BuyProperty launches new property auction in Portugal

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New property online auction for a property in Quarteira, Portugal.

New property online auction for a property in Quarteira, Portugal.

New online auction for a property in Quarteira, Portugal.

BuyProperty.com launches its new feature allowing sellers and their agents to auction their home to the highest bidder in Portugal.

Not accepting a first-time buyer’s offer means sellers could earn 7-12% more by auctioning.

—Scott Kirk, CEO, BuyProperty.com

LISBON, PORTUGAL, Sept. 6, 2022 /EINPresswire.com/ — In times of housing shortages where there are many buyers for each property, selling your property to the first buyer means you might have gotten more if other buyers had made an offer. The less professional estate agents would sell to the first buyer because they want to close the deal quickly, 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, when the seller could make 20-30,000 more if they had waited. Auctions solve this problem, allowing many agents and their buyers to bid, all competing for the same property. The final auction price is the actual value of the property.

Bidders are vetted throughout the bidding process and begin by verifying their phone number when making their first bid. Once the reserve is reached and the bidding process slows down, the highest bidders are vetted further and proof of funds may be required. Once the auction is over, the highest bidder has 2 business days to sign a promissory note and show proof of the 10% deposit. If you do not do so within the time limit, the property will be sold to the next highest bidder.

The bidding period lasts 2 weeks and is entirely online. To deter bidders from bidding at the last minute, the BuyProperty auction resets at 24 hours if the remaining time is less. This negates any last-second bidding advantage and ensures all potential bidders have an equal chance.

This first property, a beautiful 3-bedroom apartment 500m from Quarteira beach, will be auctioned on September 15, 2022. The property reference is BP2654136.

Scott Kirk
Buy a property
+351 918410171
[email protected]
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