Search Q&A
Participating in a "vente publique".
We saw a "vente publique" property in which we are interested. As first time buyers in a foreign country, what is required or legal by the Belgian rules or procedures and what should we do before submitting our interest? Which information should we look for or check and what are the necessary requirements and procedures to be followed as a buyer?
1. Be SURE of your figures and finance. Get it wrong and it will cost you a fortune + legal fees and you'll have no property to show for it.
2. Go and talk to the notaire handling the sale - they can answer all your questions.
1. If you need a mortgage , which is deductable from your taxes, make sure you have all paperwork ready before the vente . Banks are rather difficult , and you don't have a lot of negotiating power or time , if you bought through a vente publique before you have a mortgage.
Also it might be wise to visit some ventes publiques before you go for the one you like. A lot of real estate agents go to these ventes in the hope of making an easy profit , so it never goes very cheap.
I have been to 6 vente publique and they have always decided to have a second attempt. ie the last person to bid's offer is binding and they have another sale in 2 or 3 weeks when they hope to get a better price. I went to one sale where the reserve was 780000 and they were offered 775000 but they still decided to have another sale. really the seller has nothing to lose since they still keep the final bid from day one.
if you do decide to go and bid it is very easy, but you must have your finances in order as a bid is binding.
Agree with those who have replied. You can view the property on the dates and times advertised, and you might like to take along an "expert" who can give you advice on the state of the building. You make your bid at the live auction. Be aware that the extra costs on top of the final price can be quite high. The notaire's office can give you a list of the sliding scale of fees. The owner retains the right of withdrawing the property. And it's true that you have to come up with the money in quick time. Good Luck!
Be Ware that here once you've agreed to buy if you back out after signing the agreement you lose your deposite. Tax can be quite high paid up front. However I do have friends who were successful in buying a house this way and felt they got a good price.
Aware sorry , also depends why it's sold sometimes it's banks or divorce then they don't hold out for a better price always.
