When we talk about real estate auctions, we immediately think of a property that has mortgages, unpaid loans and on which judicial proceedings are pending. Actually, there are also real estate auctions for properties sold by private individuals, do you know what they are and how they work? And what is different from selling with an agency?
Judicial real estate auctions Judicial auctions are carried out when it is necessary to force the sale of the property. This happens when the owner hangs debts that cannot be settled, such as mortgages, loans or debts, and not only the property but also the assets inside it can be included.
The purchase of a property at auction follows a predetermined procedure by the court, differently from the houses sold in the free market, because you have to participate in an auction and for which you are not sure of winning the house.
Real estate auctions between private individuals Well spread in Anglo-Saxon countries, property auctions between private individuals are also spreading in Italy. It is the sale of properties free from particular legal dependencies, and is an alternative to more traditional sales made with an agency.
Property auctions between private individuals allow you to sell the property quickly and reach the best price. Auctioning offers you receive are vastly more numerous than a traditional sale. Moreover, this system allows you to determine the perception that the market has about your property, in this way it is avoided that the property remains unsold for a long time due to a wrong valuation and that forces you to revise the price.
When you need to sell your home quickly, Kaaja gives you this opportunity by ensuring transparency, security, and above all, the possibility of managing the entire process online. To avoid nasty surprises, Kaaja will note all the information about the property on a blockchain, creating a traceable digital identity that cannot be falsified.
Indeed, selling with Kaaja, your property will be evaluated as explained in this previous article "How to evaluate your property". Defined the value of the property and fixed the minimum reserve price, or the minimum amount that the owner of the property is willing to accept. Once the property is online you collect offers, exclusively online, and are public visible to each buyer but keeping the anonymity of potential customers. Each offer is guaranteed by an authorized credit card amount that is actually withdrawn as a deposit only if it is the winning one.
Differences between selling house at auction or with a broker The biggest difference lies in the bidding mode. If you sell with Kaaja the publication procedure is identical for each property then the collection of documents and the inspection for the evaluation, the publication of the property with images, floor plans and descriptions will be carried out. In both situations, the house can be visited both physically and remotely with our on-site real estate agent.
The big difference is:
the number of tenders that may be received;
the possibility of maximizing profit;
the speed with which the property is sold, on average faster than a property published in the classic modes.