{"id":6847,"date":"2024-07-09T16:21:58","date_gmt":"2024-07-09T14:21:58","guid":{"rendered":"https:\/\/www.appartement.be\/public-sale-the-pros-and-cons\/"},"modified":"2024-07-09T16:21:58","modified_gmt":"2024-07-09T14:21:58","slug":"public-sale-the-pros-and-cons","status":"publish","type":"post","link":"https:\/\/www.appartement.be\/en\/public-sale-the-pros-and-cons\/","title":{"rendered":"Public sale: the pros and cons"},"content":{"rendered":"

If you want to buy or sell a home, a public sale can be an interesting option. But what exactly does a public sale entail, how does the process work and what are the advantages and disadvantages? In this article you will discover everything you need to know about the public sale of a house or apartment. <\/span><\/i><\/p>\n

What is a public sale? <\/b><\/h2>\n

In a public sale, your home is sold to the highest bidder. The auction usually takes place under the supervision of a notary. Anyone interested in the home can bid, which means the sale is very transparent. <\/span><\/p>\n

A public sale is done both by attachment of a house or voluntarily. <\/span><\/p>\n

The course<\/b><\/h2>\n

Preparation<\/span><\/i><\/h3>\n

The seller decides to sell the property through a public sale and engages a notary. The notary puts together a sales file with all the necessary documents, such as title deeds, an energy performance certificate (EPC) and information about the urban zoning. <\/span><\/p>\n

Announcement<\/span><\/i><\/h3>\n

The public sale is announced through various channels, such as advertisements in newspapers, on real estate websites and sometimes posters at the property itself. The announcement contains essential information about the property, the date, time and location of the auction. <\/span><\/p>\n

Viewing<\/span><\/i><\/h3>\n

Interested buyers will have the opportunity to view the property during one or more organized viewing days. This gives potential buyers the opportunity to assess the condition of the property. <\/span><\/p>\n

Auction<\/span><\/i><\/h3>\n

On the day of the public sale, the auction takes place at the designated location, often in a notary’s office or a municipal hall. The notary leads the auction and starts with an opening bid, often based on a predetermined minimum price. Bidders can then bid against each other. <\/span><\/p>\n

Assignment<\/span><\/i><\/h3>\n

When no more higher bids are received, the property is assigned to the highest bidder. The notary makes a record confirming the sale. The buyer usually has to pay a down payment, often 10% of the sale price. <\/span><\/p>\n

Exit<\/span><\/i><\/h3>\n

After the auction, a deed of sale is drawn up, and the buyer must pay the remaining purchase price within a certain period of time, usually within a few months. Once full payment is made, the deed is recorded and the property officially belongs to the new owner. <\/span><\/p>\n

\"Public
Image: Person with gavel on table<\/figcaption><\/figure>\n

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Advantages<\/b><\/h2>\n