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Once your offer on a property is approved, a series of important steps will follow to ensure a smooth transaction. Here's what you can expect:
Completing Buyer's Information: You will need to provide detailed information about the person or entity purchasing the property. This is an essential step for transparency and legal compliance.
Making a Holding Payment: You will have a timeframe of 24-48 hours to make a holding payment. This shows your commitment to the offer and secures the property during the finalization process.
Offer Presentation to Seller: If your offer is below the guide price, Auctree will present it to the seller for consideration. This step is crucial if your offer deviates from the listed price.
KYC & AML Compliance: Upon acceptance of your offer, you will be required to complete Know Your Customer (KYC) and Anti-Money Laundering (AML) information for the entity buying the property. These checks are standard in real estate transactions to prevent illegal activities.
Signing the Purchase Agreement: After completing all the necessary checks and approvals, you will sign the purchase agreement. This legal document formalizes the terms of your property purchase.
Down Payment Transfer: Finally, you will transfer a down payment, typically ranging from 10% of the purchase price, to the seller. This payment secures your ownership rights to the property and marks the conclusion of the initial buying process.
The 'Make an Offer' countdown is a key feature of our property offering process, ensuring fairness and clarity for all participants. Here's how it functions:
Initiating the Countdown: When the first active offer is made on a property, a countdown timer ranging from 48-96 hours starts. This period allows other potential buyers the opportunity to place their offers, creating a transparent and competitive environment.
Countdown Reset Mechanism: If the countdown reaches less than 24 hours and a new offer is made, the timer resets to 24 hours. This reset happens with each new offer, giving everyone involved sufficient time to consider whether to adjust their offer.
Procedure After Countdown Completion: Once the countdown timer reaches zero, the highest offer will be asked to send the reserve payment within a 24-48 hour window. If the funds are not transferred within this timeframe, the opportunity will be extended to the next highest offer. This procedure will continue sequentially through the list of active offers until a successful transfer is made. If there are no more active offers remaining, the countdown will reset to the initial 48-96 hours, reopening the property for new offers.
Rationale Behind the Approach: This process is designed to ensure that all parties who make an offer have adequate time to evaluate if they wish to increase their offering amount. It also provides clear visibility of the ongoing process, allowing all participants to stay informed about the current status of the property offering.
Understanding the difference between Guide Price and Min Offer is crucial in our property offering process, as they represent two distinct benchmarks:
Guide Price: This is the estimated asking price set by the seller. Offers above this price are highly likely to be accepted without the need for a formal seller review process.
Min Offer: The Min Offer, on the other hand, is the minimum price at which offers can be presented. It's important to note that if an offer is below the Guide Price, it must undergo a formal seller review process. This process typically takes between 2 to 6 weeks and involves a detailed evaluation by the seller to decide whether to accept or decline the offer.
The rules regarding deadlines for making offers on properties depend on the status of the listing:
Open to Offers: If a listing is marked as 'open to offers', there is no deadline for making offers. This status means that the seller is continuously accepting offers, giving potential buyers the flexibility to submit their offers at any time.
Reserved Offers Under Review: In cases where there are current offers that are reserved, it indicates that these offers are undergoing a formal seller review process. During this period, you are still able to present offers above the reserved offer's price. However, it's important to note that these new offers will only be considered if the currently reserved offer is rejected by the seller. This condition ensures that while the review process is ongoing, the seller has the opportunity to consider better offers, maintaining a competitive and fair environment.
During the waiting period prior to the transfer of property ownership, many of our clients choose to negotiate a personal loan with their financial institution. Once the ownership transfer is completed, they convert the initial loan into a conventional mortgage.
If you are finally the winner of this property, we will ask you to send a holding fee during the 24 hours following the closing of the auction. In addition, you will be required having to complete various KYC forms for the prevention of money laundering and financing of terrorism, which usually take about two weeks. Then, 1-2 weeks before the property is transferred into your name, the remaining funds will need to be sent to the bank account of the fund manager (Servihabitat, Altamira, Aliseda, etc), and not to the Auctree account. These managers are regulated and are obligated subjects under Law 10/2010.
