Buying properties at Auction in Gran Canaria

If you are interested in buying properties at auction we can help you find the property you need and assist with the whole purchasing process.

Repossessed Properties

Due to the high level of unemployment and high number of home owners with negative equity there are many bank repossessions in Gran Canaria which are sold at public auction.

We have over 10 years experience purchasing properties at auction and are experts in the legal process that encompasses any purchase. We purchase properties both for ourselves to restore and for our many investment clients.

Our Service

Purchasing at auction can offer significant savings for the house buyer, however it is not easy and is not recommended without expert advice and good legal support.

Every week we review all the auctions in the Canary Islands, assess all potential properties both from a legal and financial perspective and create a list of suitable properties for purchase. Amongst many other things we check if the property has outstanding debts, the state of the ownership, the legality of the building and the potential to reform or extend. In our team we have a lawyer, an architect and an engineer to review all potential properties.

Our process for potential investors / house buyers

If you are interested in investing in properties bought at auction we can help.

  1. Initial meeting – we will sit with you and see what type of property you are looking for, your preferred location and budget. We will explain the whole process and keep a record of your requirements.
  2. Weekly search – each week we will review every property that will soon be available for purchase at auction. If any fit your requirements we will prepare a dossier and send it to you.
  3. The property – If you are interested in purchasing a specific property we will set the maximum you would like to bid and prepare all documentation.
  4. Due diligence – We will check the property in detail, check there are no outstanding debts, check the legality of the build and check whether you are able to do the work on the house you would like.
  5. Legal – We will prepare all documentation on the house for you to present to your lawyer. We can recommend third party lawyers if you require.
  6. Auction – We will go to the auction and bid on your behalf and obtain the property at the price you require.
  7. Post purchase – We will assist in all the legal process until the house is in your name.

Please note that if you intend to buy at auction you must have 100% of the purchase price available before auction. It is not possible to get a mortgage to purchase at auction.

If you are interested in our service please contact us at info@m2property.eu