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The sale of seized goods and property through the e-auction system has raised €930 million since the scheme started in May 2016.
In the past three years, more than 9,000 properties have been auctioned off, each one in lieu of debt and often representing a personal tragedy. The electronic auction system is vaunted as being, “faster, transparent and appealing,” by those who run it.
In the past three years, 9,000 properties have been auctioned off; 587 in 2016, 3,218 in 2017 and 5,183 in 2018.
According to data from the Order of Solicitors and Execution Agents, last year’s sales value was around €497 million.
According to this professional body, the platform is helping to “democratise the process of selling seized assets, ensuring more transparency, efficiency and fairer sales values.”
One of the Order’s staff members stated that this auction site is a tool, “that is working well and has forced enforcement agents properly to describe and identify the goods for sale, something that gives security to the buyer.”
The platform has a lot of information, documentation and photographs on properties, all leading to “the greater success of the platform,” the official said.
Another of the advantages is that, “the sale of seized property, is easier, faster and cheaper.”
How e-auctions Work
E-auctions.pt is a platform developed for the sale of goods through an electronic auction. It has been running since April 2016.
How to submit a bid?
To submit a bid you need to access the platform with digital certificate of the Citizen’s Card or digital mobile key, which is obtained from the citizen’s store or civil registry offices.
There is also the possibility of using an alternative method which requires the sending of a registration document, with an authenticated signature.
Who is responsible for launching each auction?
The launching of an auction property is the sole responsibility of the executing agent (or the entity legally obligated to sell the property).
What types of goods can be put up for sale?
Houses, land, automobiles and other assets that result from liens made to collect debt.
How does the bidding process work?
When something is placed in an auction, the minimum value accepted, the date and the time limit for bidding are defined.
If a bid is submitted in the five minutes before the end of the auction , the period is increased by a further five minutes. This time limit is extended for as long as several interested parties keep bidding.
The auction is only closed after a best bid remains unchallenged for five minutes. In this way, an equal opportunity is offered to the interested parties. This delay also can enhance the value of bids received.
What is the minimum value that can be proposed?
The lowest bid must be equal to or greater than 50% of the base value of the asset to be sold.