With the current sluggishness in the market, people are turning to property auctions in Spain as one means of moving their property more quickly. Equally, for those looking for a bargain they can guarantee that those placing their house for sale are keen to sell. Of course, reserve prices remain but you know you’re not going to spend weeks negotiating or not hearing at all.
The auction alternative
- you can view the property in just the same way as you would normally
- you can appoint a legal expert to help you through the process
- you can check documents relating to the property 7 to 10 days prior to the auction
- all properties have a reserve price – this isn’t disclosed to potential buyers
- you can have a survey done on the property
- You can make a bid on a property before the auction if you like
- any debts that might be accrued against the property are cleared prior to auction
- you need to bring identification with you to the auction house including NIE and passport
- someone can bid for you at the auction by proxy
- the auctioneer will advise you on how to place your bids
- you are asked to sign a reservation contract and pay a 3,000€ deposit
- the deposit is refundable if a survey shows there are undisclosed defects which could invalidate a mortgage
- once the auction is over you can still make a bid if the property didn’t sell.
- completion on the property is between 30 and 40 days after the auction takes place