Guide to participating in a real estate auction – Step by step

Participating in a property auction is a legally defined process that requires proper understanding of the steps in order to secure your success. In today’s era of electronic auctions, everything takes place through the eauction platform, and below you will find a detailed guide on the steps you need to follow during the auction.

1. Registration on the eauction.gr platform

Participation begins with registration on the eauction.gr platform:

• Candidate Bidder with a Greek VAT Number: Login is done using your personal TaxisNet credentials, and you will receive an SMS on your mobile phone to activate your account.
• Candidate Bidder without a Greek a Greek VAT Number: If you do not have a Greek VAT Number, the first step for registration on eauction is to select an auction. Then, you are asked to fill in your personal details and register as an individual or a legal entity. Your registration must be approved by the respective Auction Employee, and you will receive an informational email. Finally, to activate your account, you need to confirm your mobile number via SMS.

2. Application for participation on eauction.gr

To participate in an auction, the following are required:

• Submission of Participation Form: At the bottom of the auction details page, there is a button labeled “Participation Application.” Once submitted, the application status changes to “Pending approval by the Auction Employee.” You have the option to cancel your application before the notary approves it.
• Deposit of Guarantee: You must deposit the guarantee amount, which corresponds to 30% of the starting price, into the notary’s bank account (this guarantee is refunded if you are not the winning bidder).
• Submission of required documents: Ensure that you upload all necessary documents onto the platform before the deadline.

The timeframe for fulfilling the above obligations is up to three full business days before the auction date (e.g., for auctions scheduled on Wednesday, both the application and the guarantee deposit must be completed by the previous Friday at 15:00).

3. Conducting the Auction

If your participation application is approved, you will be able to take part in the auction. Note that approval may be granted by the Auction Employee up until 17:00 on the day before the auction.

On the auction day, you must log into the platform and select the auction you are interested in. When the auction begins, its status changes to “open,” and you can place bids.

• Submitting bids: Place the amount you wish to offer, taking into consideration your budget. The platform displays the current highest bid in real time.
• Ranking: Based on the submitted bids, your position in the ranking list is updated accordingly.
• Auction Duration: The duration of an electronic property auction is determined by law and the applicable regulations. Auctions are conducted only on Wednesday, Thursday, and Friday, starting at 10:00 a.m. or 2:00 p.m. The standard duration is 2 hours (for new auction schedules).
• Extensions: If a valid bid is submitted during the last minute of the initially scheduled auction time, an automatic 5-minute extension is granted. Up to 12 such extensions are allowed (maximum of 1 additional hour). For example, if an auction is set to end at 12:00 and a participant places a valid bid at 11:59:25, the auction will be extended until 12:05.

Useful Tips

• Overbidding Protection: Activate overbidding protection to better control your offers. This feature prevents you from accidentally submitting a bid that exceeds double the current price or double your previous bid.
• Enable Help: Activate the help function, which provides explanations at every stage of the auction process.
• Stay attentive throughout: Auctions require patience and focus. Place your bids carefully, while constantly monitoring the auction status, the last bid price, your ranking, and the remaining time.

Completion of the Auction Process

At the end of the bidding process, you can view your ranking in the eauction system. After the auction concludes, no new bids can be placed, and the ranking shown on your screen is the final one. The bidder with the highest offer, shown as 1st place in the ranking, is declared the winner.

Conclusion

Participating in an electronic auction is a structured and organized process. With proper preparation and the right strategy, you can successfully acquire the property you desire.

• To learn more details before participating in an auction, see the participation manual here.
• To learn all the required steps in detail, see the procedure guide here.

Do you need additional support for participating in a property auction?
You can request professional help here.

Read our next article, which explains what you need to do after participating in an auction, here.