BOE auctions: the inventory no property portal lists
At auction you're not buying yield: you're buying a discount and a case file. These are the four things that decide whether the discount actually exists.
While most people compare listings across three portals, the Spanish state publishes a parallel property catalogue every single day: judicial auctions, tax-authority and social-security auctions, and notarial ones. They're announced in the BOE, the official gazette, and held electronically on the state auction portal. They're public, anyone can bid, and they appear on no property portal.
We don't include them for novelty. We include them because they're the only inventory where the starting price isn't set by a seller trying to maximise it, but by a procedure. That's where discounts appear that don't exist on the open market — and also risks that don't exist on the open market.
What a BOE auction actually is
It's the forced sale of an asset inside a procedure: a mortgage or debt enforcement, an administrative seizure, an inheritance, or the division of jointly held property. Depending on who drives it, the file and its rules change:
- Judicial. Run by a court, usually inside an enforcement procedure. The most common kind, and the one with the most small print.
- Tax authority or social security. The administrative sale of an asset seized over a debt owed to that body.
- Notarial. Handled before a notary, often by agreement or to divide jointly held property, and typically with a cleaner file.
How it works, step by step
-
The announcement
The file is published with the asset, its auction value, the deposit required and the particular conditions. It's the document to read in full: everything relevant is either in there or nowhere.
-
The deposit
Bidding requires posting a deposit in advance, usually 5% of the auction value in judicial procedures. It's returned if you aren't the winning bidder.
-
The bidding window
As a general rule the electronic auction stays open for twenty calendar days, and bids are public. It isn't a room with a gavel: it's a window of time, and the final hours are where the movement concentrates.
-
The award
At the close the lot goes to the best bidder, subject to whatever minimum-percentage rules the procedure sets. Then come the decree or the deed, the tax settlement and registration at the land registry.
-
Taking possession
This is the step people forget when doing their numbers. If the property is occupied, recovering possession may require a further procedure that you fund and wait for.
The three risks that decide whether the discount is real
40% below market isn't a bargain on its own. It's a bargain if, and only if, these three things are on your side.
-
Prior charges
In an enforcement, charges registered after the debt being enforced are cancelled by the award, but earlier ones usually aren't: the buyer inherits them. An earlier mortgage, a prior seizure or a tax lien can turn a 40% discount into an overpayment. The file's charges certificate is the document to read before the price.
-
Possession status
A vacant lot can be let or resold from month one. A tenanted one produces rent, but you inherit a contract you didn't negotiate. One occupied without title may require eviction proceedings that cost money and, above all, time. And a file that says nothing about possession is a file with that question left open.
-
Municipal liquidity
A huge discount in a town where three homes sell a year isn't a discount: it's an asset with no exit. The municipality's transaction turnover decides whether anyone will be on the other side the day you want to sell.
Why an auction gets its own score
The Inmoblia Score answers one question — how much does this return when let? — which falls short at auction. An opening bid isn't a market asking price, so treating it as one would contaminate the comparison with the rest of the catalogue. That's why auctioned lots carry their own auction score, with five factors and different weights:
| Factor | Weight | What it measures |
|---|---|---|
| Discount to market | 45% | How far below our own valuation the lot can be acquired. A 10% discount scores ~28; 20%, ~49; 35%, ~72. |
| Possession | 20% | Vacant scores 100; tenanted, 55; occupied, 10. A file that doesn't state it sits at 45: that's genuine uncertainty. |
| Prior charges | 15% | Declared free of prior charges, 100; with charges, 15. Silence isn't comfort: it sits at 45. |
| Municipal liquidity | 10% | The same transaction-turnover signal the buy-to-let score uses, so both agree on how liquid an area is. |
| Valuation reliability | 10% | A discount is worth only as much as its denominator: a weak valuation caps how far the discount can be believed. |
What the bid doesn't include
The amount that wins the auction isn't the cost of the deal. Missing from it: transfer tax or VAT depending on the case, settlement and registration, procedural costs borne by the buyer, any prior charges, outstanding service-charge debt, the cost of recovering possession, and the refurbishment that's nearly always needed. A 30% discount to market narrows fast with that list on the table.
Each lot's report publishes the file, the opening bid, the deposit, the closing date, the possession and charges status exactly as recorded, and the discount against our valuation with its confidence level — all linked back to the official file, so you can check every line at source.
Frequently asked questions
Can anyone bid at a BOE auction?
Yes. The electronic auctions on the Spanish state auction portal are public: you need electronic identification and must post the deposit the file requires, usually 5% of the auction value in judicial procedures. The deposit is returned if you aren't the winning bidder.
Do the previous owner's debts disappear with the auction?
It depends on their rank. In an enforcement, charges registered after the debt being enforced are cancelled by the award, while earlier ones survive and pass to the buyer. There can also be unregistered debts, such as outstanding service charges. That's why the file's charges certificate is read before the price.
How long does an electronic auction last?
As a general rule the bidding period runs for twenty calendar days from opening, with bids public throughout. The specific conditions and any particularity of the procedure are stated in the file's announcement.
Why do some auctions have no score on Inmoblia?
Because the auction score is built on the discount to our own market valuation, and without a valuation for that property the discount can't be computed. In that case we leave the score empty rather than publish a zero, which would read as an opinion about a lot we haven't measured.
This article is general information, not investment, tax or legal advice. Rent and value estimates are indicative and carry their own stated margin of error.
