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Good news for Spanish property market

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Good news for Spanish property market

Written by Jane Owen

Tuesday, 09 October 2007

Agency Commissions Undercut

Information Pack Helps Safeguard Buyers’ Interests
“Large Market and Quick Sale for Sellers”

First Online Spanish Property ‘Auction House’

Agency Commissions Undercut

Information Pack Helps Safeguard Buyers’ Interests

“Large Market and Quick Sale for Sellers”

October 9, 2007: There is good news at last for the Spanish property market with the announcement of the first online auction service dedicated to UK buyers and sellers of residential homes in Spain.
Appropriately called Spanish Home Auctions, the web based service promises to significantly undercut the traditional estate agent, to deliver a much quicker result and safeguard buyers and sellers interests.
The concept is the brainchild of two British experts in the Spanish residential property market, Mike Buckingham and Keith Whicheloe, who say they have taken the initiative to create an exciting and unique new way of conducting sales compared with the traditional agency route.
A key proposition is competitive pricing. Spanish Home Auctions is offering sellers a flat fee of £549 all inclusive regardless of whether the property is sold or not, or a fee of £149 with a commission rate of just 2% plus VAT in the event of successful sale. With either option there are no extras. Currently Spanish residential agency commissions on average range between 4% and 8% meaning that on a £80,000 apartment an agency commission could cost anything between £3,200 and £6,400. The service is completely free for people wishing to register interest in buying.
However managing director Mike Buckingham is keen to point out that they are an auction house and not an agency. “There are major advantages above and beyond very competitive pricing,” he said. “For sellers we also offer the potential to reach a much larger audience via the internet and therefore the prospects of a quicker sale. For the buyers there are safeguards at no extra cost.”
Spanish Home Auctions say these safeguards are as good if not better than buying via a real estate agency. They include checks to ensure the sellers are bona-fide and a sellers information pack (not unlike the recently introduced home information packs or HIPS) providing essential information such as proof of ownership, title deeds and the right to sell together with searches on items such as rights of way. All this information is validated by an independent solicitor.
For the vendors’ peace of mind, checks are also carried out on buyers to confirm their identity and address.
“Whilst buying and selling residential property by auction is a well established practice and some auction web sites feature real estate, Spanish Home Auctions is the first specialist online Spanish public auction service, “ Buckingham continued. “There are plenty of Spanish residential auctions and many of these are promoted via the internet but this will be the first time that the whole transaction including the bidding is conducted through a web site. A lot of effort and money has gone into developing software which will make the transactions both simple and secure.”
Spanish Home Auctions is now taking property registrations from sellers and the bidding is expected to go live on October 22. Sellers can register properties at www.spanishhomeauctions.com
For further information, please contact:
Jane Owen or Ian Rumgay
Saxondene PR
01732-760451
0774-7036050/07802-903602
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

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