Base value
The base value is the property's reference value set in the case — the minimum value is calculated from it, and it is neither the final price nor the market value.
What it is, why it matters when bidding, and a worked example.
The base value comes from a valuation carried out within the case, often by a court-appointed expert, and it is the number that anchors the whole sale: the minimum value, the deposit and, in later phases, the reductions are all computed from it. It appears in the notice as the "valor base".
Treating it as market value is a mistake. A judicial valuation may be out of date, may have been made without access to the interior, or may reflect a conservative methodology. In areas where the market has risen quickly, the base value sits below the market — which is where the opportunity comes from; on run-down or encumbered properties it can sit above what anyone would pay.
The correct comparison is between the true total cost (bid + IMT + Stamp Duty + fees + works) and an independent estimate of market value, not the base value. The base value tells you how the sale mechanics work and what liquidity you need; it does not tell you whether the deal is good.
Example
A flat with a base value of €100,000 has a minimum value of €85,000 in the first phase. Acquired at €88,000, the true total cost with IMT, Stamp Duty, fees and €12,000 of works approaches €105,000. If the estimated market value is €140,000, the real discount is around 25% — very different from the 12% that comparing against the base value suggested.
Frequently asked questions
Is the base value the sale price?
No. It is the reference from which the acceptable minimum is set. The final price is the winning bid, which can land below or well above the base value.
Does the base value match market value?
Not always. It comes from a valuation within the case, which may be out of date or conservative. To decide, compare the true total cost against an independent estimate of market value.
Related terms
Go deeper
IMT, stamp duty, fees, registration and works: the true total cost of a bid.
Read the full guide