Properties in Spain: Bank Repossessions for sale in Spain or Properties for sale from the Bank: The View of our Commercial Manager

jueves, 28 de febrero de 2013

Bank Repossessions for sale in Spain or Properties for sale from the Bank: The View of our Commercial Manager

Bank Repossessions - La SAREB - Mortgages - Property Market

In Spanish Best Homes we have been offering properties for sale from the majority of Banks with assets in our covered areas, Costa Blanca, Costa Calida - Murcia and Almeria region.

As we previously announced, the situation of all these assets has changed within the last months, when we were offering our clients great price reductions and disscounts on bank properties, mainly before the end of 2012 where banks would even accept offers and would drop prices to obtain quick sales.

Now, the situation is different; once the Spanish Bad Bank "La Sareb" has started taking on the assets that banks had not been able to sell before the end of 2012 we have noticed that no negotiations are being accepted and prices will remain as per what the bank is offering these properties at.

The prices are still great and high financial possiblities are offered, BUT, in most cases and no matter what other Estate Agents offer on their web sites, bank repossession property purchasers won´t be able to obtain, in the best case scenario, more than 70-80% mortgage, so they will always have to find an extra 30-40% in cash to achieve a purchase.

Does this mean that bank properties are not atractive any more?

Not at all, bank properties are always a good way to go and look for properties in Spain, but exactly the same as resale properties, key in hand from builders or even new developments being actually built.

This means, that the most important thing to consider when thinking in buying a property in Spain are these 2 guide lines:

- if you are a cash buyer, pre-plan your purchase:

what is my comfortable investment?
what is my wished area? Location
what is my ideal property?
find a reputable agent to buy a property from.
find a reputable solicitor to protect your interests.

- it you need financial support (mortgage), pre-plan your purchase, pre-planing your payments:

how much would it be comfortable for you to pay every month? Your monthly mortgage payment.
with my personal credit report and age, would any bank lend me the money I need for the purchase with the limit of those monthly payments?
Once this is clear, then look for your wished holiday home, matching your criteria but taking in consideration your financial figures. Now you can follow the guide lines as a cash buyer.

At Spanish Best Homes we would like to offer you a personal financial study with no compromise. Contact us at genialbanking@spanishbest.com and we will provide you our best support and advise.

To summarize, if you are planing to buy in Spain it doesn´t matter at all if the property is a Bank Repossession, a Resale, a Key in Hand or a Brand New Site, they are all similar prices, just make sure that you obtain what you want to buy in the right location with a reputable agent.