bank repos for sale in spain properties for sale in spain repossessed properties in spain spanish repos a
We have just been offered the opportunity of working with one of the leading Spanish high street banks, who want us to help shift their large stock of repossessed Spanish properties.
We´ve been given access to a very smart computerised database in which we can find Spanish properties for sale in a variety of regions. We can see an overview of the details of each property with measurements, a picture, a bank valuation, and importantly the current sales price that the bank is after.The first thing that hit me was that although this particular bank´s repossessed properties can be found in most of the popular Spanish property hotspots, the majority of them are located in areas that saw a glut of construction during the years of the recent Spanish property boom. There aren´t so many repossessed Spanish properties located in the very best, most established areas, eg Marbella or Puerto Banus on the Costa del Sol, or the villa enclaves of the Northern Costa Blanca, for instance.
The other thing that I noticed related to the pricing. In most cases, the bank´s asking price was actually higher than comparable stock currently for sale within the same locality or on the same development. There were certainly no ´giveaways´ as you would maybe expect with this kind of deal.
So if buyers are solely interested in securing the best price for a property in Spain, it seems that the banks fail to deliver the best deal. However, the one key advantage of buying a bank repossession in Spain is that you are likely to be able to secure a very good mortgage deal, with banks so keen to offload their stock that they will even provide a 100% finance facility if you can simply prove to them your ability to repay the monthly amount.
If you don´t mind paying 20% above the price that you could otherwise haggle with the distressed vendor of a similar property, and if you are looking for a minimal cash outlay, then bank repossessions may be the way to go. But remember that if you are mortgaged to the hilt and you have paid over the odds, you won´t have any wriggle-room or an escape route if the market flatlines for a while.
You pays your money and you takes your choice!!
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