properties in auction
According to the experts, the purchase of a property through the judicial auction is one of the best options, by price and variety, because the appraisal that the court does is not an appraisal made by an expert appraiser to give the real price of the property, for its current conservation conditions and its commercial value.
The appraisal obtained from the property is made by the cadaster office of the corresponding municipality as it appears in the nomenclature bulletin and in application of Art 52 of Law 794 of 2003, the cadastral value is increased by 50% of the value, it is clear that 90% of the cadastral appraisals are almost 50% below the commercial appraisal of the property and this is the most significant advantage for the purchase of housing used by this means.
Another advantage is that appraisals were presented by the creditor (plaintiff) in previous years, and housing increases year after year. This gives an added value to the purchase of real estate through the public auction both to investors and to any person wishing to buy their home. However, it is important to be clear about the procedure to participate in a public auction where the person who purchases the home will be the one who offers the most money in a sealed envelope.