Direct Auctions - Buyers Guide to Spanish Property Auctions

We at Direct Auctions appreciate it may be impossible to view the properties and attend the Auction on the day, so to make the process easier, we do accept bids online.

1. View the properties you are interested in. This can be done online or by appointment via the Auction House.

2. You may request copies of the property documents 10 days prior to Auction Date, or they can be sent to your lawyer or apponted representative.

3. Complete and submit the online bidding form with your full name, address, contact telephone number, the reference of the property you wish to bid on and the bid you wish to enter. A member of staff will be in contact to inform you if your bid is successful prior to Auction Date and to verify all details.

4. Current highest bids are shown online for you to moniter the bidding. You may increase your bid at any time.

5. If successful you are requested to pay the 3000 euros reservation fee by bank transfer into our clients account OR your lawyers account. Your lawyer must provide a letter to state he is holding this deposit for this property.

6. The reservation agreement will be sent to you to fill and fax back. Completion takes place usually within 28 working days thereafter.

7. If the bid is unsuccesful, you will be notified and you have the choice to raise your bid. The online facility closes 24 hours before Auction Date and the highest bid on any property is put forward into the Auction Room as a Proxy Bid unless the bidder decides to withdraw the bid.

8. All online bids are accepted subject to mortgage if required and subject to the usual documentation checks by your lawyer. The deposit fee is totally refundable should there be any irregularities. Please contact our designated financial advisor should you require financing in order to buy at auction. He can arrange an offer in principle prior to the auction.

Buyers Guide to Spanish Property Auctions

1. Why buy a property at Auction in

Spain

?
For the opportunity to purchase a property at considerably lower prices and not higher than market value.
For the security that all the title deeds and other documents have been inspected and searched.
To ensure any debts on the property are cleared before completion.
To avoid the aggressive hard sales techniques of Real Estate Agents.

2. What are the advantages of buying property at Auction?
The opportunity to buy at below market valuation
When the Auctioneers Hammer falls, to know you have bought that property at that price
The sale is normally completed within 28 days.
You have a choice of properties to bid on
You decide how much to bid without pressure
It is a totally open and very secure method of buying property
The secure knowledge that all documentation is in order
There are no hidden costs or third party involvement adding to the cost
There is no hard sell or unsubstantiated false claims on the properties
You are in complete control

4. How do I buy a property at Auction?
Firstly check the properties that are offered for Auction either by viewing on our website, which offers full property details, the guide price and the virtual reality tour where you can ‘walk’ through the properties, or request our free catalogue to be posted to you. The catalogue can also be printed from the website.
Inspect the selected properties and arrange surveys if you require them.
Check the property documents are in order. These are available from our office 10 days prior to Auction
Attend the Auction on the day ensuring you have suitable identification such as a passport or photo driving licence.
Bid on your selected property
Please note that whilst Direct Auctions take avery precaution to ensure the property and its details are correct, Direct Auctions can not be held liable for any misleading information given by the property vendor or his agent. Properties are bought via Auction at the buyers risk and the buyer is deemed to have taken legal and professional advice.

5. What is a Guide Price ?
A guide price, which is displayed in our catalogue and on our website, is provided as an OPINION only. It is not to be taken as the reserve price which may or may not be the same as the guide price.

6. What is the Reserve price ?
The reserve price is the LOWEST price the Vendor will accept on their property. This price is agreed between the Vendor and the Auctioneer in total confidence and is not discolsed to other parties.

7. How do I pay for a property at Auction?
If your bid is successful you will be required to go through to the signing room, where independent lawyers can advise you, (you may wish to have your own lawyers in attendance), produce your identification, pay the required deposit of 3000 euros and sign the reservation contract.

The balance of the purchase price is normally paid within 28 days of the Auction

8. Is the reservation fee refundable?
Yes but only under certain circumstances. These are a) If the property is found to have defects which invalidate a mortgage, b) if there are unforeseen document problems and c) if the seller withdraws the property The fee is then refunded in full

9. Do I have to personally attend the Auction to bid on a property?
No, you may also bid by proxy form, online or via a nominated third party, ie your lawyer or agent.

10. How do I view Properties for Auction?
By contacting Direct Auctions either by e mail, website, fax or telephone to arrange an accompanied viewing of any property at any time up to the day of the Auction.

11. Can I only buy on the day of the Auction?
No, you can place a bid on a property either prior to Auction through the Auction House, or you can place a bid on any property after the Auction if it was not sold on the day of the Auction.

12. Do you arrange inspection tours?
No, as it adds unnecessary costs to the property price and it intimidates the purchaser into buying.

13. How long before I complete the sale?
Normally within 28 days after the Auction, extensions can be negotiated.

14. What are the costs of buying at Auction?
We do not charge you to buy a property at our Auctions and there are no hidden costs.

After buying at Auction you will be required to pay the standard legal fees and any VAT. Your lawyer can advise you further.