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Yes, there are forced and distressed sales in Spain. But NOT everyone is absolutely desperate. Most sellers have mortgages to pay and they simply cannot sell for an amount that´s less than their mortgage balance, unless they are prepared to pay the difference themselves to the bank, or enter repossession proceedings.
The truth is that the majority of sellers bought their properties in Spain as 2nd homes and the present financial crisis has merely focused them on the realization that they probably stretched themselves a little too far in the good times. In their minds, something has to give, and the apartment in Marbella can justifiably be offloaded.
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We have been approached on numerous occasions recently by various Spanish banks and intermediaries, wanting to feature their bank repossessions as part of our distressed Spanish property portfolio.
We have looked into the repossessions market here in Spain, and in our opinion, there are a number of obstacles to overcome before you can successfully (and confidently) promote the concept.
Firstly, as an end-user client looking to buy a cheap Spanish property, you are completely in the hands of the bank and their representatives. I´ve heard nightmare stories about banks changing the askig prices at the last minute, and denying access to photos and property information until a client has committed to an inspection trip to Spain. Continue reading »
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My mum phoned me earlier this week, in a very agitated state. “How are you coping? It must be terrible for everyone with property in Spain at the moment.”
When I asked her what had prompted this wave of concern, she told me that she had been reading an article in the Daily Mail, which painted a dismal picture of British owners of properties in Spain being forced to pack up and leave, and/or becoming trapped in a falling housing market.
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Now that I am mortgage-approved, have the balance of my funds nicely in place, and receive tens of bargain Spanish properties every day to my email address, I just want to buy something…….anything!…
…and that´s the danger. I must remember that this is my home, not an investment property in Spain. I plan to live in this place for many years, so I really need to get this right.
Continue reading »
