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Buying property at auction
Properties can often go for less than those sold through an agent but you know how the proceed
What kind of properties are sold at auction?
Any kind of property can be sold at auction. Some properies are sold subject to tenancy, others with vacant possession. However, most properties in Cyprus are placed on auction for a quick sale.
- Properties that generate a great deal of interest
- Properties in need of renovation
- Land for re-development
- Properties where owners need a quick sale to relocate, either here or aboard.
- Any commercial property [incl. land, shops, hotels ect...]
Who buys properties at auction?
Until recently, auction properties were mainly bought by investors looking to sell them on at a profit. But now, more and more people are using auctions to find homes, shops or land.
The main advantages of buying at auction!
Sales at auction are quicker, usually within 28 days. A property is only worth what someone is prepared to pay, the bidding system is transparent so you know what the other buyers are offering, so you won't end up putting in a higher bid than necessary to secure your purchase. Hence, the property meets its value! In general, auction properties are normally cheaper than those bought through a selling agent.
How to find out about property at auction
You need to be on the auctioneers' mailing list by telephoning HPA [Cyprus] Ltd. FREEPHONE 80004445 or email
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. You will then be sent a catalogue listing properties for sale, general information of the property and a guide price. Property often reaches more than the suggested guide.
Catalogues can be obtained one month prior to the date of auction. If you are however interested in a specific property you need to act quickly, you can place a bid and buy prior to auction.
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