Author адв. Милен Христов | August 16, 2024

Navigating the complexities of auctions can be daunting, especially when dealing with on-line platforms. Ansdreshko is designed to streamline this process, by providing you Spanish property auction data in one place with added features like: images, attached auction documents, Cadastre information, map locations and Google Street View and most importantly email notifications for upcoming auctions on properties which you are interested in.

Andreshko is not an auction platform, so once you have found the right property you should make an account at the official Spanish Auction Platform and participate. For your convenience, we are providing below key information on using the Spanish auction portal. Understanding its features and procedures is crucial for a smooth experience. Below is a detailed overview of how the auction process works on the Portal, from bid extensions to deposit management.

How Auction Time Extensions Work

One of the unique features of the Auction Portal is its mechanism for extending auction times. If a bid is placed within the last hour of the auction and is confirmed as the highest bid at that moment, the auction time will be extended by an additional hour. For instance, if an auction is set to conclude at 6:00 PM and a new highest bid is confirmed at 5:15 PM, the auction will now end at 6:15 PM. This extension continues as long as new highest bids are placed during the last hour. However, the total extension period cannot exceed 24 hours from the original end time of the auction.

Responsibility and Accuracy of Auction Data

All data related to an auction displayed on the Portal is managed by the Auction Authority. It is their responsibility to ensure that the information is accurate and up-to-date. Should you encounter any discrepancies or need clarifications regarding the auction data, you should contact the Auction Authority directly. Their contact details are accessible through the second tab of the auction information on the Portal.

Understanding Minimum Bids and Bid Increments

In some auctions, the Auction Authority may not set a minimum bid amount. This absence means that you can place a bid for any amount you choose, provided it meets any specified bid increments. Bid increments, if established, dictate the minimum amount by which each subsequent bid must exceed the previous one. If no increments are set, you can bid any amount above the minimum, if one is required.

The Role of Auction Value and Appraisal Value

The “auction value” and “appraisal value” are integral parts of the auction data provided by the Auction Authority. These values are detailed in the auction conditions and additional documentation available on the Portal. Understanding these values helps bidders make informed decisions and ensure they meet the necessary criteria for participation.

Modifying Published Auction Data

Once auction data is transferred to the Portal and electronically signed, it cannot be altered through the Portal. Any modifications to the auction data must be handled by the Auction Authority, as they control and maintain the integrity of the auction information.

Deposit Requirements and Procedures

Deposits are generally required to participate in auctions. However, certain bidders, such as those identified by the Auction Authority, may be exempt. Deposits can be made at any point during the 20-day bidding period. Given the processing time required for deposits, it is advisable to complete this step well before the auction concludes.

Deposits must be made through the Portal using an account from one of the Tax Agency’s collaborating entities. If you do not have an account with one of these entities, alternative deposit methods are not permitted. Accounts with multiple signatories cannot be used for deposits. If depositing from a company account, ensure you are an authorized representative and specify this during the deposit process.

Managing Deposit Refunds

If you are not the winning bidder and did not request a reservation of your bid, your deposit will be refunded after the bidding period concludes. However, if you requested a reservation, the refund will be processed after the Auction Authority finalizes the auction. In cases where the auction is canceled or suspended, deposits are returned promptly or held until the auction resumes, respectively.

Checking Deposit Status

To keep track of your deposits, you can access the “My Profile” section on the Auction Portal and view the “My Deposits” tab. This feature provides real-time updates on the status of your deposits.

Bid Reservations and Their Implications

When placing a bid, you have the option to reserve your bid. If you choose to reserve, your deposit will be retained until the Auction Authority completes the adjudication process. This means your bid remains in contention even if a higher bid is placed, potentially making you the winning bidder if higher bids are not awarded. If you do not reserve your bid, your deposit will be refunded at the end of the auction if you are not the winning bidder.

Notifications from the Portal

Throughout the auction process, the Portal will send you various notifications. These include confirmation of bid reception, updates if you become the highest bidder, and notices regarding the auction’s conclusion. However, these notifications are informational and do not replace the need to regularly check the Portal for the most accurate and updated information.

Privacy and Confidentiality

The Portal maintains strict confidentiality regarding bidder information. The identities of the participants are not disclosed publicly, either during or after the auction.

Representing Others in Auctions

If you are bidding on behalf of a company or another party, you must indicate this at the time of placing your bid. Use your representative certificate if applicable and specify that you are acting on behalf of the entity. This ensures that any successful bid is recorded correctly and attributed to the right party.

Finalizing the Auction

After the bidding period concludes, the Auction Authority will handle the adjudication of the auction. The Portal will notify the winner and transfer their details to the Authority, but does not participate in the final awarding process. For information about the adjudication or payment procedures, contact the Auction Authority directly.

Should you decide to find cheap property in Spain, you can register an account in Andreshko and start following all active auctions in Spain. Furthermore, we are providing qualified help of a Spanish solicitor should you decide to make a legal due diligence and participate in an auction.