For those who want to acquire a property at a better price, the Caixa property auction can be an excellent opportunity.
According to data released by the bank, until July 2018, a month before a large Caixa 2018 Real Estate Auction, the properties repossessed by the bank totaled R$591 million, with more than 28 thousand properties sold, and already represented 62 % of all offering from the previous year.
If you want to better understand how the Caixa Econômica property auction works, read this post until the end.
How does Caixa’s property auction work?
Caixa’s property auction usually takes place when a resident is in default with the mortgage installments and has not been able to reach an agreement to settle the debt. In this case, the furniture returns to the bank’s property.
Because the properties are of Equity and Fiduciary Alienation (a model for guaranteeing properties, furniture or real estate , which is based on the transfer of assets as payment of a debt, based on an agreement between the creditor and the debtor).
The properties of a Caixa Auction usually offer advantageous conditions for future buyers because they can be, on average, more than 30% cheaper, but there have been cases that the properties offered at the event were more than 60% cheaper than the market values at the time of assessment by the bank.
Caixa 2018 real estate auction: trading sessions
Provided for by Law 9,514/97, these returned Caixa properties can be held in up to two auctions: the first takes place 30 days after the property is returned. If there is no bid, the second auction is held 15 days later.
In Caixa’s first auction, properties must receive the minimum bid, which must be equal to or greater than the appraisal value. The second auction has a minimum bid set by the seller, as long as it is equal to or greater than 50% of the appraised value.
The units in the Caixa IMovie’s auction can be viewed through a catalog that exists on Caixa’s website or even directly at branches. Offers can be made in person or even online.
In addition, know that it is also possible to finance a property from a Caixa Econômica auction, including the alternative of using your FGTS.
But if there is no bid again, the property will be offered in open bidding, closed bidding or direct sale.
These open bids by Caixa Leila can be held simultaneously in several cities across the country. Interested parties need to pay attention to the calendar that is also on the website.
How to participate in Caixa’s Real Estate Auction?
Anyone who wants to participate in Leila Caixa, should pay attention to the publication of notices. If any property is interesting, the tip is to check rules and information.
The Caixa property auction notice contains the main information about the property to be auctioned: the date of the auction, the minimum sale price, the state of conservation of the property, who is the seller and who is responsible for each one. Excess costs, such as taxes and condominium fees.
Preferably, opt for a property that is unoccupied. But if this is not possible, it is good to know that this vacancy will be borne by the new owner.
To formalize your proposal for online sales at a Caixa Econômica federal property auction, you must make a security deposit of 5% of the property’s value, at any bank branch or at the location indicated in the notice.
To register for the Caixa Econômica Federal property auction, it is necessary to register in advance on the auctioneer’s website:
– Copy of identification document (RG, CNH, etc.);
– Copy of CPF (if the number does not appear on the identification document);
– Recent proof of residence (maximum of 90 days);
– If you are a legal entity, the legal representative must also present the articles of association;
As for enabling the account, this process usually has particularities defined by the auction house. Ideally, consult the institution responsible for the auction in question, as defined in the notice.
Cautions when buying property from Caixa’s auction
The first precaution to be taken when thinking about participating in a Caixa Econômica Federal auction is that the properties may take a while to become available.
This is a risk factor that the buyer may experience precisely because of what we warned above: some auctioned properties may be occupied by former owners.
The buyer may also have to bear these additional costs with an eviction action.
So if you need to use the courts to get the property, know that it will cost you money. Also, you may not be able to visit him if he is busy.
Another point that is very good to be prepared for when purchasing properties from Caixa’s auction is about the debts left by the former resident. Find a lawyer and check if there are any debts left by the other owner. Depending on the case, you will need to pay his debts.
Condominium bills and property tax in arrears until the date of sale will be paid by Caixa. Thus, whoever buys is free from any debt. This is clear, as long as you are not responsible for existing debts and that the acquisition does not take place in the 2nd Auction.
The lawyer can also find out if there are lawsuits against the Caixa Econômica property auction, because sometimes the bank did not wait for the judgment to end before putting the property up for auction.
Another important precaution when trying to purchase auction property: research the property’s market value.
Research the market value of the auctioned property, assessing whether the discount offered at the event compensates for the risk of having to bear the costs of justice and renovation.
And after that, don’t forget to be very attentive to all the clauses of the property’s purchase and sale contract .