Now is a great time a property investment in Spain. Significant price reduction, distressed sales, motivated sellers and threat of repossession by the bank, means that there are bargains in the current market in Spain and on Costa del Sol!
Bank repossessions property sales are properties to be sold quickly and this can be for several different reasons. In the current market – the main reason for the sale of repossessed properties on the market because the owner not being able to keep up with mortgage payments that were set in terms of bank payment mortgages. Many repossessed property sales on Costa del Sol are also due to personal reasons. There are also many newly built repossessed apartments which was finished 2007 and 2008. When the international crise came, the development companies could not sell and was not able to keep up with mortgage payments.
Why buy a bank repossession property?
Most often, this type of property, are less than market value and prices are negotiable. Not only do the buyers get the opportunity in buying a cheap property, in some cases below bank valuation, but the seller can sell their property quickly.
We work closely with banks such as Cajasur, Banco Bilbao Vizcaya, Santander, Banco Popular, Unicaja, among others, who have a large portfolio of Repossessions in order to give you the best options.
Mortgages up to 100% are available to residents and non residents on selected bank repossessions. Other bank repossession properties offer a 80 to 90% mortgage to non-residents and 100% to residents and Spanish Nationals. All mortgages are subject to financial status and all clients applying for a mortgage will be required to demonstrate that they have the funds available to cover any deposit as well as their legal and transmission costs in respect of a purchase.
The Bank will consider all realistic offers from prospective buyers and we will assist you throughout the whole purchasing process.
If you are looking for a bank repossession property in Spain – you are welcome to contact us today and we will be able to advise you on what properties are for sale within your budget.
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