I think this method of court auction buying is possibly the same as I am currently investigating and in fact I posted questions today about this, but not sure which sectionof the Forum my questions end up in.
Is it from http://www.remspain.com – whereby spanish court has agreed to auction property to Cash buyers only. You have to put 20% of the proposed value of your bid, into one of the lawyers accounts so that he has power of attorney. If your bid is not successful you get this deposit refunded minus E1,000 for 2 court visits the lawyer will make on your behalf. You cannot view the property internally but 1 week before the auction you can view from outside. Also you get time to select what properties you want to put a bid in for. There are 5 lawyers in the practise.
The agent also has a regular real estate business called Best Value Spain.
I spoke to John Scott one of the owners of the real estate business. He said the Court dictates what fees the lawyers and agent get so there is no logic for them to go in to auction with a high bid. The long term business view they have is that the more satisfied customers they get, the better their business grows. Possibly this system more geared to Investors but for some of us who have been ‘sitting on the fence’ about buying cos like me too busy working, now have Cash to spend so if this system is legit, I am hoping I can pick up a bargain.
Hope to hear from others about this. I spoke to J. Scott at end Mar 09 in UK office, as I live in Asia at present.