Social Security has launched a new auction offering more than 300 properties dispersed around Spain . Among the available properties you can discover apartments, houses and land at extremely low costs , which represents an attractive option both for people looking for economical living and for those interested in investing in the real estate market . Some of these properties have starting prices below 10,000 euros , making them an attractive alternative to traditional purchases or offers from banks and real estate funds.

These properties arise from seizures performed by the General Treasury of Social Security , often from firms or individuals with outstanding obligations. For their award, a public auction process is carried out in which any person with legal ability can participate, either alone or through a representative.

The Social Security website offers interested parties a comprehensive list of all available homes, including each one’s location, features, and beginning price. You may obtain more specific information about each property and filter the possibilities by province within the portal.

See the searchable website here https://w6.seg-social.es/subastas/SubaSeControladorInter?opcion=6&avanzada=1

Furthermore, as auctions are open to the public, anyone who satisfies the conditions can attend and place a bid. Although it’s crucial to understand the procedure before taking part, it’s a chance to purchase goods for less than their market value.

Conditions for taking part in the auction

Interested people must attend the public event where the bidding will take place and produce a legitimate form of identification, such as a passport or national identity card, in order to participate in the auction. A deposit must also be made in advance as a guarantee for the bid that is made.

The type of offer determines the deposit amount:

A deposit equal to 25% of the starting price will be required if you join in a sealed envelope.
The deposit is equal to 30% of the beginning price if the offer is made orally.
Unsuccessful bidders will get their deposit back. However, the winner of the auction will forfeit the money that was put if they do not finish paying within five business days.

Rules and warnings for buyers The Social Security auction website has published some warnings that participants should take into account before making a bid: Any prior liens on the property are the responsibility of the buyer : if the property has mortgages or other liens, the new owner will be responsible for settling them. There are two auction rounds : if a property is not awarded in the first auction, a second round will be held in which offers for 50% of the starting value are accepted . The highest bidder wins as long as they exceed 60% of the starting price or cover the outstanding debt with Social Security.

Payment must be completed within five business days of award. If the buyer does not pay the full amount within this period, the deposit will be forfeited. Advantages and risks of buying properties at auction Buying a home or land at a Social Security auction has several advantages : Lower prices than in the traditional real estate market , with unique opportunities for less than 10,000 euros. Possibility of acquiring properties without the need for a mortgage , especially in cases where the starting prices are affordable. Profitable investment for those looking to buy properties to rent or resell. However, there are also risks to consider:

Certain homes can be occupied or have unpaid liens, which could result in eviction-related legal problems.
Since mortgage financing is not permitted at the auction, buyers must have the funds on hand to finish the payment within a few days.
In certain situations, properties might need costly renovations, raising the investment’s overall cost.