Property Auctions in SpainAuctions in Spain do not operate the same as they do in the UK and other countries, as we know it there are presently no privately run property auction venues in Spain. Most people that think of a property auction expect to attend an auction house on the day of the auction and bid on the property of interest, the highest bidder on the day wins the property, simple right? Well, this auction format has been tried countless times in Spain to no avail, many companies have set up public auctions only to fail through either lack of interest by the public or idiosyncrasies that can emerge in a Spanish property purchase. The number one fact you should be aware of when buying any property in Spain, be it an auction property, bank repossession or private sale is that any debt or liens that has been incurred by the previous owner remains with the property and not the previous owner, so if you don’t do your due diligence or have this checked out at the land registry you could end up taking on this debt, not good right?
The Spanish government tax agency do run public property auctions but there is a different process and criteria to follow. If you wish to bid on a property you must first register at the Electronic Auction Portal, if you simply want to browse auction properties that are available then you do not have to register, read more about the auction & registration process here “Portal de subastas BOE”
Bank Repossessed Property Spain
thousands of bank repossessions throughout Spain that are available directly from the banks, there are opportunities to buy repossessed villas and apartments both inland and in the popular coastal resorts such as the Costa Blanca, Costa Brava, Costa del Sol, Costa Azahar and many more.
There is also bank repossessed property for sale in the Canary Islands including Tenerife, Gran Canaria, Fuerteventura and the Balearic Islands in Mallorca, Menorca and Ibiza.
These properties are not just from individuals who have failed to keep up with their mortgage payments, they are also from developers who have gone into liquidation and the bank have stepped in and completed the development.
With bank repossessed property in Spain you must be in a position to buy now and be prepared to move quickly. What is available this week will probably not be next week, may we take this opportunity to wish you success in your search for Spanish auction property or Bank repossessed property in Spain.