There is now an aucton company operating whereby you pay for one month's auction, run online,after which if still unsold, further auctions are free. Bids are sealed so the bidders are 'blind' to each other and amounts only seen by the vendor.
You choose who to accept or reject, arrange viewings to suit your own timetable and deposits are handled by lawyers.
At the end, if your house is sold there is a commission of 300 GBP to be paid to the auction company irrespective of the value of your property.

A good deal I think and have listed my house with them and am currently in August's live auction...exciting!!

If anyone is interested then please PM for further details.

This might also be of interest to some of the newer buyers?

Distressed Bulgarian Property – how to find and buy one

Few of the foreign property investors know that one can buy really cheap distressed property in Bulgaria. Moreover there’s a search option, by using different criteria (location, limit by price, property type etc.). The distressed property catalog [You must be registered and logged in to see this link.] can be found on the website of the Bulgarian Chamber of the Private Law enforcement Agents [You must be registered and logged in to see this link.] . The particular catalog is only in Bulgarian, since it’s generated by all private enforcement agents in Bulgaria most of which doesn’t speak English. However you can use Google Translate service to do a basic translation.

How you can buy distressed property

The purchase process is done by participating in an auction, organized by the enforcement agent. First, you will notice that there is an initial bid price – its 75% of the value of the property. In order to-participate in the auction you need to pay a deposit of 10% of the initial bid price. This deposit is refundable in case you don’t win the bid. The bid offer has to be submitted on paper in a closed, non-transparent envelope by the end of the bidding period.

Winning the auction and transferring the property to the buyer

If no bid has been submitted within one month after the auction was opened, the law enforcement agent appoints new auction date and the initial bid price is dropped to 80% of the first auction initial bid price. Some entities (mainly banks) take advantage of this legal proceedings and hire solicitors to do their best and prevent from other people taking part in the first auction. This allows the banks and mainly high level bank employees to buy really cheap distressed properties. This got harder because of the public distressed property catalogue .

On the auction, each offer is opened and the law enforcement agent announces the highest bid. The bidder is announced as winner of the initial bidding. If some of the attending bidders decides, they can bid verbally on the top of the winning initial bid. Further verbal bidding can be done until there is only one winner.

In the end the law enforcement agent announces the winner and reminds them to pay the rest of the bid price in one week term.

Normally, solicitors are hired by property buyers in order to bid on the auction on their behalf. The solicitor is familiar with the procedure so the bidding process will be smooth and favourable.

[You must be registered and logged in to see this link.] ... d-buy-one/

Further to my entry above ref property for sale by auction, which is international and run monthly on line, no hidden house prices or bidders are allowed, although all bidders are 'blind' to exisiting bids. Therefore you have the choice, bid low within the guide price range and hope to grab a cheeky bargain, or if you are really in love with the place, bid towards the higher end of the guide to make a successful bid. You can still negotiate with the owner if you are chosen as the successful bidder at the end of the auction period.
The successful bidder is chosen by the owner of the property and not the auction company, who by the way, after a bit of negotiation, have now WAIVED the 300 GBP commission fee which was due on sale of the property....therefore only the upfront auction fee to be paid ........... all future auctions after the first month are free.
A very very good deal for the Bulgarian market only, so PM me if you want the full details.

This all sounds very interesting can you post the link here so we can all see it I'm sure admin won't mind.

Hello

Yes I can put the link on here although some things are not exactly the same for the Bulgarian market.

Firstly the 300 pounds commission which was due on completion of the sale has been waived in Bulgaria after some negotiation with the company and also anyone who lists their property via myself will get a discount on the auction fee, variable depending on how many properties they wish to list at once.

The choice of course to deal directly with the auction property website is still always there...everything is exactly the same ...you will just pay the full price of 129 GBP.

Here is the link and again, anyone interested can always PM myself.

Link removed until checked by Admin - please bear with us :Thank you:Oddy

Happy selling folks...you can see my own house is listed on the site, in Valchedram, Montana area.

Well folks obviously admin DID mind...sorry admin.

As for the above...PM me if interested or contact me by email by clicking on the email button on the right
The 300 pounds is waived if you enquire through myself, sorry should have made that clear.
Otherwise all as the website states



Edited by admin please do not add your email to any posts unless you want to be inundated with all sorts of offers by spambots.

I think I know the site your talking about but to be honest I can't see any advantage in the present climate in fact it could work out to be quite expensive if you don't sell it? this is only my honest opinion

Everyone is entitled to their own opinion.

Personally I found it interesting and not overly expensive as there is only a one off fee....and auctions always incur a fee under normal circumstances, so getting future entries free is a bonus.

The company involved is now 'upping' their advertising campaign aimed at the Bulgarian property market awareness to attract more interest and so I have found it feasible to list my own house with them, although normally I will not pay to list it anywhere. The trouble is the free ones are good but you need the power of the advertising campaign as well, and that costs money.

Anyway, always your own choice of course.

BGTRAVELLER wrote:

I think I know the site your talking about but to be honest I can't see any advantage in the present climate in fact it could work out to be quite expensive if you don't sell it? this is only my honest opinion

I have to agree with the BGT I can't see any benefit with this there is no more guarantee of selling than with anyone else so if you want to sell my advice to to list it with as many REAs as possible and that way you will get more notice.

Fair comment and I think there are too many people about offering to sell a property and asking for cash up front? lets face they won't lose anything?

This is for averyone to make their own choice and it is different in that it is not a website but an auction...similar but not the same as ebay...

My own house is listed with the auction company...so obviously I thought it could be a good idea... and I had to pay the full price...so ....up to each individual

All I can say is that my property is attracting plenty of interest which is more than it has on my own website for the past 6 months, which is unfortunate but true.

Anyway everyone will decide for themselves I am sure,

if you put your house up for sale with lots of estate agents, dont you have to pay them all when you sell it ? or just the 1 that sells it? as ours says 5% if they sell it 3% if we do. please could you PM me the details of the auction thingy, i tried to PM you it said you dident exist i proberbly did something wrong thanks, Sandra

Sandra what you pay your current rea depends on what you have agreed but you can put it with as many as you like and only pay the rea who sells it, as for an auction I wouldn't bother they have as much chance as selling it as anyone else but you will pay them up front regardless to them selling it or not so in effect it can be a lot more expensive to sell via an auction and the only real winners in an auction is the auctioneer.

thanks very much for info, we have our houses up for sale with = buypropertyanywhere.com, my daughter put them on with them, but on MY Bulgaria theres alot of falling out about this company &
others that ask for money up front, i thought as my other daughter in UK has paid up front for her house selling with an agent i thought it was normal, we tried a few who all said you had to do this, even BG agent's, so maybe weve been duped or what i dont know but its done now, we live in hope of selling asap but wont hold our breath, like all others selling here its not a good time to sell, but needs must, my daughter &
grandson need work (he has a job to go to in UK) you need work or no life, as we all know unless other income, thanks again, Sandra