Brazilian Banks Auction Repossesed Real Estate at Huge Discounts

RIO DE JANEIRO, BRAZIL – Itaú Unibanco and Santander are to hold auctions of repossessed properties this week. There are some 100 properties (houses, apartments, land and commercial rooms) located in several states.

With respect to Itaú, bids could have been placed up to Tuesday, December 15th, at the Zukerman Auctioneers website. There are 28 properties located in the states of Bahia, Espírito Santo, Maranhão, Mato Grosso, Paraná, Rio de Janeiro, Rio Grande do Norte, Rio Grande do Sul, Santa Catarina and São Paulo.

The available properties are residential (houses and apartments) and amounts range from R$54,500 (200 m2 house in Natal) to R$1,473,000 (668,624 m2 apartment in São Paulo).

Plots are up to 70% below market price. Payment can be made in cash with a 10% discount or in up to 78 installments.

Santander will auction 48 properties on December 17th through the Mega Leilões auctioneer. Most properties are located in the states of São Paulo, Rio de Janeiro and Bahia. Bids range from R$75,600 to R$3,717,000, the first being a 21 m² commercial room, and the second, a 1,528 m² warehouse located in Macaé, Rio de Janeiro.

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