Going to an auction well-prepared
The purchase and sale of real estate mostly takes place "privately", that means: buyer and seller achieve a mutual consensus on the object and the conditions (including the price) subject to which the sale or purchase takes place, whether or not with the assistance of a realtor. A sale by means of an auction (also called public sale) is drastically different from the standard rules, a reason for you to familiarize yourself properly with this phenomenon in advance. On this webpage, we will try to paint a picture of the course of affairs at an auction and the preparations to be made for this purpose. We will also explain in detail the various terms used at an auction:
- - voluntary auction or auction under execution
- - private sale
- - the course of affairs at the auction
- - general and special auction conditions
- - allotment/instrument of mandate
- - costs
- - risk
- - identification card and certificate of solvency