There were 1,612 press releases posted in the last 24 hours and 413,959 in the last 365 days.

BuyProperty Launches New Property Auction In Portugal

Brand new property auction online for property in Quarteira, Portugal.

Brand new property auction online for property in Quarteira, Portugal.

Brand new auction online for property in Quarteira, Portugal.

BuyProperty.com launches its newest feature allowing sellers and their agents to auction their house off to the highest bidder in Portugal.

Not accepting a first buyer's offer means sellers could earn 7-12% more when selling by auction.”
— Scott Kirk, CEO, BuyProperty.com
LISBON, PORTUGAL, September 6, 2022 /EINPresswire.com/ -- In a time of housing scarcity when there are many buyers for every property, selling your property to the first buyer means you may have gotten more if other buyers had bid. The less professional real estate agents would sell to the first buyer as they want to close the deal fast, get their commission, and move on to the next property as soon as possible. It’s not worth the extra commission for them to keep the property on the market, whereas the seller could earn 20-30k more had they waited. Auctions solve this, allowing many agents and their buyers to bid, all competing for the same property. The final auction price is the true value of the property.

Bidders are vetted throughout the bidding process and start by verifying their phone number on placing their first bid. Once the reserve is met and the bidding process slows, top bidders are further vetted and proof of funds may be required. When bidding is complete, the highest bidder has 2 business days to sign a promissory note and show proof of 10% deposit. Failure to do so in the time allotted will result in the property being sold to the next highest bidder.

The auction period lasts 2 weeks and is completely online. To deter bidders from bidding at the last minute, the BuyProperty auction resets to 24 hours if the remaining time is less. This negates any benefits of bidding in the last seconds and ensures all potential bidders an equal chance.

This first property, a beautiful 3-bedroom apartment 500m from the beach in Quarteira, will be put up for auction on September 15, 2022. The property reference ID is BP2654136.

Scott Kirk
BuyProperty
+351 918410171
contact@buyproperty.com
Visit us on social media:
Facebook