Foreclosure auction in Lüdenscheid: bargain or flop?

Foreclosure auction in Lüdenscheid: bargain or flop?

In Lüdenscheid, two residential buildings will soon be up for foreclosure. However, this opportunity to purchase properties below market value poses numerous risks for potential buyers. As a rule, it is not possible to view the properties on offer before purchasing them, which falls under the motto “bought as seen”. Reports and market value determinations are presented to help bidders make informed decisions.

The first property is a semi-detached house in Eggenscheid. It will be auctioned on October 13, 2025 at 9 a.m. The old half-timbered house, which was built in 1902, has a living space of 156 square meters and extends over three floors. Three car garages, a cellar and a garden shed are also part of the offer. The market value of this property was estimated at 156,000 euros, but there are a few catches: the defective oil heating reduces the value by 20,000 euros. In addition, the clearance and disposal costs are estimated at around 2,000 euros, while the Im Wiesental road, which has not yet been opened, will cause additional costs of 5,000 euros. A purchase at 70% of the market value, i.e. from 109,200 euros plus fees, could be possible for interested bidders.

The second property and the auction

The second property, a two-family house on Bergstrasse, will be auctioned for the second time on July 28, 2025 at 9 a.m. At the first auction, the estimated value of 245,000 euros could not be achieved. The building, built in 1905, has a living space of 198 square meters and is located on a 690 square meter plot. The estimated value is 350,000 euros, but construction defects have reduced the value by 35,000 euros. What should be highlighted positively is that the Bergstrasse has already been opened up for the first time.

Bidding conditions and security deposits

Bidders who would like to take part in the auction must provide valid identification. In addition, a security deposit of 10% of the market value must be deposited. This security deposit can be proven in a cashless manner by means of a crossed check, a guarantee or a transfer to an account of the Central Paying Agency for Justice; cash payment is not permitted.

For detailed information about the foreclosure auctions and other real estate offers, those interested can visit the website zvg-katalog.de visit. A comprehensive article about the auctions in Lüdenscheid can also be found at come-on.de.