Financing your own home has never been cheaper. Earlier this year, the interest rate for a five-year, fixed-rate mortgage fell to below 1.0 percent for the first time ever, making this a great time to consider buying your own home.
In Switzerland, a lot of real estate is changing hands via what is known as the “bidding process.” Ideally, this begins as follows: The seller advertises their real estate, specifying the minimum purchase price and all relevant information about the property, e.g., its location, size, year of construction and floor plan. They also specify a date by which interested parties can come and view the property.
Now it's the turn of potential buyers: after the viewing, they generally have two to three weeks to submit their initial bids. The seller then informs them of the highest bid. Assuming this price is not too high, a potential purchaser can then submit a new bid until the agreed number of bidder rounds – usually two to four – is reached. This is followed by subsequent negotiations, additional questions about construction guarantees or further viewings, as necessary. Unlike in a conventional auction, bids by interested parties are not binding.