An agreement between the ABI and four Italian courts opens the real estate auction market to the general public. The agreement allows the citizen who intends to participate in the auction to stipulate a preliminary loan contract which provides for disbursement only in the event of an award. In a note, the Abi observes that the problem of liquidity which was holding back access to a market of 8 thousand properties per year has thus been overcome.
Thanks to the procedures just defined between the ABI and various Italian courts, it will be possible to request a mortgage with a simple procedure. The financing, announced by the ABI, will be granted before the auction, but actually disbursed only if the property is awarded.
One of the main obstacles is thus overcome, namely the lack of the necessary liquid money, which prevented a large number of citizens from participating in these sales. 'Every year in Italy - states the Abi - around eight thousand properties are sold at auction and, thanks to the possibility of disbursing a mortgage before the sale hearing, in fact, millions of Italian families will become potential buyers'. The procedures, already outlined with the Courts of Rome, Alba, Monza and Novara, provide a path for the granting of the mortgage, at the conditions offered by the individual banks, to those who intend to purchase a property at auction.
source: Real Estate Observatory
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