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Buying a repossession - is it complicated or am I just unluc

Re: Buying a repossession - is it complicated or am I just u

Postby A.N.Other » Tue Feb 04, 2020 7:00 pm

Beware that surprise bill up to a couple of years later when bureaucracy catches up with the fact that you paid well below the cadastral price for the property.

Banks only really want their money back and care little about anything else.
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Re: Buying a repossession - is it complicated or am I just u

Postby djw » Tue Feb 04, 2020 7:47 pm

If you are buying from a bank then they are liable for all costs up until you purchase and the suma for that year. A solicitor will make sure this is done. Forget the scaremongers we bought from the bank and it was fine, all paperwork up to date and all payments too. Just get a good solicitor. Good luck with your purchase.
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Re: Buying a repossession - is it complicated or am I just u

Postby sunworshipper » Wed Feb 05, 2020 9:22 am

We bought a bank repossession and we used a solicitor. I would highly recommend using an independent solicitor from the agent. It did take longer to complete than a normal purchase but we were satisfied everything was in order. We paid the tax on the value of the property and NOT what we paid for the property. Our solicitor advised us to do this, so that we did not have to pay the extra a couple of years down the lane.
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Re: Buying a repossession - is it complicated or am I just u

Postby djw » Wed Feb 05, 2020 9:32 am

Sunworshiper is right about extra tax, if you buy a repossessed property at a lower value than its official cadastral value then you will be liable for the extra tax. Ours was 1000 euros which our solicitor told us to expect, we had already paid the tax on the purchase price. If that cadestral value and tax was exceptionally high our solicitor would have appealed this for us but it was such a low amount for a great property we just paid it. She did say that she had appealed for a few people and won.
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Re: Buying a repossession - is it complicated or am I just u

Postby Overdale » Wed Feb 05, 2020 11:41 am

Hi, we bought a repossessed property, lengthly process, you are subject to whims of the bank, stopped asking for intrusive information when we said enough is enough, but at the end of the day you can get an absolute bargain, can only repeat what has already been said get a good solicitor not the agents pet
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Re: Buying a repossession - is it complicated or am I just u

Postby oadbyman » Thu Feb 06, 2020 10:19 am

I am looking to buy and would like a bargain (Who would not), how do you find these value properties.
I am not fixed to buy in this area any where between hear and San Javier.

Any advice welcome
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Re: Buying a repossession - is it complicated or am I just u

Postby Graham Stovold » Thu Feb 06, 2020 11:19 am

sunworshipper wrote:We bought a bank repossession and we used a solicitor. I would highly recommend using an independent solicitor from the agent. It did take longer to complete than a normal purchase but we were satisfied everything was in order. We paid the tax on the value of the property and NOT what we paid for the property. Our solicitor advised us to do this, so that we did not have to pay the extra a couple of years down the lane.



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Re: Buying a repossession - is it complicated or am I just u

Postby Clara » Sun Feb 09, 2020 5:44 am

Thanks to everyone for all your helpful advice. I have now employed the solicitor that we used when purchasing our main Spanish home for, although they were recommended by the agent handling that transaction, we were completely satisfied with them. I hope to soon have some definitive information regarding the process and I will post anything relevant on this thread.
For oadbyman, just search on Google - loads of sites are available listing repossessed properties or ask your bank for a link to their site (good idea I suspect if you will be seeking a mortgage on it)!
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Re: Buying a repossession - is it complicated or am I just u

Postby Clara » Sat Mar 21, 2020 8:04 am

To update the process of our repo purchase, sadly, I have to inform you that we gave up! The problem seems to be with new money laundering laws which have recently come into play. If you can prove your funds have come from a straight forward transaction, then maybe all is fine - say from a mortgage, sale of an asset, inheritance etc. Our funds are from savings accumulated over many years so impossible to trace to the bank's satisfaction. Showing the balance in a UK bank with corresponding transfer/s to Spanih bank was not good enough. It infuriates me that the burden of proof is on me to have to show I'm not a money launderer and that I am, in practice, guilty until I can prove innocence but that's how it works. Meanwhile, we found a better property with a nicer view for an extra €10,000 from a private seller. No service connection fees or habitation certificates or fittings to pay for though and 3 bed not 2!
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Re: Buying a repossession - is it complicated or am I just u

Postby polop » Sat Mar 21, 2020 9:06 am

I understood that providing your money is coming directly from another financial institution or bank then not a problem, only if you wish to pay with cash. Seems very strange.
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