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Property auctions in Spain online - Espada Gerlach

Property auctions in Spain online

22/09/15

Is it possible to buy a house in Spain from home? From October 15th, it will be possible.

We are not talking about buying through professionals with Notary powers or agents, but through the new website of electronic auctions that will come into force on that date, according to Law 19/2015 of last July 13th. 

This system, after having been tested successfully in Murcia, will be introduced in the entire Spain and for all kind of auctions of goods seized or with mortgages (also for vehicles, for instance), so any person will be able to take part in the auction without needing to move from home.

The reason is clear: to attract as many people as possible and thus obtain a better final price (to react to the huge amount of seizures and executions of mortgages due to the economic crisis) in benefit for both the creditor and the debtor.

Besides that, the auction will not take place any more on a concrete day, time and in a physical place, but virtually through a computer and during 20 days.

Anyone will have access to the information about all the auctions that will take place in Spain and will be able to participate, with a previous electronic registration, a deposit of 5% of the estimated price for the auction, and other formal requests. 

Without needing to point out the details of the process, which will be explained in the portal of auctions, we do must warn that taking part without a minimum know-how will mean a risk.

For instance, to buy a house we will need all the information given in the portal of auctions, but also additional information that can only be obtained by a professional: what happens if there is somebody living in the house who is not the owner, the real physical conditions of the house, which other debts we will have to be pay if winning the auction, what happens with our deposit of the 5%, etc …

As a conclusion, it is a good chance for those looking for a house or an investment easy to make from home, but also a very risky decision if you don’t receive previously good legal advice.

Joan Ramón Pomar Serra