When considering a property listed on Auctree, it's essential to understand the occupancy status, which can be found on the listing page. Here are the different statuses and what they mean:
Empty: This means that the property is currently unoccupied.
Agreement in Place: This status means Auctree has negotiated with existing tenants or occupiers and there is an agreement for the property to be sold vacant. However, it's important to note that the final status of occupancy at the point of sale cannot be absolutely guaranteed.
Occupied in Negotiation: Auctree is in ongoing negotiations with the tenants or occupier for the property to be sold as empty. This status reflects active discussions but no finalized agreement.
Occupied: This status is used when the property is confirmed to be occupied and no agreement has been reached for vacating the property.
Unknown: In this case, Auctree has not been able to verify the occupancy status of the property.
When navigating property transactions, it's important to understand the differences between a judicial sale and a normal sale, as they entail different procedures for transferring property ownership:
Judicial Sale: This type of sale occurs in court as a result of a judicial procedure, often seen in foreclosure or court-ordered sale scenarios. Judicial sales can take between 3 to 9 months, depending on the local court's efficiency. A key advantage when working with Auctree is that we manage the complexities of a judicial sale. This means that as a buyer, you don’t need to worry about the intricacies of the court process; Auctree handles these aspects to ensure a smoother transaction.
Normal Sale: In contrast, a normal sale happens at a notary's office and is the standard method for most property transactions. These sales are typically quicker, taking about 2 to 3 months to complete. The process is more straightforward compared to a judicial sale.
The major differences are in the sale venue and the time it takes to complete the transfer. While judicial sales are more complex and time-consuming due to court involvement, Auctree’s expertise in managing these sales can significantly ease the process for buyers. Normal sales, on the other hand, are simpler and faster, as they are conducted through notaries.
Connecting with Auctree is straightforward, and we offer multiple ways to get the information and assistance you need:
AI Assistant via WhatsApp: For immediate and comprehensive information, our AI assistant is available through WhatsApp. It has access to our extensive property database, internal information repository, and field agent voice notes, offering a wealth of knowledge on both asset-specific and general topics like tax regulations. To speak with our AI assistant, just reach out to us on WhatsApp for quick and detailed answers.
Speak to Our Team: If you prefer personal interaction or need more specific guidance, you can request a callback directly from the listing page. Simply submit your request, and a member of our team will contact you. This option ensures that you receive tailored assistance and have the opportunity to discuss your queries in detail with our knowledgeable staff.
Whether you opt for the efficiency and breadth of information from our AI assistant on WhatsApp or the personalized touch of our team members, we're here to provide the support you need for your property inquiries.
At Auctree, we make every effort to provide comprehensive information about each property on our website. Here's how you can access more details:
Website Information: We strive to upload every piece of information we have internally about a property to our website. This includes images, documents, and detailed descriptions, ensuring you have access to as much information as possible to make an informed decision.
AI Assistant for Additional Insights: Our AI assistant, which has access to our field agent voice notes, may have additional information about the property's condition or the area. These voice notes can provide unique insights and more personal observations that might not be available through standard documentation.
We are committed to transparency and providing you with all the necessary details to help you in your property search. If you need more specific information, feel free to reach out to our AI assistant or contact our team directly.
At Auctree, we understand the importance of property visits for our potential investors. However, the visitability of properties can vary:
Check Visibility Information: The first step is to check the visibility information on the listing page of the property. This will indicate whether the property is available for visits or not.
Properties Not Visitable: For properties that are not visitable, Auctree suggests that investors conduct their own research to gather as much information as possible about the property. This might include researching the neighborhood, understanding the local real estate market, or seeking professional advice.
Scheduling a Visit: If the property is visitable, you can easily schedule a visit by requesting a callback from our sales team through the listing page. Our team will assist you in arranging a convenient time to explore the property and answer any questions you may have.
We strive to facilitate the best possible experience for our investors, whether that involves providing detailed information for research or arranging property visits when possible.