20.05.2025 09:30
Important details have been shared for those who want to purchase housing through the bidding method. Citizens looking to buy homes at half price should carefully review this information. The bidding process, application requirements, and other details are in our news.
Rising credit interest rates, increasing housing prices, and shrinking purchasing power are forcing citizens to seek alternative ways to own homes. Among these alternatives, properties auctioned through foreclosure are at the forefront. Moreover, these homes can find buyers for half or even less than their market value.
THE HOUSE OF THOSE WHO CANNOT PAY THEIR DEBTS IS LOOKING FOR A BUYER
According to NTV's report, mortgaged properties of citizens who cannot pay their debts are put up for sale by foreclosure offices at the request of creditors. This method allows creditors to receive their money while homes reach new owners at much more affordable prices.
ONLINE AUCTION: THE EASIEST WAY TO BUY A HOUSE
Participating in foreclosure auctions has become much more accessible. It is possible to join real estate auctions online by creating a free membership through the UYAP E-Sales portal. The auction process is conducted with a transparent, fast system that everyone can access.
THINGS TO CONSIDER BEFORE APPLYING
Each auction's description section contains detailed information such as the property's square meter, title deed status, share, legal status, and tax obligations. It is mandatory to deposit the specified security amount to enter the auction. After this step is completed, you can submit a bid for the sale of the relevant property.
HOUSE AT HALF PRICE: BUT NOT EVERYTHING IS ROSE-GARDEN
Properties in the auction are generally sold at prices of 50% or less of their value. However, the number of participants and bids can increase the price. Therefore, it is important to act strategically and conduct market research.
NO LOAN SUPPORT: CASH OR DEBT
Banks do not provide mortgages for properties obtained through foreclosure. Therefore, the purchase must be made either entirely in cash or covered by a personal loan or credit. This situation makes financial planning even more crucial.