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Help & Information

Selling/Buying a property by Auction

Selling:

Q/ Do we need to give you all our details paperwork escritura etc prior to the Auction?
Ans/ Yes. This is normal to establish you are the real owners of the property. There have been instances where people are actually intermediaries (putting extra commission on the price) and NOT the actual owners.

Q/ Will we need our solicitor with us at the auction ?
Ans/ You can if you want, but there will be a Spanish (English Speaking Solicitor) to answer questions about the Auction process.
Generally your Solicitor only needs to be present (if you cannot attend and you have given him power of atorney) to sign the Reservation Contract with the Buyer.

Q/ Will your solicitors get the land registry documents? our solicitor already has then due to a recent time waster who was going to buy.
Ans/ No - It is the Buyers (or his Legal Representative) responsibility to obtain all the necessary paperwork. PS/ Timewasters - yes been there done it!! We don't fall for that.

Q/ Will we be able to be present at the auction.
Ans/ Yes - you should (or your Legal Representative) for you to sign the reservation contract with the buyer.

Q/ How do the auctioneers know if people will proceed with a purchase or indeed if they have the money. if they are taking a bid over the phone or internet, how does this work?
Ans/ See the site bidding for a property - its explained there.

Q/ Will the owner know how much someone has bid for their property prior to the auction, and if so would PID be able to accept that offer prior to the auction if the owner wished or must it still be offered on the day to give other interested parties a chance to bid.
Ans/ If the bid prior to auction is acceptable, after validation, we send you the bid - you have the choice of accepting (and therefore withdrawn from the Auction), or not.

Q/ Does your commission include IVA or is this added.
Ans/ I am afraid like all other companies IVA is always on top.

Q/ If we the owner has already reduced the villa by 100,000€ to 595.000€ but have agents still wanting their 5% out leaving us with 565.250€ however your commission is less leaving us with approximately 584,000€.

So my question is could we put it in the auction at 570,000 to include your commission and would someone be happy to save the 25,000€ than going through an agent?
Ans/ Absolutely. That's the benefit to both the buyer and the seller.

Q/ Do the Auctioneer people accompany a client to view or how does this work so that they see the property prior to the auction.
Ans/ It is not normal practice to view an Auction property prior to the Auction. (see the terms of bidding on the site). The bidder may however wish to see copies of the paperwork.

Q/ What would you advise I sell my property on the selling 'Guide price' at the Auction Sale.

Ans/ As a member of the public you would expect that the price of an item in a Sale to be less than what is normally advertised. We can advertise your property at whatever guide price you suggest. As long as the 'Guide price' attracts potential buyers.

Buying:

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