Questions and Answers on Purchasing Repossessed Property in Spain.
- Q. Do I get a bargain if I buy Bank Repossessions ?
- A. In most cases definitely yes. Unfortunately due to the down turn in the economy in recent years, many people simply could not afford their mortgage payments and many banks were ruthless resulting in thousands of people having to give up their homes. Nowadays the banks are more realistic when handling mortgages and buyers are more cautious but there are great bargains around. There are, however, a few banks who still want to regain all the monies from the property and in these cases this makes them more expensive than the market value. We have dealt with all the major banks for many years and are able to advise on all the procedures within each one.
- Q. Can I obtain a mortgage for the property?
- A. Yes and some banks will offer up to 100% finance at attractive rates, normal conditions apply.
- Q. How do I find repossessed properties on the internet?
- A. Most banks now have their own sites displaying the properties they have on their repossession list however these are not always in English and in some cases hard to find. We can go through all the sites with you and help with this process.
- Q. Why should I use an estate agent?
- A. The banks do not have any experience in Real Estate and appoint agents to market their properties, organise NIE’s, all relevant paperwork, go to the notary etc.
- Q. Am I better off going directly to the bank?
- A. No, the price remains as it is on their website and the bank will always inform an agent who will have the keys and will continue with the client until the deal is complete.
- Q. What fees do I pay?
- A. The fees are standard as any purchase in Spain which is 10% IVA and 1.6% notary, Land registration (Varies slightly between notaries) You will be liable to get the water and electric reconnected.
- Q. How much less can I expect to pay?
- A. In some cases you can get up to 60% below market value but it’s a case of knowing the area and properties around, waiting, watching and being ready to move fast as these properties can go very quick!
- Q. How do I go about finding a bargain?
- A. Contact us with your requirements and we will forward you any properties we think are suitable. We have access to over 7000 properties throughout the Spanish mainland and the Islands.