Important information regarding e-auctions

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:

Money saving

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.

Lower costs and fees

The potential buyer is able to purchase the property of interest at a lower price through e-auction.

Less complicated

The participants do not need to go through the complicated transaction procedure, for example collecting all the required documents for the purchase contract.

Convenient

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.

Direct and standardized process

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.

Transparent process

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.

Completion timeline

Online property auctions have a longer completion timeline, giving the buyer time to sort mortgage finance.

Frequently Asked Questions

1. What about the property’s potential burdens, encumbrances and illegalities?

Potential encumbrances that existed on the property, after its purchase by auction, they are eliminated.

2. Will I pay any extra fees?

The higher bidder shall bear the notary’s fees/expenses.

3. Can I participate in two or more auctions at the same time?

You can participate in two or more online auctions at the same time.

4. How will I know if I am the winning bidder?

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.

5. What if I am not the winning bidder?

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.

6. What do I need to know before I participate?

Even though online auction is a standard procedure, it is advisable to consult your lawyer in order to be informed and legally covered.

Participation

How can I participate?

Sign up & Login for candidate bidders

You need to sign up at the eauction.gr platform in order to be able to participate in the electronic auctions as a bidder.

Step 1: Sign up & Log in the electronic platform (e-auction)

A) Sign up with Greek VAT Number

In order to be able to sign up in an online auction you need to be registered to the Independent Taxpayers Authority (TaxisNet), which will authorize the e-auction service.
After you are identified through TaxisNet, you fill in your contact information and a password to complete your registration.
In the previous step the account has been created but not activated. In order to activate the account you need to confirm through the mobile phone. Go to the activation code sending page. Press the “send” button and you will receive a verification code via SMS. The code expires in 2 minutes thus it should be inserted in the corresponding field upon receiving.
Once you have activated your account, you can log in to the system using the login details you have already provided. This is the final step that allows you to submit requests to participate in online auctions.

B) Sign up without Greek VAT Number

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.

Select an auction and your subscription will be send for approval to the responsible auctioneer.
Fill in the required fields on the registration form. You need to send by post the documents that certify the validity of the information you have entered.
The Auction Officer will check the validity of the documents you have provided. You will be informed via email about your registration approval.
In the previous step the account has been created but not activated. In order to activate the account you need to confirm your mobile phone. Go to the activation code sending page. Press the “send” button and you will receive a verification code via SMS. The code expires in 2 minutes thus it should be inserted in the corresponding field upon receiving.
Once you have activated your account, you can log in to the system using the login details you have already provided. This is the final step that allows you to submit requests to participate in online auctions.

Step 2: Participation Request

To participate, you will need to login to the system using the log in details you have provided.

Once you log in to the system, you can apply to participate in any auction.
Choose the auction you want, accept the terms of use and submit your application. At this point you can appoint an authorized representative. In the event you cannot be reached the Auction Officer will contact the authorized representative. In case you have not appointed an authorized representative, the secretary of court of first instance is considered to be the representative.

Sending required documents

Required documents

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:

Proof of Payment of the Participation Guarantee at the auction which is 30% of the reserved price. The amount is deposited on a special bank account
Power of Attorney (if required)
Legal documents for legal entities

Participation Approval

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.

Step 3: Auction Conduction

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.

Auction Award

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.

Please click here to download the complete Candidate Bidder Instructions Manual.

Please click here to download the E-Auctions Brochure.