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Homes bought at a foreclosure auction

Homes bought at a foreclosure auction

Buying a home at a foreclosure auction can be a risky affair. It is therefore a good idea to consult a lawyer specialising in forced sales for advice.

When homes are bought at a foreclosure auction, a home condition report will not be issued and therefore it is not possible to take out a change-of-owner insurance. It is therefore important to be careful before you make a bid on a compulsory sale.

It may also be difficult to get an overview and understand the estate agent’s sheet of information regarding the individual liabilities and maximum price.

As we have completed many compulsory sales throughout the years, we are able to answer many practical questions which will come up!

You choose the scope of advice which is divided into three areas:

  • Review of the estate agent’s sheet of information and related documents providing advice about making a bid, the maximum price, etc.
  • Meeting at the foreclosure auction and giving a bid.
  • Purchase and registration of title of property acquired by the purchaser at a foreclosure auction.

Contact one of our lawyers for more information.

 

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