Spanish property sales at auction - another way of finding good value Spanish property to buy
British second-home seekers and would-be emigrants are increasingly looking towards auctions as a way of finding value-for-money Spanish property to buy. The current price of Spanish property sales are a little high for some and they are looking at other kinds of properties for sale in Spain.
There are several benefits of finding Spanish property to buy in this way;How to find out about Spanish property to buy at auction
There are many ways of finding out which Spanish property sales will be conducted through auction. The simplest and most comprehensive is to subscribe to a reputable listing service.
Properties for sale in Spain which are going to auction can be viewed up until the day of auction and documentation can be inspected ten days beforehand.
As with any major financial transaction you should consult a lawyer and have the escritura (title deeds) checked over. They will also advise you of any other steps you need to take before submitting your sealed tender, along with a 20% deposit.
An abogados (judge) will decides the best bid. It is advisable to check with the court before commencing to buy, to ensure the property is still for sale and that you are allowed to bid for it.
Points to note about properties for sale in Spain at auction
If successful you are committed to the purchase and forfeit your deposit if you renege on Spanish property sales. House hunters should be wary of properties in for sale in Spain that have been repossessed as the bank´s asking price will cover all debts connected to the property, not just the outstanding mortgage. Despite this auctions offer a wide selection of Spanish property to buy and an increasing number of overseas buyers are conducting Spanish property sales in this way.
