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04 Jun

Buying a Property at Auction in Tenerife

Author: / Category: Investing

Auctions in Tenerife – are a pioneering auction company that allows people selling property to come into direct contact with those looking to buy property in Tenerife. Our new and unique online bidding system allows prospective buyers to view property and bid online for any property on offer. There are no closing dates on the auction and all bids are forwarded onto the vendors for their perusal. All successful bids will be notified immediately.

Situated in Callao Salvaje on Tenerife’s south coast, Auctions in Tenerife is a Tenerife company which has been set up by Les Calvert Director of Property-Abroad.com Ltd (UK) and PropertyinTenerife.com one of the largest independent property Portals on the internet with over 50,000 properties featured from over 45 countries.

With over 20 years in the Spanish and overseas property market Les is well placed to offer not only advice on the local property market but also on the wider scale of opportunities across the world. Our aim is to bring Property Auctions in Tenerife out in to the property market arena by holding free and ‘open to the public’ auctions online. We will feature properties for sale by auction from private sellers, estate agents and any other leading institutions be it Residential or Commercial.

Please feel free to browse around our website and if you feel that you would like to try our services for buying, selling or auctioning your own property then contact us now for a friendly chat.

Whatever your needs are regarding buying, selling or auctioning property in Tenerife, Auctions in Tenerife will be able to assist you and with an Aftersales Service second to none you are sure to enjoy the experience of owning a home abroad. In addition to our Auction Property we also have access to thousands of resale and off-plan properties for sale throughout the island.

Some FAQ’s to ponder:-

1. Why buy a property from Auctions in Tenerife?

We only feature properties that represent great value for money in today’s market.

We only feature clean titled properties.

We are the only free and transparent Auction House in Tenerife.

We don’t charge a buyers fee.

2. What are the advantages of buying property at Auction?

The opportunity to acquire a property at below market valuation.

When the right price is achieved, you know it’s yours.

No complicated chains.

Sales are normally completed within 28 days.

A wide choice of properties on which to bid.

Your purchase price is governed by you.

An open and secure method of buying property.

All legal documentation is clean and available.

There are no hidden costs.

There is no hard sell you are in complete control.

3. Who can buy at Auction?

Anyone can buy at our Online Auction. The website is global and anyone can bid from anywhere. All bids are put forward to the owners and once a bid is accepted the sale proceeds from there.

4. How do I bid online for a property?

Bid on your selected property using our Make An Online Bid for this Property link accompanying every property.

You can inspect the property at any time and arrange a valuation if you need one.

Property documents are available for checking in person prior to the sale.

NB: If you are successful you will need to send a €1,000 euro deposit once your bid has been accepted. You will then have a further 14 days in which to make up the remaining 10% deposit of the purchase price

If you are successful then you will be contacted by us to make the necessary arrangements for purchasing a property – we will guide you through the process.

And remember, if you have been unsuccessful then – please try again

Please note that whilst Auctions in Tenerife take every precaution to ensure the property and its details are correct, we can not be held liable for any misleading information given by the property vendor or his agent. Properties are bought via Auction at the buyers risk and the buyer is deemed to have taken legal and professional advice.

5. What is a Guide Starting Price?

A guide starting price is what we expect to start the bidding price from.

6. What is the Reserve Price?

In agreement with the vendor a minimum sale price is set, this is known as the Reserve Price. It has been known that vendors do sometimes lower their reserve price. All reserve prices are in confidence with the vendor.

7. How can I pay for my property?

If you are successful then you will be contacted by us and the buying process will be the same as a normal property purchase in Spain but our team will guide you through the buying process. Purchases can be paid for via a mortgage, loan or cash as you prefer.

8. How do I bid online?

Bidding on line is very simple and straightforward. Search through our auction property and find the property that you would like to bid on. Underneath every property in the auction section is a link to place a bid online “Make An Online Bid for this Property” simply click on this link and complete your details. NB: Your bid will need to be higher than any previous online bid if shown. We will then pass your bid onto the vendor and inform you of their decision. If the vendor accepts your bid we will need your deposit and we can then begin the purchasing process.

9. Can I view the Properties for Auction?

Yes, simply contact us to arrange a suitable viewing date and time.

