Buying a repossessed property in Spain? Beware Hidden Stamp Duty CostsBidding for Repossessed Properties By Internet
For those who continue to be interested in looking for a repossessed property bargain in Spain, the Spanish Government has launched a new initiative to help clear the backlog of excess properties built during the property bubble over the last number of years. The plan involves enabling internet access to auctions of Spanish properties that have been repossessed by the banks here.
The website will allow potential purchasers to follow and participate in public auctions of embargoed homes by the banks. The hope is that by providing much greater access and therefore participation in the auctions that better prices may be achieved as well as more properties being successfully sold.
While participation in an auction will require registration, that won’t be necessary in order to follow the proceedings via internet. Registration can be carried out either by electronic certificate or by visiting one of the offices that have been set-up for this purpose.
Once registered, in order to take part in an auction it is only necessary to find a suitable auction that is of interest in the list of auctions on the right-hand side of the page and then register as a bidder on that particular auction. The auctions proceed by each bidder in turn having a chance to bid with a maximum time given to each bidder to make their bid.
An FAQ section is available to answer most questions that users will have.