Frequently Asked Questions
| 1. What is an Auction? An auction is a means of selling your property on the day to a larger number of prospective buyers, and is open to the public. 2. What is a guide price? A guide price is provided as an opinion only and is not to be taken as a reserve price which may or may not be the same. 3. How do I go about adding my property to your Auction? Contact Spanish Property Auctions either by e-mail or phone and we shall arrange a viewing of your property and discuss price, etc. 4. Can I see the property before the Auction takes place? Yes, we can arrange for you to view the property at a mutually agreeable time any day prior to the auction date. |
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On the day of the auction, the Auctioneer will guide you through the process and advise all candidates how to place their bids.
6. Do I have to be at the auction in order to bid on a property?
No, you can either complete a proxy form prior to the auction day, make a bid by telephone or invite a third party to bid on your behalf.
7. How do I pay for my property once I have won my bid?
If required, we can help you to organise a Spanish mortgage or alternatively if you are a cash buyer, we have very close links with Moneycorp who will organise the transfer of the funds from your country to Spain for a very small charge and the most competitive exchange rate.
8. When do I pay for my property?
We will arrange a mutually convenient date for the signing of your property with the seller, you and your acting lawyer. Your funds will need to be in place at least 3 days prior to the day of signing.
9. How long till I complete on my property?
Completion on your property would normally be within 30-40 days of the purchase of your property, unless any other prior arrangements have been made between us, the seller or the purchaser.
10. Are there likely to be any debts attached to the properties for Auction?
No, any debts will have been cleared by the current owner as part of the sale agreement.
11. When I buy my property on the auction day, what do I need to pay?
You will need to pay a reservation fee of 3.000 Euros upon the signing of the reservation form on the day of purchase.
12. What commission can I expect to pay for selling my property through Spanish Property Auctions?
Spanish Property Auctions charge 2 % plus IVA.
13. Will I need to have my own lawyer present on the Auction day?
We will have an independent lawyer present who will advise you, but if you would like to appoint your own to be there then this is fine.
14. What is a reserve price?
The reserve price is the bottom line price that the seller is willing to accept for their property. Please note, the reserve price is only ever known between the seller, the vendor and the auctioneer and no other third parties.
15. Is my reservation fee refundable?
Yes, but only under certain circumstances. These being that if the property is found to have defects which could invalidate a mortgage application, or if there are unforeseen document problems, or if the seller for whatever reason withdraws the property from sale, then the fee is fully refundable.
16. What if my property doesn't sell at the first Auction?
If on the day of auction, your property does not reach the reserve price or does not sell with "close bids", we will discuss with you for you to re-enter a second auction FREE OF CHARGE with a date to be agreed with the Auctioneer. However, in the meantime you will have the opportunity for your property to be marketed through Spanish Homes Just For You, and if your property is sold, you will still only be charged 2 % plus IVA.
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