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Bank repossession property in Spain
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Real Estate bank takeovers in Spain in our offer.
What you should know about bank repossession property in Spain
The last few years, and past crisis in the property market in Spain, brought to the market the opportunity to buy a properties with so-called. bank takeovers ora bank repossession properties. Usually in the case of this type of real estate Spanish banks offer the ability to "easy" mortgage (here note: it's not always available for foreigners). Sometimes you can get financing from 80% to 100% of property value (depending on the bank, the financial situation of the client and other factors).
But realistically, you can get up to 60-70% of the funding. Contact our office for current information. It changes often in Spain. Or read news from Spanish real estate market on our website.
Various banks in Spain, offering all sorts of products and real estate financing. And not always bank repossession properties are good properties to buy. We have experienced this many of our customers looking to own this type of property in the hope that it will buy "wonderfully cheap" property. Reality is very different.
Bank repossession properties are not always the best deal on the market
I'll try to buy a bank property in Spain for "next to nothing". It's a common myth that foreigners are hoping they will find great opportunity for a ridiculous price. However, the reality in Spain is completely different.
Why property from the bank are not the best offer on the market? The simple answer is: in the case of purchasing this type of real estate you have to realize that this type of property can be in fatal condition, often to a complete renovation, in "hopeless" location. However, there are deals in "decent" condition, ready to move in or to rent out.
Bank repossession property in Spain, reaching the common market are "pre-picked" by bank managments and other institutions cooperating with banks in Spain. Usually the locations of these types of properties are terrible.
Just don't get caught for a "super deal" from the bank.
Sometimes this type of properties are very "problematic" in legal terms, have several liens from different sources. They have imposed a mortgage in several institutions and across sfew different banks. Sometimes at the last minute other creditors show up.
Sometimes the previous owner of the property have debts in few different institutions, or this person is impossible to find. He or she went to another country, in the meantime divorced, remarried, was arrested, became ill or just died ... etc ... Please believe us, we've already work out on all variants, but always such situations, can surprise us with something new ...
Knowledge, experience and safety
In a word, the legal situation of this type of real estate requires not only experience and knowledge of Spanish law, but sometimes you need a large amount of money to "straighten out" this kind of property to be able to buy it.
To this must be added the time needed for this type of transaction. Pay off outstanding debts, such as electricity bills, water bills and overdue property taxes. Sometimes this process can take six months, 1.5 years and sometimes longer.
If you still are interested in real estate from banks in Spain, please fill out the form below. We prepare for you new property listings available now from Costa Blanca and Costa del Sol. In the form, please provide the following information:
- tell us your budget you want to spend on property
- what kind of property yoy want to buy: apartment, bungalow, townhouse, villa, house, family house, finca
- which coast you are interested in: Costa Blanca North, Costa Blanca South or Costa del Sol
- do you need mortgage or you will buy for cash
That is the reality
Real Estate from the bank does not necessarily have to be the best opportunities to buy property in Spain. In our offer we often have better opportunities than those of banks in Spain.
Not all the deals we are able to keep the place on our website - although they are available in our sales offices. Some banks listings or "bargains" can be very quickly outdated.
Visit IBERMAXX offices in Spain or fill the form below.