Explainer video: Foreclosure briefly & concisely summarized
Foreclosure – Are you in the unfortunate situation that your house is being foreclosed and you would now like to find out how the whole thing works and how much time you still have in possession of your property? Or are you bargain hunting and want to prepare yourself accordingly and find out how a foreclosure auction works and what tips there are?
Forced sale quickly explained – procedure, tips & tricks
If you don’t like to read long explanations about the procedure of a foreclosure sale or about the tips and tricks, we have put together some videos for you in which these topics are explained in an understandable and good way.
Read also:
- Foreclosure explained
- Online portal and local court list
- Prevent foreclosure
- Foreclosure Submission
- Receivership
- Compulsory mortgage
If you want to participate in a foreclosure auction as a bidder or you are facing the foreclosure of your own property, the first thing you ask yourself is how such a procedure actually works. The procedure is always the same and firmly regulated. In this video you will learn the exact procedure of a forced sale. Claus Roppel explains the procedure in such a way that it is understandable for every layman. So that it comes at all to the enforcement proceedings must first be given certain enforcement requirements.
The conditions for enforcement
- Title – a document, a court judgment or an enforcement order that determines the claim to be enforced.
- Clause – Official note of enforceability
- Service – the title must have been served on the debtor before or at the time of the commencement of enforcement proceedings
In this video Christian Schmitt explains which things should be considered when participating in a foreclosure auction and he gives helpful tips and ticks.
Bargain hunting at foreclosure sale
If you’re still unsure about whether you should attend a foreclosure auction, you might find this video helpful. Are bargains common at a foreclosure auction, or do you usually pay the going rate, or even more?
This video is about tips that might help you prepare for a foreclosure. It makes sense to watch the event several times before attending a foreclosure auction yourself. You can find the dates of foreclosure auctions either on websites, such as Zvg24 or in the notice boards of the relevant local courts. Most bidders go to a forced sale with the aim of getting a bargain. But to achieve this goal, you should prepare well for the foreclosure auction.
Opportunities & Risks
In this video, you’ll learn more about the opportunities and risks involved in a foreclosure. Here are 4 things you should definitely consider before you participate in a foreclosure auction:
- Review market value appraisals
- Examine land records
- Note the file number of the object to obtain even more information
- If possible, arrange viewing appointments
Risks of a forced sale – You should be aware of these risks
Of course, there are certain risks involved in a foreclosure. A foreclosure involves risks that you should definitely be aware of. Here we have compiled possible risks for you so that you can prepare yourself for the situation in the event of a foreclosure.
Personal viewing rarely possible
Before participating in a foreclosure auction for a property, it is important to obtain sufficient information beforehand. Unfortunately, it is rarely possible to inspect the interior of a property in advance, as the occupant does not have to allow any insight into the interior. For this reason, possible damages or defects often only appear afterwards.
Existing tenancy must continue to exist – unless own need
If you buy an already rented property at an auction, you automatically become the landlord and have no right to terminate the tenancy, unless you need the property for your own use. You are therefore bound to the tenants to a certain extent.
Bidder offers more than financially possible
At a foreclosure auction, there is always the risk of falling into a so-called “bidding frenzy”. If the desire to buy the property at auction is particularly great, the risk of getting into such a situation increases. The active bidders drive each other up and do not notice it sometime that they have already arrived at the limit fixed by themselves before. Through this happening it can happen that one drives oneself into a financial ruin. Once a foreclosure sale has been concluded, there is no longer any right of withdrawal.
No warranty on construction defects
If you have managed to buy a property at auction and afterwards construction defects occur, this is particularly annoying. The disadvantage of a forced auction is that there is no warranty on construction defects.
After watching these videos, you should know enough about the process, tips and tricks. Still want to learn more about the foreclosure process? Then you can learn more here:
