Goodbye, Infonavit! Buy the house of your dreams below its commercial value

Although the alternative most used by formal sector workers in Mexico To buy a house is to request a loan from the Institute of the National Housing Fund for Workers (INFONAVIT), the truth is There are other options to purchase a home.

And one of the options available for Buying a house in Mexico means resorting to bank auctionswhich allows the person to pay less money for the real estate asset.

This is how if you are interested in buying a house through a bank auction and, in this way, pay much less for housingwe will immediately tell you how you can do it in 2024.

First of all, it must be taken into account that a bank auction is a legal process in which a home is sold by a financial institution as a result of the owner's failure to make payments on a mortgage or bank loan.

Thus, the objective of this purchase-sale resource is for the bank to recover the money it gave to the person for the property.

Steps to buy a house through a bank auction

Once the above is understood, it will be necessary to emphasize it, In order to buy a house through a bank auction, the following steps must be followed:

*In the first instance, the homes that are up for auction must be identified, which can be found on the official websites of the banks or real estate brokers who specialize in bank auctions.

*After this, you must proceed to verify the property, that is, verify its physical and legal status, which can be done by requesting an appraisal and reviewing the history of the property in the Public Property Registry.

*Subsequently, you must have the resources at hand, that is, you must keep in mind that in this type of purchase and sale operations they cannot be carried out through mortgage loans, which means that you must have the money in cash and , even more effective.

*Then, the interested person will have to participate in the auction. If the home is being auctioned, they must attend it and submit an offer.

*After that, if the offer is accepted, the person will have to sign a purchase-sale contract and make the corresponding payment requested.

*Finally, the person will have to register the property acquired through a bank auction in their name in the Public Property Registry.

Disadvantages of buying a house through a bank auction

All in all, although buying a house through a bank auction can be a great opportunity to acquire a home at a price much lower than its original value, the truth is that this procedure is not free of risks, some of them being the following:

*Houses at bank auction are usually occupied by the owners, so the person interested in buying the property cannot visit it or see the inside, so they will not know what condition it is in.

*Likewise, the owner of the house may not be up to date with its payments, such as property, electricity or water, which the new owner must cover after purchasing it.

*Finally, the buyer of the home will have to pay the taxes that the operation generates, instead of the seller, as happens when using a mortgage loan.

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