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Spanish property auction site launched

Tuesday, 23 October 2007 12:00 AM

The first Spanish property auction site to be launched in the UK goes live today.

The site, Spanish Home Auctions (SHA), offers Brits looking for property in Spain a further avenue of investigation.

The service hopes to reduce the costs traditionally associated with property purchases in Spain by removing the fees charged by estate agents and charging a flat listings fee.

Around 50 properties have been listed on the site thus far, and six - those with all the paperwork in place - are on sale now.

In order to complete a sale, the reserve price must be met by November 19th, at which point bidders will be legally obliged to place a deposit and complete the sale within 28 days.

The site is the brainchild of two British entrepreneurs Mike Buckingham and Keith Whicheloe.

"While buying and selling residential property by auction is a well established practice and some auction web sites feature real estate, SHA is the first specialist online Spanish public auction service," said Mr Buckingham, managing director of SHA.

"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."

A key feature of the site it set to be its competitive price.

A seller can place their property on the site for a flat fee of £549, regardless of whether a property is sold or not, or a £149 fee plus two per cent of in the event of a successful sale.

It is hoped the site will speed up the process of buying in Spain

"There are major advantages above and beyond very competitive pricing," concluded Mr Buckingham.

"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 more information check out the Spanish Home Auction website.

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