Foreclosures have a reputation for being a place to grab a bargain every now and then.
At a foreclosure auction in Berlin this week, more than 50 people sensed the chance of being able to buy a cheap property.
Foreclosure auctions have long been considered an “insider tip” where bargains can occasionally be found. Such a bargain have a lot on Wednesday Berliner thundered.
A one-room apartment in a central location went under the hammer in the district court of Charlottenburg. The apartment is on the ground floor of an apartment building, has no balcony and measures almost 32 square meters. The report assesses the value at 111,000 euros. However, one bidder was willing to pay significantly more.