Everything you need to know before participating in a property auction

Everything You Need to Know Before Participating in a Property Auction

Participating in a property auction can be a great opportunity, but proper preparation is essential. Since 2018, participation in real estate auctions takes place exclusively online through the platform eauction.gr, where anyone can easily join from their computer or mobile phone.

Below is a short guide to help you understand the key steps before taking part in an auction.

1. Finding a Property

Finding a property at auction requires constant monitoring of all new listings, which are published daily.

Landea.gr is the only search engine for real estate at auction in Greece with the full official list of auctions, updated daily with around 250 new properties. By creating a free account on Landea.gr, you can save properties that interest you, while your search is made easier through filters for location, starting price, and property features.

Additionally, Landea allows you to save your searches and receive daily email notifications with new properties that match your criteria.

2. Property Inspection

Unfortunately, in almost all cases, it is not possible to visit the interior of the property at auction. However, you can view the property externally, as well as the surrounding area.

3. Bank Financing

Once you decide on the property you want to purchase, you can check whether it is possible to obtain a bank loan.

For several properties at auction, financing from a bank is available and can reach up to 70% of the property's initial auction price. On Landea.gr, all properties eligible for financing are marked with a special indication so you can easily identify them.

Eligibility criteria for bank loans include the type of property, its initial price, whether it has special rights, as well as the time required for loan approval in relation to the auction date.

You will find all properties eligible for financing here.

4. Legal and Urban Planning Inquiry 

For further review of the property you are interested in, you can contact companies and professionals for advisory services. The first step should be a legal inquiry to verify whether there are any pending issues or encumbrances on the property that you should consider before participating in the auction.

Next, beyond the legal review, it is advisable to proceed with urban planning inquiry and consult a qualified professional who will assist you with the technical and commercial value assessment of the property so that you can make your final decision.

You can find help from experts who provide consulting services regarding the auction process here.

Proper preparation before the auction reduces risks and increases your chances of making a successful purchase. On Landea.gr, you will find all available auction properties to start your research.

Read our next article about what you need to do during the auction here!