Good morning folks! I'm seriously considering buying property through auction in Lithuania. I've never done this before and I'm a bit overwhelmed. Can someone explain the process and point me to reliable sources where I can browse current opportunities?
Good morning! Buying property at auction in Lithuania is actually quite straightforward once you understand the system. First, you need to browse available real estate auctions in Lithuania (https://puse.lt/en/real-estate-auctions) — I use PUSE.LT which aggregates all public auctions in one place with an interactive map. Here's the typical process: browse listings and identify properties that interest you (filter by price, location, type), review the property details including starting bid, guarantee fee, and registration fee, register for the auction during the registration period (usually a few days before), pay the guarantee fee (typically 10% of starting price) and registration fee (usually 30-145 EUR), participate in the online auction during the specified time window, if you win, sign the protocol within 1-2 business days, complete the purchase agreement within 30 days and pay the full price. Properties are sold 'as-is' so I always recommend viewing them beforehand if possible. The platform shows viewing dates when scheduled. Starting bids can be incredibly low — I've seen apartments from €630 and houses from €1,410. The key is doing your due diligence on each property!
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