The 20 year old, who arrived at Old Trafford from Portuguese Premier League club Guimaraes, was apparently offered to European clubs last season for a fee of 150,000 euros.
"Last season we had no money at all," Paxaio told the Daily Mail. "We were trying to transfer Bebe to other clubs.
"We had to raise money desperately. We told everyone in England and in Europe: 'For 150,000 Euros you can have him'.
"We couldn't get anybody interested. Nobody trusted him. None of the clubs were interested because he had never played at a high level."
Paxaio also admits he would never have predicted the striker's move to Old Trafford.
"I was surprised with the sudden way it happened with United," he added. "I was hoping he would move to a bigger club in Portugal or a medium-sized club in Europe.
"I didn't expect Manchester United. Having said this, Manchester United have signed an extraordinary player."
The player's former agent Goncalo Rels has reiterated that Ferguson could have picked up the forward at a much lower price if he had moved to sign him earlier.
"Bebe would have been very cheap during last season and then we tore up the contract because he wasn't being paid by Estrela and so then he was free," said Rels.
"A scout from United could have contacted me or the club last season. There was no secret.
"But I understand that the United scout just saw certain games in Portugal and only realised Bebe was a great player when he saw some pre-season games involving Guimaraes.
"If they had looked wider they would have seen him earlier and paid very little. But everyone was the same."
