Фото: Buying real estate from Open Market auctions (SETAM)

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Oleksandr Kolesnichenko

Head of real estate and construction practice

Construction and real estate specialist, civil engineer, specializes in land law, negotiations, and pre-trial dispute resolution.

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Buying real estate from Open Market auctions (SETAM)

Reading time: 4 min.

Buying real estate at attractive prices is possible not only by the usual traditional methods. For example, the Open Market system (SETAM) is popular. This bidding platform is an efficient and easy way to buy real estate online. These auctions have been operating successfully since 2014. In this article, our experts - specialists Prykhodko and Partners will tell you how profitable and easy it is to buy real estate from Open Market auctions.

Features of the Open Market platform (SETAM)

To begin with, we note that SETAM is the only authorized system in our country that deals with confiscated and seized property. In most cases, this property is seized during enforcement of decisions of public/private executors. That is, through the Open Market you can purchase mobility at favorable prices.

Interest in this type of real estate is explained by the fact that its value is significantly lower than the market value. For example, if the auction did not take place, the appraised value of the property is reduced by 30%. However, it is worth knowing about the risks that accompany the purchase of real estate on the Open Market.

Risks associated with buying real estate on SETAM

Buying mobility in general, in particular on the Open Market platform, can be risky in the following cases:

  • The owners of the real estate object were not evicted

It is important to remember that even in situations where real estate is under foreclosure, its owners can still live in it. After the purchase of such real estate, the new owner must apply to the residents of the apartment with a demand for voluntary eviction. The term given for this is 30 days. If the tenants did not voluntarily leave the apartment, the new owner must apply to the court. It is the court that issues a decision on deregistration of old owners and forced eviction. Of course, such cases are isolated, but still, such risks should be taken into account.

  • Existence of executive proceedings regarding the real estate object

In most cases, debtors delay the process of foreclosure on property. The judicial method is the most popular option for challenging court decisions, actions/inactions of a public or private executive.

That is why it is recommended to familiarize yourself with the existing requirements of the debtor in detail.

In this case, it is advisable to seek help from professional lawyers. Our specialists will assess how appropriate it is to participate in the auction. Often, the debtor's demands lack justification. Therefore, they will not affect the results of the auctions. However, in order to avoid lengthy legal proceedings, it is better to insure yourself.

  • Bans and arrests

Sometimes problems can arise with arrests that have been imposed by the court within the framework of criminal cases. The new owner must remove them independently in court. The duration of this process depends on the complexity of the situation.

Assistance of professional lawyers in buying real estate on the Open Market

If you decide to buy real estate through auctions on the Open Market, you must enlist the support of professional lawyers. Prykhodko and Partners specialists will analyze in detail the feasibility of buying real estate and provide recommendations that will help you avoid many problems. We have many years of experience in participating in auctions and provide full legal support for the purchase of real estate without problems and burdens. The key to our success is an individual approach to each specific case. We will help you achieve the desired result!

Do you still have questions? We are waiting for a preliminary consultation! To calculate the cost of support services for the purchase of real estate at Open Market (SETAM) auctions, fill out the form below.

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Head of real estate and construction practice

Construction and real estate specialist, civil engineer, specializes in land law, negotiations, and pre-trial dispute resolution.

Contact now
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