The way in How judicial auctions work is the next:
How to know if a house is for sale
When you want to find a home "good price" o “not so expensive”, An option that usually crosses the mind is to resort to houses awarded or up for auction.
But, how to search for auction houses? Actually, although some sense it that way, Not many people know what types of auctions exist..
Depending on which of them interests us because it best suits our needs., This is where we must begin to find out looking for housing.
The first type of auction and perhaps the best known of all are the banking auctions..
Bank auctions are those in which, Through the institutions they resort to the sale of credits or, failing that, real estate., this with the aim of getting rid of those cases that present delays or non-payments.
The bank auctions They can be carried out either by the banks themselves or through legal offices..
Nevertheless, Bank auctions are classified into two types.. We have those that are located between demand and preparation to be auctioned, which are referred to under the name of transfers of litigation rights and credit.
Through them, the credit that is in your favor is obtained from the bank, the mortgage guarantee and the sale trial faced by the debtor.
It is important to emphasize this last point, since the specific property is not being purchased. These operations can be carried out either before the court or with a public notary.
Likewise, we have those that have already been awarded or auctioned., but to those who have not yet had the writing done, which are called assignments of adjudicatory rights.
When this is the case, and only before a notary public, What is done is the purchase of the right held by the bank to legally deed the property.. All that remains is to take possession of the property as such..
To conclude there are the judicial auctions. These are done when a property is subject to a public auction with the presence of a judge.
To be a part of it, It is necessary to have deposits that cover the 10 percent of the total value of the property in question, issued only by the National Savings Bank and Financial Services (Bansefi). The price is established by the bids until the day the auction takes place in court.
Once knowing this information, it's much easier to know exactly how search for auction houses, having two great types of finishes to choose from and once this is done, start with a more specific search.
Mexican legislation has the premise of “GIVING EVERYONE WHAT THEIRS”; so once the property is auctioned.
The Judge orders that delivery of the property to the buyer; of the sale amount, that the capital be delivered to the creditor, the interests, the expenses and costs of the trial.
That outstanding liens be settled, if any., and finally, that the remainder delivered to the debtor.
We have a portfolio of 3800 properties that financial institutions have for sale in different modalities: in litigation process, for finish, awarded, by write, written, con possession or without it; They are of all types and in all entities of the country.
Lawyers specializing in judicial auctions
What is meant by “Judicial Auction”?
The expression “judicial auction” in colloquial terms, It is used within the real estate world, to refer to the possibility of acquiring rights derived from judicial or administrative procedures, that may imply as a logical consequence, the final acquisition of a property. Common terms of use are “Purchase of Judicial Auctions”, “Purchase of Bank Auctions”, “Investment in Auctions”.
These types of real estate operations are highly complex in terms of time., investment, technical-practical knowledge of the specific field, legal risk of the procedure and fraud prevention.
The need to have specialized legal advice in the field of judicial auctions is mandatory. BRAIZ Abogados represents clients interested in the acquisition and investment in this type of property and procedures, with a view to protecting their interests. We advise and intervene in procedures in favor of our clients, supporting them in the evaluation and measurement of risks before acquiring judicial auctions.
Pre-Purchase Opinions
Before acquiring real estate that derives from judicial processes, We recommend carrying out a legal evaluation on the main issues that are of true relevance to the buyer or investor..
The contract that covers the purchase, the legal status of the main proceedings, the type of procedure from which the rights derive, the profile of the defendant, calculating taxes and legal expenses, the possibility of carrying out tax planning, as well as the purposes and profile of the buyer, These are main issues to take into account before deciding on a purchase of this nature..
Consult with one of our specialists, the relevance of having this information at hand before making any payment to acquire assets in judicial auctions.
Legal Intervention in Judicial Auctions
Our team of lawyers has the experience of comprehensively intervening in the operation of judicial auctions.. The procedural phase, planning, notarial strategy and formalization, They are integrated into a single service that provides the necessary legal support for the completion of awards..
In addition, We have intervened on behalf of judicial auction operators and investors in general, in just a few phases of the purchasing procedure, Therefore, we are sure that our clients find the right solution to their specific needs..
How judicial auctions work
We have a list sending service with the properties at auction of the month and we make a study with legal and real estate diagnosis con Financial Projection of the selected property, what includes cool stance, expenses and fees to avoid having any hidden expenses and estimate the real profit.
We integrate the Real Estate Investor Club, where it is possible to participate in the purchase of packages of properties in dispute between a group of investors.
This modality allows you to negotiate the purchase of these packages from financial entities with a higher discount rate due to the accumulated volume of the investment.; The purchase is individual but the discount is collective and proportional to the size of the investment.
Legal Position and Devaluation
While real estate in general suffers an upward price change to adjust to the dollar exchange rate.
The properties of the Judicial auctions retain the values established in the Judicial Assessment that appears in the file, acquiring the bidder at the previous price with the additional benefit of the percentage of the devaluation.
Judicial auction process in Mexico
If we add the legal discounts: 33% in First Almoneda, 47% in the second Almoneda or the open discount in the third Almoneda with the percentage of the devaluation, All properties are purchased with all expenses below 70% of commercial value.
How to know if a house is for sale
How judicial auctions work:
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Lawyers specializing in judicial auctions
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