BANK REPOS

Hi there

Can anyone give details of banks who deal with repossessions in the Quesada area?

Kindes regards

Peter

All of them. Be careful of concealed debts.

Morning,

I think you will find that there is very little available. Most of the repossessions were passed on to Sareb and Black Rock, who drip feed them back onto the market using local agents. That's when they are not being bought by investors or bank managers. Hence, there is so little available. You would be very lucky to find one not already sold on.

We have bought one 18 months ago. It went smoothly and if it is owned by the bank then all debts will be paid and no outstanding debts will be on the property. They have a Web site called solvia which has all repossessions listed they have offices too one in alicante along the seafront and I think there is one in torrevieja. You can sign up for emails and you can also call in for a brochure.
Do not be put off with all the rumours the only thing you need to be aware of is that you buy as seen so if for example cables or taps have been removed then you will have to put these right.

I was told that the Spanish banks keep the repo properties on their books with unrealistically high valuations as a way of passing the EU banking health checks. As a result, they have very little incentive to dispose of the properties at sensible prices.
There are three properties that back on to our house and all three of them are bank repossessions. One has aparently been empty for almost 10 years. While they look structurally sound from the outside, a property that has been empty for that amount of time would need significant work to plumbing and electrics to ensure that it was habitable and useable in the long term.

Pete.

Solvia.es

Thanks everyone for your help and advice.

Cheers

Peter

Proceed with caution, my freind told me most banks sell the best value repos to their managers, and Directors, they are then offered to their bigger share holders, failing that they are offered to their Spanish investor customers, and finally they are released to favoured Estate Agents, who list them in the normal way. This does not leave much for the average man in the street. So, who is my friend? is he the font of all knowledge? NO! He is a senior manager with Santander, having spent his whole career with them since leaving University. You may well do better to locate a properties you like, and negotiate hard, with cash funds available, and the ability to take on some refurbishment. Sorry if this is not the blue skies you were hoping for, but it can still work out very well. Good luck.