Real estate auction sales – everything you need to know

Are you thinking about buying a property through an auction, but you have a number of questions that you have not yet found answers to? Below we provide a detailed overview of the auction process, from registration to the purchase itself, with the aim of making your decision easier and bringing the entire process closer to you.

How long does an auction last?

The duration of the auction depends on the type of property. For apartments and land, the auction lasts approximately 45-60 days, while for other properties the time can be adjusted as agreed, or as much as stated in the advertisement.

What is the auction date?

Unlike standard auctions in other countries that have a precisely defined date, our process is adjusted to each buyer individually. Due to the convenience and distance of clients, it is not possible to organize an auction at the same time for all interested parties. Dates for viewing the property are agreed directly with the agent, and the auction lasts for a defined period of time, allowing flexibility and adaptation to each buyer.

How do you approach an auction?

After interested buyers have viewed the property, they must all register and provide their personal information via the application form in order to participate in the auction.

How do I place a bid?

The bid is submitted in writing after viewing the property, usually by email or by text message to +385981900688.

Do I need to pay a deposit?

As a rule, yes. If agreed, a deposit of 100/500 euros is taken as a sign of seriousness. The amount is paid into the Marisa escrow account, for which you will receive payment instructions via invoice.

Can I see how much others have bid?

Yes, you can see the last best bid and the deadlines.

Will I get my deposit back if I don't win the auction?

Of course, the deposit will be returned to all participants who did not make the highest bid.

What happens if I win the auction?

Winning the auction is considered achieved after you pay a deposit of 5% of the property value as a reservation within two business days after the end of the auction.

Do I have to commit to buying if I win?

Yes, by participating in the auction, you accept the obligation to conclude a purchase contract if your bid is selected as the winning bid.

What is the starting price?

The starting price is based on a realistic assessment of the market value, and the auction process allows the final price to be formed through bidding, reflecting the interest of buyers.

Can the terms be negotiated after the auction?

No, the auction terms are predefined and accepted by all participants before bidding. After the auction ends, the purchase and sale process follows according to the pre-agreed terms.

Can I consult with someone before the auction?

Of course, as an experienced auction agent, I always recommend that participants seek legal or financial advice before participating to ensure that they understand all aspects of the process and their obligations.

Can I withdraw from the auction before I bid?

Yes, you can cancel before submitting your bid, and your deposit will be refunded in full. However, once your bid is submitted, the deposit serves as a guarantee of seriousness.

Does the seller have the right to withdraw the property from the sale?

Yes, the seller reserves the right to withdraw the property from the sale if a price exceeding the starting price is not reached or if the conditions of the sale are not met as expected.

Real estate auction sales are a transparent and flexible way of buying that allows you maximum control and clarity throughout the entire process. If you would like to explore this topic further or find the ideal property for yourself, please feel free to contact us for more information!