1 euro homes vs Bivona Auction properties (Bivona, Sicily, Italy)

In this video we’re going to compare 1 euro homes to another source of cheap real estate in Italy.

Now, I’m not big on surprises, so I’ll just go ahead and tell you what we’re covering. We’re going to be talking about auction properties.

Well, I’m here to tell you the 1 euro homes are not the only source of cheap real estate here in Italy. We’re going to be looking at a few court auction properties in order to have some additional options as we explore a property investment in Italy.

For this example, we’re going to look into the community of Bivona.

Bivona is one of the communities boasting 1 euro homes and I hope to get some more information about it. Unfortunately, I visited on a Sunday and found everything closed so will be gaining more information about the 1 euro home market for a future video.

Contrasting with Mussomeli, which is found high atop a hill overlooking the valley, Bivona is one of the communities I could see from MY hilltop hotel balcony. It is nested in a natural amphitheater. Living here would definitely be peaceful as it remains almost untouched by the human imprint.

The types of properties found in Bivona most likely follow the same template as Mussomeli regarding style and condition, but one advantage is that Bivona is a bit more laid back about procedure.

According to a recent article by CNN, Bivona requires a smaller surety bond of (2750 euros) and even extends the potential period of renovation by 1 year. I personally don’t know if I’d pick up one of these 1 euro homes, but I don’t want to discredit that it could be a great option for many of you. This video is not intended to tear down the idea of buying a 1 euro home, but merely to offer an alternative as you search for your Italian investment.

So, what’s the alternative to a 1 euro home and why would I even consider it?

Let’s take a look,
According to AsteGiudiziarie.It, there are 7 auctions held between the 20th of December and the 28th of January. Of the seven, 2 are categorized as residential, but photographic evidence shows that a few of the others were used as habitations even though they are considered commercial or storage spaces.
Just looking at the residential examples, we find a 131 square meter apartment with a base price of about 18 thousand 6 hundred and 16 euros and a second which appears to be 2 units totaling 303 square meters, with a base price of 42 thousand 2 hundred and 40 euros.
I realize that it sounds like a lot more than 1 euro. But just stick with me for a minute longer and I’ll point out the benefits.
You see, Italy is auctioning off properties in the hundreds of thousands annually. Even if you don’t see what you want on the auction today, it doesn’t mean tomorrow, or in a month or so, the perfect property won’t surface.
Some Frequently asked questions.
What do you pay?

An initial deposit of 10-15%

And the only closing costs you will pay are

An imposta di Registro,

Imposte catastale,

And Imposte ipotecaria which are standard on any property purchase which will be added to the remaining winning bid amount.
What do you not pay?

Realtor commissions,

Notary/Title fees assuming a cash payment since the judge will act as notary.
What are you responsible for?
1) You are buying the property as is. This means the condition of the property and its effect upon health and safety to the community will be your responsibility as well. Choosing a property wisely becomes crucial due to this.

2) It also means that if there are HomeOwners Association fees past due, you will be responsible for the current year and the previous years dues. This can be avoided by choosing properties without the need for an HOA.
3) Sometimes you will find that the property has been modified in recent years without having notified the comune. If this is true typically there is a fee of a few hundred euros or if it is extensive a few thousand to update the property blueprints. If it was done so in a way that violates health and building codes, you may be asked to modify or refresh its current state to match what was previously approved.
What are you not responsible for?

Well, all other liens are nullified by the court.

There is no surety bond necessary, therefore no deadlines.
I showed you two examples in Bivona Italy. The best part is, look how many there are in my community. That’s right. 56 between 20 and 40 thousand alone.

I imagine that’s enough info to get started, If you’d like to know more, check out the video, ‘How to buy an Italian Villa on Auction’. For now, the video is a bit lengthy, I’ll probably redo that video to make it more accessible, but for now enjoy learning!
Don’t forget to subscribe to the channel and again like and share the video!
Consider the court auctions another tool in your toolbelt for finding that perfect Italian villa.

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