Bank Repossessions

Friday 6th June 2014
 
We have recently teamed up with several of the banks to provide direct access to their respossessed property lists for our clients.
 
Many of the properties owned by the banks tend to be multi-storey apartment blocks more suited to the Spanish marketplace although they do have a few more 'Touristic' developments such as the well equipped KeyMare apartments.  On occasions however they do get some detached villas and often these are featured at extremely affordable prices.  When they do we add these to our website.  
 
Please note that these houses from the banks are usually way below current market prices for similar homes and as such they do not hang around for long.  We have already had several disappointed clients on previous houses who just did not get in quick enough with an offer. Over the last few weeks we have added 3 such properties to our website (one of which was today) and the previous two have already sold.  Another house sold even before we managed to get it onto our website!
 
To give you an example, a few weeks ago we had a property up near Velez Rubio on offer at just 79.000 euros from the bank.  In one day the bank had 5 offers from different agents and unfortunately our client was second on the list.  In the end the house actually sold at a higher price to the original first bidder - it appears that gazumping is coming to the Spanish property market!
 
The point is that the banks tend to give precedence to the person making the first offer so it is important to get in early.  Even if your offer is low but accepted then as long as you are willing to equal any other offer that the bank receives before you have paid the holding deposit then it will tend to prioritise you.  However once they have received and acknowledged your deposit the sale is secured subject to contract.  So not only get your offer in early but once accepted pay your holding deposit straight away!
 
Please do not see all this as 'Sales talk', its now reality since the banks have realised they need to get rid of their housing stock and are reducing prices to rock bottom.  So if you are in a position to proceed with a purchase and see a house that looks ideal for you then get out to Spain as quickly as possible to view so as to get your offer in early.
 
On word of caution however - not all cheap properties you see on the internet might be fully legal!
 
We are not just an estate agent but a Spanish solicitor as well and Mar, our Abogada, will always thoroughly check out a property's paperwork before allowing you to proceed to purchase thereby giving you total peace of mind.
 
So please keep an eye on our website or better still subscribe to our mailing list via the box on the right to receive updates when new properties get added to our site and if you see what looks like your ideal property - move quickly!

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