10. Do you arrange inspection tours?

We do not arrange inspection tours but we can arrange for viewings and assistance with finding flights and accommodation locally.

11. How long before I complete the sale?

The sale process can normally completed within 1-2 months but in extreme cases this can be extended.

12. What are the costs of buying at Auction?

Other than your normal legal costs – which your lawyer will advise you of there are no further costs involved. Auctions in Tenerife do not charge any fees to the buyer and entrance to the auction is free of charge.

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21 Apr

7 Reasons to Use a Real Estate Agent

Author: / Category: Real Estate
Escapeso Austin Real Estate asked:


Some people choose to use a real estate agent and some people choose to go it alone. One thing I have noticed over the years is that a number of seasoned investors looking in a new city will seek out a good agent while novice investors will frequently go it alone. I have even had a number of successful real estate agents seek out my help when they are moving to our city. Why do some of these seasoned investors choose to work with an agent? Below is a list of 7 benefits of using an agent.

1. Understand potential restrictions of the property. I recently heard a story from a friend at the city development office in Austin Texas. A couple had saved up for their retirement. They wanted to retire and live out in the hill country. They went to the foreclosure auctions. At the auction they purchased a lot for 500,000. It had great views and they were going to build their dream house on it. They had researched the lot before the auction and found it was zoned SFR which means a single family residence can be built on it. After purchasing the lot they started plans to build their retirement house. At this time they discovered the lot was in the 25 year floodplain. My friend at the city development office explained that the lot could not be built on and was basically worthless.

2. Know about new developments that might affect a properties value. A good realtor will know of proposed new developments that might affect different properties in which a buyer is interested. Whether these developments are positive or negative can be valuable information when weighing different housing options.

3. Find potential problems with a property. It is always a good idea to have a home inspector look at a potential house. However, a Realtor is a good first line of defense to see if a house has inherent problems. A Realtor that can know about common problems, such as foundation or electrical, that affect a particular neighborhood.

4. Understand contracts specifics. Whenever you buy or sell a house you are entering into a large personal transaction. It helps to have someone on your side that deals with these types of transactions on a daily basis. A Realtor can help you understand contracts and can explain what is typical for your area. The most common pitfall into which I see unrepresented buyers fall is to become involved in an atypical contract that is not to their benefit. For instance a seller will sign an offer that has an option period that is 4 times longer than what is typical. A buyer might put in offers on multiple properties with long option periods. The buyer will wait and see if the market appreciates. If the market has appreciated the buyer buys the house at now and undervalued price. If the market has gone down the buyer walks away.

5. Misperception of a benefit of going it alone. Buyers frequently think that by not using a buyers agent they will get a better deal from the seller. In most situation the listing agent asks for 6 percent from the seller. If a buyer comes with an agent the listing agent splits the 6 percent with the buyers agent. If an unrepresented buyer comes the listing agent keeps the whole 6 percent. On the selling side, For Sale By Owners (FSBO) often think they are saving alot of money by avoiding a listing agent. Nationally, FSBO homes sell for 14 percent less than agent listed homes in the same neighborhoods. In addition alot of FSBO’s still end up having a buyers agents involved. There is also money spent on advertising. Since an agent has experience marketing homes the agent often can spend money more effectively on advertising. Agents often know which advertising sources produce the most potential buyers.

6. Save time when looking for listings. Looking for listings without an agent can take up large chunks of time. When looking with an agent you can see several homes in a few hours. When going it alone you have to call the listing agent for each house and wait at the house for the agent to arrive and open up the house. In addition agents often know houses which are not listed or may have already identified potential problems with a particular house of interest.

7. Insure Security. When a home is listed with a broker, agents coming to the house have to usually log in. This allows the listing agent to keep a record of every party coming into the house. Since their business is on the line, agents are more likely to protect the house from damage or theft. For a variety of reasons, it is generally not a good idea to have random people you do not know come into your house. Often sellers simply have a phone number, but that phone could be their house, a friend’s house, a pay phone, or even a stolen phone.

Searching for a home can be stressful and difficult but it can also be fun. Whether you choose to look for a home on your own or with a Realtor its a good idea to be a extremely careful when you seek out your dream home.


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