Compulsory auctions in the Velbert district court: opportunities and risks for real estate investors.

Compulsory auctions in the Velbert district court: opportunities and risks for real estate investors.

According to a report by www.waz.de, compulsory auctions will also take place in the Velbert district court in the first weeks of the new year. This offers potential buyers the opportunity to purchase affordable properties. A single-family home in Velbert-Langeberg in need of renovation is for sale, the market value of which is estimated at 264,000 euros. Also for sale is a brand new apartment building with a market value of 2,008,000 euros in Heiligenhaus. Furthermore, an apartment in poor condition and two affordable condominiums in Heiligenhaus are being auctioned.

Foreclosures offer buyers the opportunity to purchase properties at a potentially affordable price. This is particularly attractive at a time when property prices and the cost of living in general are rising. Buyers can also benefit from modern features such as heat pumps and walk-in showers that are available in the properties up for auction.

It is important to note that certain rules apply to foreclosures. The bidding time is at least 30 minutes and there are certain limits for bids in relation to the market value of the properties. Potential buyers should therefore inform themselves in advance about how foreclosure auctions work and what legal framework conditions must be observed.

Overall, the current situation on the real estate market in Velbert and Heiligenhaus offers potential buyers the opportunity to purchase affordable properties. However, it remains to be seen how demand and supply will develop over the course of the year.