Biess Auctions 32 Properties in Ecuador with Appraisals Starting from $23,629

The Ecuadorian Institute of Social Security (Biess) has launched a new auction process for real estate properties throughout Ecuador, offering 32 homes and apartments to its affiliates, retirees, and the general public.

The available properties have appraisals ranging from $23,629 to $1,173,582. These properties are primarily located in the Pichincha and Guayas provinces. The Biess also offers other financial services, including options to regularize affiliate debts, consumer loans with lower interest rates, and an extended 30-year term for its Credicasa program with reduced installment values.

These properties are part of concluded coercive collection processes by the financial entity. Interested buyers can participate by submitting electronic bids through the official Biess portal. Depending on the specific auction, offers can be made on 100%, two-thirds, 75%, or even 50% of the established expert appraisal value for each property.

In Guayas, property appraisals range from $27,153 to $895,580. In Pichincha, the valuations span from $23,629 to $1,173,582. Examples include an apartment in Quito's Chillogallo housing complex with a minimum appraisal of approximately $23,629, and a house in Durán valued at $27,153. The most expensive property listed is in Guayaquil's Puerto Azul urbanization, appraised at $895,580.

The Biess has outlined a four-stage process for auction participation. This includes registering in the Biess coactive system, qualifying as an auction client by submitting required documentation (ID, taxpayer certificate, sworn statement, financial information), and then submitting an offer with proof of the corresponding advance payment. For higher-value properties, qualification may be required at least fifteen days before the auction date. Each auction notice provides details on the process, photographs, location, appraisal, bid deadline, and applicable regulations.