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Bank owned properties in Spain
Post here if you have a house, villa or apartment for sale in Quesada.
Re: Bank owned properties in Spain
by hillsey » Sat Sep 14, 2013 3:02 pm
Lo Pepin wrote:Hi, there a lots of stories regarding bank owned property. One that I have been informed about is outstanding utility bills. The banks are supposed to pay them but it seems that they are being passed on to the new owners??????
We are advertising our quad on Lo Pepin at the moment. You can view it on Spanish Life Properties ref: 803:text-thankyouyellow:
Hi, Thank you for the advice. I've been dealing with a lady from solvia and it was my very first question regarding outstanding monies and possible black marks against the address of bank owned properties. She assures me all is wiped clean from the address so no over hanging debts to pay from the new buyers.
Solvia are direct sellers for the Sabedall Banks reposessed properties.
We're still in early stages and finding out new information as we go.
I will have a look at your property thanks for the ref number.
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Re: Bank owned properties in Spain
by PeteKnight » Mon Jan 30, 2017 2:19 am
I'd suggest that you take a careful look at what similar properties in the area are selling for - don't just assume that because it is a repossession it will be a bargain.
Many of the reposessed properties will have been empty for many years and the banks do virtually no maintenance - if any.
We viewed one repossession property that had standing water on the roof terrace and rainwater was coming through the ceilings. I'd be almost certain that precast roof slab had concrete cancer as a retult, which would be a major job to fix.
We have some repossessed properties near us that have been empty for 8-10 years with no maintenance.
I'm told that many Spanish banks hold the properties on their books with an artificially high asset value as a way of ensuring that the banks do well in the EU banking health checks. As a result they aren't interested in selling them at significantly below their book value, which make the prices unrealistically high compared to regular properties in the same area.
Also, take a careful look at the cost of materials and labour (assuming you're not doing the work yourself) for doing the refurbishment. You should also think about what you need to do to rent the property (licence if short-term rental) and the tax you'll pay on your rental income.
Pete.
Many of the reposessed properties will have been empty for many years and the banks do virtually no maintenance - if any.
We viewed one repossession property that had standing water on the roof terrace and rainwater was coming through the ceilings. I'd be almost certain that precast roof slab had concrete cancer as a retult, which would be a major job to fix.
We have some repossessed properties near us that have been empty for 8-10 years with no maintenance.
I'm told that many Spanish banks hold the properties on their books with an artificially high asset value as a way of ensuring that the banks do well in the EU banking health checks. As a result they aren't interested in selling them at significantly below their book value, which make the prices unrealistically high compared to regular properties in the same area.
Also, take a careful look at the cost of materials and labour (assuming you're not doing the work yourself) for doing the refurbishment. You should also think about what you need to do to rent the property (licence if short-term rental) and the tax you'll pay on your rental income.
Pete.
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Re: Bank owned properties in Spain
by sammy » Mon Jan 30, 2017 4:30 am
Typical scaremongering we brought a bank repossession villa just over a year ago and it was the easiest and best thing the solicitor delt with all the legel aspects made sure everthing was payed for no outstanding debts etc it took just over 2 months from start to finnish i saved over 30,000 euros going down this route and i didn't have to deal with all the bulls**t from estate agents i would recommend a bank owed property anyday
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Re: Bank owned properties in Spain
by scubydoo » Mon Jan 30, 2017 8:40 am
sammy wrote:Typical scaremongering we brought a bank repossession villa just over a year ago and it was the easiest and best thing the solicitor delt with all the legel aspects made sure everthing was payed for no outstanding debts etc it took just over 2 months from start to finnish i saved over 30,000 euros going down this route and i didn't have to deal with all the bulls**t from estate agents i would recommend a bank owed property anyday
Actualy what Peter is saying is not scaremongering but just good advice do not assume they are cheaper! yes like you say you can get a bargain I do agree and it can be easy but be aware Solvia for instance have some bargains but some of the propeties ara actualy more expensive than buying through the normal process so the main thing is don't rush in do your homework proprely and it is always worth getting a survey done, they all say you don't need one in Spain! believe me you do unless you really know Spanish property!
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Re: Bank owned properties in Spain
by marcliff » Mon Jan 30, 2017 8:44 am
Although I would think that after three and a half years the OP may have found a property by now.
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Re: Bank owned properties in Spain
by Jan » Mon Jan 30, 2017 9:55 am
marcliff wrote:Although I would think that after three and a half years the OP may have found a property by now.
Yes this is a very old topic! We leave old topics on for info... not sure why this one was restarted but for any newbies wondering, it is best to start a new topic rather than tag on an old one.
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Re: Bank owned properties in Spain
by Anniep » Mon Jan 30, 2017 10:32 am
Caixa Bank also have repossessed properties. So another avenue to check out.
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