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Bank auctions a viable option to purchase their own homes PDF Print E-mail
Realizing the dream of homeownership can be easier if you consider the option of real estate auctions.

These prosecutions allow any person to acquire a property easily and a lower price.

José Francisco Araya, director of corporate relations at the National Bank, explained that financial institutions use auctions to offset a debt not paid the agreed deadlines.

The process starts when a person can not assume the payment of a loan, so the bank decided to auction the mortgaged property to recover the money that was provided to the debtor.

This method represents a great advantage for people interested in buying a home they can buy property anywhere in the country at a price less than the market.

Process. The auction begins when the bank announces the list of properties that wish to sell. "Under existing legislation, the Official Gazette published edicts (or warnings) to buy goods that are, he can review the court file and find the conditions of collection and the auction," said Manfred Saenz, legal director of Scotiabank.

Besides the institutions tend to publish the list in the mass-circulation newspapers and even on their websites to promote the participation and the greatest number of people.

The auction, which is open to the public, takes place at the court of the courts has led to the judicial process previously.

In the case of banks and mutual which is governed by the Organic Act of the National Banking System, this must be an ombudsman or advocate such institution during the activity.

At the exact time indicated, the judge and the town crier announced the auction in a loud voice, so that bidders know and read the edict.

Then people should make their best offer, provided that exceeds the base price set by the entity. The activity ends when the asset is awarded to the highest bidder, who must cancel a deposit of 30% of the base and will have three days to pay the remainder.

Benefits. According to the experts consulted, the main advantage of an auction is that property prices sonmás low compared to the real estate market.

"As the role of banks in the State is not profit, which is seeking to recover the debt. For that reason, it may be attractive to customers, "said Araya.

Another benefit is the variety of real estate auctioneer. Not only are provided housing or lots, but you can find farms, stores, condominiums, apartments and land up in cemeteries.

As for disadvantages, the main one is that people are at risk of participating in the auction without having seen the conditions under which the property is trying to buy.

"You do not have drawings of the work and do not know what quality is the process of construction," said Frank Romero, the company Remates Banking.

In addition, take into account that the process can be very bureaucratic and time-consuming, especially if the property is occupied as required evicting their inhabitants.

Opportunity. The advantages of buying a home in the form of auction has concerned many investors. "These people do not always want to live at home but want to buy a lot or want to build a property to remodel. Moreover, they have one thing very clear: they want to make the best investment with your money, "said Romero.

If you want to break into this business, you first have to decide to purchase. Some people prefer to buy a condo in Guanacaste, while others get older houses to rebuild them and sell them at a higher price.
Then you have to set the budget available to buy and remodel the property if necessary. For this, Romero recommends you hire a surveyor or surveyor to help you locate the property and assess it.

Steps to follow
Check regularly for the Official Gazette and the newspapers of national circulation where the regular list of properties (houses, lots, condominiums and offices) that the crown bancos.Llame the institution to obtain the background of the property and acquire the the competition. They tell you what the base bid price, the location of the property and the area construcción.Gestione the opportunity to visit the home or lot to learn about the real conditions in which encuentra.Los interested should go to court to be indicate to submit your best oferta.El successful bidder in the auction must submit 30% of the amount and then have three days to deposit the money, otherwise the process is declared ineffectual and loses money indicado.En many cases banks offer the contractor the option of financing to complete cancellation of the total amount of oferta.Fuente: José Francisco Araya, director of Corporate Relations of the National Bank.
 
Source: Periodico La Nacion 1/3/2008
 
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