Nerja Property Auctions (NPA) was conceived 18 months ago by three people who looked at the property market in the Eastern Costa del Sol and thought that there had to be a different way of buying and selling property.
Although, auctioning of houses isn't a new idea, it is for the eastern Costa del Sol. However, people are familiar with the idea due to televised auctions as part of reality T.V. Nerja Property Auctions started trading in April 2005. Their first successful auction was held in June 2005 and then an office opened in Torrox Costa in January 2006. Since then three more auctions have been held at the Balcon de Europa Hotel in Nerja. Their 5th auction will be held on the 29th September at the same venue.
I spoke with Jane Jeannie and Monika about the auctioning of properties´ and its advantages.
They explained auctioning was the best way of achieving a properties true market value. Prior to auction they select the most suitable properties and vendors also contact them for their properties to be included. NPA will negotiate, if necessary, with the vendors to ensure a reasonable price of their property for auction. In order for a property to sell successfully, the vendor must realise that the property should have a realistic reserve. Auction is not a quick way to sell a property at an inflated price. It is a way to get the best possible price once you have decided on a true and realistic figure.
Prior to auction all the selected properties have had their paperwork checked by a solicitor, who analyses it from the purchaser's perspective to ensure a legal and smooth sale. The vendor is also encouraged to be prepared to complete within 28 working days and to be at private contract stage within 10 days. NPA then produce a catalogue of approximately 20-25 properties that can be e-mailed, posted or collected from their office, for interested buyers. The auction is also advertised widely on the internet and in magazines often showing a selection of the properties available. They strongly encourage the viewing of properties prior to auction, although buying has occurred blind in the past.
On the Auction day itself catalogues are issued once more and clients can see photo's of the properties on a laptop presentation for further familiarisation. NPA have on- line bidding facilities. Also, proxy and telephone bidding can be arranged prior to auction. The auction is held in a private function room in the Balcon de Europa in Nerja. The auctioneer provides a brief description of the property then the bidding starts!! NPA have had successful auctions where properties have both been sold on the day and afterwards. At the last auction four properties were actually bought after the day itself as a result of interest created at the auction
The team at NPA then follow the sale through expertly and efficiently and they are there to help both buyers and sellers. They are also able to offer a complete service including financial and legal advice.
Auctioning Advantages
Quick Sales
Creates competition amongst buyers
No long drawn out negotiations
Vendors are ready and motivated
Properties are sold at their true value
NPA are also selling in the traditional way and are happy to market the property by the usual method.
If you are interested in either marketing your property or want more information about the auction call them on 952 534 728 or 618 219 971
