House on Ebay
 

A friend has put an offer on a house that is up for auction on ebay :eek: - there is a good chance that they are going to win the auction :( - they holiday in Portugal every year and love it - so this place is on the Spanish/Portugal border but 3 hours up the country from the coast

Im mega worried for them if they go ahead - her hubby thinks hes buying an investment for the future to make money on - apparently its a farm house and is offered for sale by an English person

Ive told them to get in touch with a solicitor to see if the house is legal before they hand over any money - what other things do they need to be asking about

The saying 'if it sounds too good to be true it probably is' is booming around my head - i so hope everything is above board for them - but im just getting a really really bad feeling about it

Thanks in advance xxxxx

Re: House on Ebay
 

1. I think the first question is why are the vendors selling - especially now near the bottom of the property slump.
2. How long do they expect to wait for a return on their investment? If it is more than 20 years then I guess there might be a chance.
3. If they are expecting rental income then if it's nowhere near the coast then you are looking at a very niche market so I wouldn't hold my breath.
4. If they are looking for a country hideaway for themselves and they enjoy solitude then it could be a little jewel.
5. The obvious things you've already mentioned like the title (and this can get very complicated for rural properties as Spain doesn't have primogeniture so every child in every generation might own a slice) hopefully the current owners will have sorted this out.
6. Mains services connected (Elect; water; etc)

I have no experience of buying in the campo so can only offer general advice. I'm sure some wiser souls will be here soon and there are some books which are guides to buying such properties.
Let us know how they go on.

Re: House on Ebay
 

Thanks Mike - will show here this when I get to school xxxxx

Re: House on Ebay
 

if it s modern house then it may be built on agricultural land and so is illegal. An older house may have the same restrictions as land is designated in certain categories.
It could be a 5 bed farmhouse but only a small part is legal. What tax is due on the sale/purchase.
Dont part with any money until its been checked by an independent lawyer - someone you know and trust

Re: House on Ebay
 

If they win the auction but the house turns out to be illegal then they can walk away , if it goes too cheap the vendor may well renege , I`d not worry at this stage , one thing though is dont pay a bean until an out of town layer okays everything.

Lets have the ebay link please.

Re: House on Ebay
 

:rofl: give the link and risk her friend losing the lot ?


Might be doing them a favour or not but hopefully Sam won't risk losing a friend.

Re: House on Ebay
 

Theres only one house with serious bids on it in Spain anyway so its either sold or withdrawn:D

Re: House on Ebay
 

Must admit I took a look but failed to find anything that fitted the area.
But who says the bids are serious, money wise?

Re: House on Ebay
 

Thanks for all your replies xxxxx

The reserve price for the house was 20k euros but the highest bid was 11k which was my friends hubby - the auction ended and the reserve wasnt met - but the guy got in touch with them as they were the highest bidder and said they could have it for 15k i think she said - her hubby offered 14k and the guy was happy with that - so we'll see what happens from here on in - they are supposed to be going over to see it before they hand over any money - im still really worried tbh :(

Im gonna print this page out and give it to her so that they at least have an idea of what to do and ask about - thank you everyone xxxxx

Re: House on Ebay
 

surely this should just go forward like any other sale now?

lawyers, notaries etc.?

just tell them not to part with a cent (except maybe the usual deposit?) until all the paperwork is proven to be in order

Re: House on Ebay
 

I know times are hard, property prices in free fall in parts of Spain, but even allowing for that, what sort of property do you get for £14k???????? You wouldn't get a garden shed for that here! Wouldn't get you much of a conservatory for that sort of money.:confused:

Re: House on Ebay
 

Are they absolutely stupid?? You've read all the advice Sam over the years. If he goes to Portugal and hands over the money without employing the usual legal and normal processes then he is just asking for trouble.

I guess the question as usual is ..... if you bought a house in the UK on ebay, would you really go and pay for it without the intervention of a solicitor????

Re: House on Ebay
 

I know Mitz - ive only just found out about it the other day - ive told them to be so careful - im not even sure about them going over checking it out tbh - but at the end of the day if thats what they want thats what they are going to do :(

He runs a business on ebay so im presuming he knows the risks of buying off there - but i dont think they fully understand the problems in Spain - id never tell them not to do it as they are adults and its there money - but i do keep saying to be very careful - i think they should take someone with them to check it out - im just wondering if its up for sale with an estate agent to get in touch with them and get them to go with them - you just hear horror stories dont you - like them poor people in France - you just never know and like i say im more than a little worried about them tbh

When i go in on Monday im gonna suggest they join here and have a read around xxxxx

Re: House on Ebay
 

Im not sure to be honest - all i know its off an English builder and i think there is a garden big enough for a pool xxxxx

Re: House on Ebay
 

Will do Lynn - ive given them the names of a few estate agents to be looking at xxxxx