There is an alternative, money saving, less complicated and straightforward way of purchasing a property, than the traditional ways of searching real estate listings, associated with real estate agents and dealing with property transfer process. You can purchase a property via e-auction.
You can participate in an online auction without the need of your physical presence.
Delfi Properties offers a wide range of properties available for online auctions across Greece and Cyprus in most asset types. Our dedicated e-auctions professionals are available to provide additional information on the properties available on the market and they are ready to guide you throughout the process.
Buying property via an e-auction offers several benefits:
When an online auction is taking place, the reserved price, is estimated by a certified valuer as a part of the confiscation procedure. In case of no winning bidder, the auction is repeated within 40 days. If the property is not awarded again, a new auction can be held within 30 days at a reduced reserved price.
The potential buyer is able to purchase the property of interest at a lower price through e-auction.
The participants do not need to go through the complicated transaction procedure, for example collecting all the required documents for the purchase contract.
As the auction is conducted online, buyers can participate from anywhere in the country, to purchase properties that strike them as sound investments among the various listed options.
The e-auction procedure is simple. The potential bidder is smoothly guided and supported through the process and gets the best out of his participation.
Everyone has their opportunity to place their bids, rather than a first come first served environment. Developers, government institutions and banks provide detailed information without withholding any details.
Online property auctions have a longer completion timeline, giving the buyer time to sort mortgage finance.
Potential encumbrances that existed on the property, after its purchase by auction, they are eliminated.
The higher bidder shall bear the notary’s fees/expenses.
You can participate in two or more online auctions at the same time.
Once the auction has finished you can check the final ranking table that includes all participating bidders. However, you can always contact the Auction Officer.
If you are not the successful bidder, you are allowed to claim your deposit. You have to contact the Auction Officer for the refund procedure.
Even though online auction is a standard procedure, it is advisable to consult your lawyer in order to be informed and legally covered.
You need to sign up at the eauction.gr platform in order to be able to participate in the electronic auctions as a bidder.
If you don’t have a Greek VAT number, you need to choose an auction that you would like to participate and enter your details. In order to complete your registration, you need to send by post the documents that certify the validity of the information you have entered.
To participate, you will need to login to the system using the log in details you have provided.
The responsible Auction Officer has the obligation to check the validity of the application. You have the obligation to send by mail (and/or in person) the following supporting documents at the Auction Officer’s office:
Application approval by Auction officer
The responsible Auction Officer has the obligation to check the validity of the application.
After the Auction Officer checks the documentation, you will be informed by email about the status of your application.
In order to be able to bid you will be asked for an additional security step. A code will be send to the mobile phone you have provided.
After the completion of the online auction, no more and/or new bids are allowed. The final ranking will be shown in your screen. The system gives you the option to view the bidding history as well as the winning bid and other important info. As a bidder, you can contact the Auction Officer and receive the bidding report.
If you are the successful bidder, you will be informed by the Auction Officer of the following steps. The remaining bid amount should be deposited along with a fee for the service within 10 working days from the auction date.
The Auction Officer prepares the summary of the allocation report which is transcribed to the relevant land registry/ cadastral office.