Talk Quesada forum

Hi,
Sadly on our last visit we see bank repossessed properties for sale. We are currently looking for a rental investment around Quesada/Dona Pepa and have received lists of bank owned properties from estate agents. I've got various information regarding the purchase but would like to know if anyone had purchased a bank owned property? If so was the process the same as buying a re-sale or was there extra documentation or fees etc..

Thanks for any advice/thoughts.

hillsey wrote:Hi,
Sadly on our last visit we see bank repossessed properties for sale. We are currently looking for a rental investment around Quesada/Dona Pepa and have received lists of bank owned properties from estate agents. I've got various information regarding the purchase but would like to know if anyone had purchased a bank owned property? If so was the process the same as buying a re-sale or was there extra documentation or fees etc..

Thanks for any advice/thoughts.

Hello hillsey,

I have seen lots of advertisements and have even been getting emails from big companies like Masa about bank repossessed properties for sale and wondered the same things as you.

Be interested to hear any thoughts or experiences on this too.




Jan.

When buying bank property, you almost always need to pay extra (e.g., electricity and water connection, the conditions may be bad and you may need spend some time for rennovation), also take care of the fees accumulated (e.g., community cost) that should be paid by banks before you take. Change the door keys as the previous owners may still have them at hand when they left the property with some unnormal reasons. I heard a few extrem bad case for bank properties but I do not think you will be that unlucky. So it is a risky business even though it is some what cheap.

Julien wrote:When buying bank property, you almost always need to pay extra (e.g., electricity and water connection, the conditions may be bad and you may need spend some time for rennovation), also take care of the fees accumulated (e.g., community cost) that should be paid by banks before you take. Change the door keys as the previous owners may still have them at hand when they left the property with some unnormal reasons. I heard a few extrem bad case for bank properties but I do not think you will be that unlucky. So it is a risky business even though it is some what cheap.

Thanks for the sound advice all taken on board. Similar to buying a repossessed house in the UK. Some of the properties I've receieved which are bank owned are just shells, which is something I'm looking for. The banks are offering some good financial packages which does give room for leverage in price and if needed renovation. I got speaking to a few UK expats when we stayed in Dona Pepa recently and they was telling me about some properties which had been given back to the banks with the owners oweing community charges.
Surley the solicitors will do the searches to find any outstanding monies owed on the property.
Thanks again for the heads up and will add more as we hear more on the process.

Any outstanding charges etc will have to be cleared by the bank before the sale completes and your solicitor will / should check this for you. You can get a really good deal this way and also get a higher loan ratio if you push the bank as they just want the property of the books and start getting repayments.
Don't be afraid to argue if they try to charge loan arrangement fees this can be avoided as its a straight sale between you and the bank and be careful that they don't try and catch you with a higher interest rate.

Julien wrote:When buying bank property, you almost always need to pay extra (e.g., electricity and water connection, the conditions may be bad and you may need spend some time for rennovation), also take care of the fees accumulated (e.g., community cost) that should be paid by banks before you take. Change the door keys as the previous owners may still have them at hand when they left the property with some unnormal reasons. I heard a few extrem bad case for bank properties but I do not think you will be that unlucky. So it is a risky business even though it is some what cheap.

toonsandballoons wrote:Any outstanding charges etc will have to be cleared by the bank before the sale completes and your solicitor will / should check this for you. You can get a really good deal this way and also get a higher loan ratio if you push the bank as they just want the property of the books and start getting repayments.
Don't be afraid to argue if they try to charge loan arrangement fees this can be avoided as its a straight sale between you and the bank and be careful that they don't try and catch you with a higher interest rate.

loving your new pic Jan

loners wrote:loving your new pic Jan

Thanks. She's our new kitty called Hula. She was from Battersea Dogs & Cats home and was abandoned there with her four siblings at 7 - 8 weeks old - Such a shame - Luckily they were all re-homed quite quickly and our little Hula is gradually getting used to handling! She's a sweetie but very lively and extremely curious, getting into everything if we don't watch her carefully!

Jan

toonsandballoons wrote:Any outstanding charges etc will have to be cleared by the bank before the sale completes and your solicitor will / should check this for you. You can get a really good deal this way and also get a higher loan ratio if you push the bank as they just want the property of the books and start getting repayments.
Don't be afraid to argue if they try to charge loan arrangement fees this can be avoided as its a straight sale between you and the bank and be careful that they don't try and catch you with a higher interest rate.

Thanks for some great advice. Much appreciated.

Anyone interested in, or just curious, about buying bank owned properties should look at this site www.solvia.es
Some good deals to be had with maximum finance available.