The opportunity to acquire a foreclosure home with a mortgage loan is latent in Colombia. Some financial institutions offer people interested in buying housing through judicial auctions , a variety of properties. This is due to the insolvency of many debtors who failed to pay their obligation.
The bank creditor of the house asks a judge to auction the property, placing a base price. This is in the hands of those who offer the best price, in order to recover part or all of the debt. The procedure for acquiring the purchase of housing by this means is a bit expensive, but it is not impossible.
Procedure to acquire housing at auction
The sale or auction is made by the judge, who before a legal process sets a date to auction the property. When the time comes, those interested offer money according to the registered base price and the purchasing capacity of each bidder.
To set the base price, in the first instance it is done for 70% of the commercial value of the property. If it is not sold, we proceed to a second instance of 50% of its value. Finally, there is another purchase opportunity for an amount of 40% of the commercial value. Emphasis is placed on the latter, since, even though it seems economical, it is not a good guarantee for the offering buyer.
On the other hand, being a property acquired with mortgage debt, it may be possible that there are lawsuits against the debtor. These demands must be clarified and legalized with the creditor, as it may have legal and legal consequences with the future buyer.
Obtaining housing at auction with mortgage credit
If the sale is approved for being the best offer, you have 10 days to pay the balance. The intention is to pay with mortgage credit, there is an inconvenience, because the process takes between 30 and 60 days. Additionally, some documents must be requested from the judge that are required by the lending financial institution. This further delays the home purchase process by auction.
Even with all this, you cannot leave aside the project of acquiring the home by auction. You can think of providing savings money as an initial fee, and the rest with a free investment loan. Ask a family member for a loan or much better if you agree to mortgage a property temporarily. While you can mortgage the home acquired at the auction.
The goal is to become a homeowner in auction, as it is obtained at a much lower commercial value. And this effort to be able to obtain it with mortgage credit is difficult but not impossible. Would it somehow be a gain?