The Auction Award Report: what it is and how to request it

The award report at the real estate auction is a crucial document which marks the conclusion of a judicial sale. This document identifies the name of the successful bidder, i.e. the one who won the auction, and can contain detailed information on the property put up for auction, the hammer price, the auction participants and the bids submitted.

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How and from whom to request the Award Report

The successful bidder, i.e. the person who won the real estate auction, has the right to obtain a copy of the award report. This document is essential, especially if you mean it apply for a mortgage for the purchase of the property. There request of the report can be carried out personally or electronically by contacting liquidator or to sales representative.

Importance of the Award Report for the Mortgage

Many banks require the award report when applying for a loan to purchase a property at auction. This document provides the bank with all the information necessary to evaluate the purchase, including details about the property, the name of the winning bidder, and the price. It is important to underline that the personal data of auction participants, such as their names and surnames, do not violate privacy and are considered public information. Therefore, the successful tenderer can safely request a copy of the report to be presented to the bank as part of the necessary documentation for the mortgage.

Report of Award in Auctions without Auction

The award report is a fundamental element in auctions without enchantment. Contains all essential informationi to identify the property up for auction and the ongoing judicial procedure. Among the information contained in the minutes we find: the name of the executing judge and of the sales representative.

From the minutes it is possible to trace the number of offers in a sealed envelope deposited, including i lot details, the amount offered and the cashier's check as security. Furthermore, the minutes report the name and surname of the successful tenderer and the exact amount to whom the property was sold.

Times for the Award Report

The award report must be requested from the sales representative at the end of the auction. 

After a few days it is possible to receive a copy of the report.

What happens after a house is sold at auction?

What happen after the award of a house at auction? Following the actual receipt of the report, Lthe successful tenderer must pay the price of the property within the period specified in the sales notice (usually 120 days but can vary to 60-90 days). The price to be paid includes the deposit already paid at the auction.

Subsequently, the court proceeds with the issuance of the transfer decree, or a public deed with which a judge transfers the previously seized property from the old owner to the new successful bidder of the property. From this we expect 60-120 for the liberation of the property and consequently for the actual transfer of ownership to the successful tenderer with delivery of keys

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