Get Your French Home Out From Under The Hammer
By Howard Farmer
Not everyone who is buying a home in France wants do so by conventional means and some opt to purchase their property in an auction.
There are three types of sale which take place under the hammer in France with either repossessed properties up for grabs, a public auction of state-owned property or one conducted on the instructions of the owner, if they have left it to a number of people, say.
In France homes are often sold by the candle when the auctioneer will light a small candle which is burned until the last bid is made. A second candle must then be lit and burn out without another bid being made before the final offer can be accepted.
Purchasing a home at an auction is always going to be more risky than going through an estate agent but a document is made available beforehand where everything on sale can be looked at carefully. This will contain information about the property such as its dimensions and age as well as any constraints attached to it and property inspections. Also available on the document will be the starting price, deposit amount required to bid, fees and the conditions of sale.
If your property is an investment - consider the location carefully. As always the 3 most important criteria when buying for investment are location, location, location. Get the message! Do not be swayed by the price. There could be a good reason why the property is so cheap: is water, sewage, electricity connected to the property? Have a look around the area - are there signs of renovation? What are the transport links like? Investigate thoroughly before getting carried away at an auction!
Howard Farmer
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