CELEBRATION AND PARTICIPATION IN THE AUCTION
3.1 What requirements do I need to participate in the auction?
To participate in an auction, you need:
- To provide us with a copy of your ID, NIE or PASSPORT (both sides).
- Indicate the maximum amount you would like to bid.
- Declare that the general and specific conditions of the auction is understood. We provide such document.
- Make a payment on account / deposit or bank transfer as a provision of funds of 10% of the amount claimed at auction.
This step will be managed by JAVEA HOMES / PROPERTY AUCTIONS SPAIN upon the hiring of our services.
3.2 How the properties have been valued for auction purposes?
In the case of auctions for non-payment of mortgages, the value of the property is determined in the mortgage loan deed.
In other kind of auctions the property is valued by a judicial expert.
3.3 Is it necessary to make a deposit to participate in an auction?
Yes, it is an obligatory requirement, without that you cannot participate. We are accredited at all the courts of Spain to participate at any auction, once we have received the deposit on your behalf, as an intermediate company, we will deposit it in your name and we will send you a copy of this transaction.
3.4 Until when can I participate in an auction?
The maximum time that can elapse from when we receive the required documentation and the provision of funds (Deposit) is two working days. For this reason, we recommend that you contact us at the same time that you are aware of your interest or need to participate in the auction.
The time frame may vary if the client wishes a bank guarantee or a lawyer's guarantee.
3.5 How long can bids be submitted?
Initially to the date and time of closing that appears in the announcement of the auction. However, the auction can continue or be extended automatically if there is a bid just moments before the closing of the auction. If there is a bid in the last 60 minutes the time frame automatically is extended for another 60 minutes with a maximum period of 24 hours.
3.6 In the case of BANKRUPTCY AUCTIONS, is it true that if I offer 100€ I could participate for the purchase of the property?
Yes, it is. According to the conditions approved by the Judges of the “Mercantile courts of Murcia”, bidders participating in the auction must offer at least 100€ for these types of properties, whatever the value for auction purposes, to ensure the purchase.
Only a higher amount will be required when the court establishes a minimum price prior to the holding of the auction, or if in the event the property is the main residence of the insolvent party, and in this case it would be subject to special privilege. In the latter case, bids will not be accepted for less than 70% of the appraisal value.
3.7 What happens if an auction is suspended?
In this case the procedure will be permanently paralyzed, and if it is resumed, it will be configured as a new auction.
3.8 When an auction is rigged or made to fail.?
Once the winning bid is approved in favor of the winner of the auction, there are 40 days to pay the balance of the auction price. If the winning bidder doesn’t pay the balance he will lose the amount paid of the deposit to the court, and in this case to Javea Homes as an intermediary and there for must pay the necessary expenses in case of having caused any damage.
3.9 In case you are not the highest bidder, how long does it take JAVEA HOMES / PROPERTY AUCTIONS SPAIN to give me back the amount I have deposited to participate in an auction?
The refund would be immediate or in the following 24 hours once the auction ends, unless a reservation of best Bid or position had been made.