How to buy a house through auction in Spain

Buying a house through an auction in Spain can be an exciting and profitable way to acquire a property. However, before embarking on this process, it's important to understand the necessary steps and potential risks involved in purchasing a house through an auction.

The first step is to find a property auction scheduled in the location where you want to buy. Auctions can be public or private and are usually held in courts or notaries. However, since public auctions by the BOE have become online, they have become very popular due to the ease of bidding from your own home.

Once you have identified a property that interests you, it's important to research its history. Properties sold in an auction can be foreclosures, government-seized properties, or real estate in liquidation. It's important to know the legal situation of the property, its tax history, and if there are any liens or debts associated with it.

Before the auction, a deposit is required, usually 5% of the auction value. If you don't have the cash to do it, you may be unable to participate in the auction.

On the day of the auction, you must ensure that you connect on time, everything is working correctly, and you have thoroughly studied the property. It's important to have a clear idea of the maximum price you're willing to pay, as auctions can be very competitive.

If you win the auction, you will receive the best bid certificate (certificado de Mejor Postura), and later you will receive the decree of sale (Decreto de Adjudicación); from that moment you have 40 business days to deposit the difference between the deposit made and the maximum bid you offered. You must be sure to have the necessary funds before making any offer, as failing to meet payment deadlines would mean breaking the auction and could result in legal implications.

Buying a house through an auction in Spain can be an interesting option, but you must be prepared to do careful research and understand the associated risks. With due diligence and proper preparation, you can find your dream home at a reasonable price.

Don't risk your investment! If you're thinking of buying a property through an auction, make sure you know all the details about the property. Hire a professional verification from Valido Home and obtain information on registered charges and the true owner of the property before making any offers. Protect your investment and make an informed decision!