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What are the bidding steps in Realtor Greece

Bidding on a property has always been and will remain popular.

3 MINUTE READ

Buy a property through bidding in Greece

When you are ready to buy a property with bidding, there are many things that should be addressed. Buying your next property with bidding will get you better deals than in the private market. If you want a property that’s going to let you collect big returns at resale, buying bidding properties can be a great way to get it. The bidding market is one of the best ways to find great values. When you buy with bidding, you can further reduce your investment costs. Buying a home with bidding is an exciting way to own a property, but it can be confusing if you’re not prepared. In this article, we’ll cover everything from the safety of bidding for properties up for bidding to doing your research, preparing for the auction day and finally closing on your new home purchase. It’s also a fun way to buy property!

Learn how bidding works with Realtor Greece and how to succesfully purchase a property by using it

1

Register

Sign up / Login

  • Cell phone verification
  • Credit card verification
  • Identity verification

2

Selection Property

Prepare for bidding

  • Register on your desired property and get access to title deeds, valuation and other documents related to the property.
  • It is advisable to schedule a viewing appointment, because this will allow you to get a better understanding of the property.
  • It is a good idea to get a pre-approval from your bank before bidding on any of the properties listed.

3

Bidding Process

Applicable fee: €50,00 + VAT for each selected property.

Place a bid on your desired property

  • After selecting the property of your interest click on the “Bid” button in order to place the amount you want to bid.

4

Bidding Winner

Winner is selected once the bidding countdown has ended. The Agent or Representative of the property evaluates all the biddings and decides which one of the preferred bidders will be the most preferrable buyer and proceeds to a Reservation fee.

Applicable fee: 0,3% + VAT of total bidding amount or minimum €200,00 + VAT.

Step 1

Reservation Fee

  • The reservation fee acts as a downpayment of 10% of the total bid amount and must be paid within three working days after the bidding ends.

Step 2

Finalise the property transfer

  • A draft contract is then being processed by your solicitors. Completion and transfer of the property is generally expected within 28 days except if there is some other property issue that needs to be resolved.


Conclusion on how to buy a property in Greece using the bidding process

Once bidding begins, anyone wishing to buy a property can make an offer. The highest bid is not always the winner. For example, cash buyers are usually more preferable options rather than bidders who are looking for a loan. All bidders are notified of the new bids and can decide whether to continue bidding. As with any property sale, the entire bidding process is often extremely protracted and time-consuming. Once bidding has ended, the agent or representative of the property, evaluates all the biddings and decides which one is the winner. If both parties agree and are willing to proceed, the sale becomes effective when contracts are exchanged and the transaction is recorded in the land registry. Any property enter to bidding process must have an agent to represent it in order to open the bidding process to interested buyers.

Related to property bidding

Learn how bidding works with Realtor Globally:

In order to register a bidding you should first have a bidders account in the platform. To create a bidding account you will need to have a valid cell phone number and a valid credit card. After creating a bidder account then go to the page of the property you are interested for bidding and place the amount you want to bid by clicking on the “Place a Bid” button.

What to consider before placing a bid:

It is a good idea to get a pre-approval from your bank before bidding on any of the properties listed on the real estate website. If something goes wrong, such as a loan falling through or a change of mind, you will still have to pay the website's commission fee. So be sure to talk to your banker for the bank's terms of approval before placing any bid.

What to consider before buying a home

There are several factors that buyers should consider before making an offer. Each homebuyer is different, requiring an individualized assessment of needs and wants. The property should be located near your place of employment, make sure that it's located close to your workplace so you don't waste time commuting.

Learn more about why our business Partners are our key to success

All parties involved in the real estate industry have a vested interest in promoting safer investments. Real estate agents who keep up with the latest online technology are at an advantage over their competitors. Our partners include real estate agents, real estate consultants, real estate developers and other related companies.

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