The opportunities to buy a Repossessed property in Spain are great. The Spanish real estate market is very strong today. Prices are increasing and the real estate market has a new energy. But that has not prevented false information on the Internet misleading buyers from the truth. The purchase of repossessed property in Spain makes sense. With a price well below market value, buying a repossessed property when prices and demand is increasing is a smart thing. But there are many other great reasons to buy a repossession in Spain, apart from the great price.
What are the advantages?
Buying a real estate property in Spain with the real estate market at a lower price means you will have fewer concerns about negative equity. It is not likely that the property will be worth less than you pay for it. You will find repossession in all shapes and sizes, in all areas of Spain, from the beach resorts, to the cities to inland. From small apartments to large villas, there is something to suit your requirements. Without doing the process from the beginning, since the bank has made most of it, buying a repossessed property is simple and fast, and the purchase can be completed within 28 days.
When you buy a repossessed property, there are some issues you do not have to concern at all, for example, the bank keeps all the debt with the home. The inclusion of a mortgage or loans, in addition to community expenses, taxes, or anything else that has not been paid. If you are using a real estate agent to help you purchasing a repossession, you can be completely sure that only the best established and reliable real estate agents are chosen to represent the Spanish national banks.
What are the economical advantages?
Before a bank starts selling a property or offers the property to an agent for sale, they make sure that essential paperwork is present. This is very big relief, because it means that you will always get the right documents. If you need a mortgage to buy a holiday home in Spain, you are more likely to get a good credit with good terms if you arrange your mortgage with the bank that has the property.
Spanish real estate prices are fixed, so you know the final cost of your purchase from the beginning, and it is not necessary to negotiate the sale price. Banks only have a monetary interest in the property and are more predictable than a private seller. Some of these repossessed properties might require a bit of work, but they are the perfect “blank slate”, so you can work on the changes you like and customize your home. And remember, Spanish banks must sell their real estate to offset their financial losses. They are going to want to sell, so they will be on the best disposition to help.
Why buying a repossession in Spain? in a nutshell
Because a repossession represents the best value for money by buying a property in Spain at unbelievable prices compared to any other real estate sector in Spain. Banks are willing to give in some cases mortgages of up to 100% available in most foreclosures and news on lists of reduced and forced sales. These are probably the best prices in decades with properties that are now being sold below the replacement value. Properties with up to 50% discount on original list price
By dealing with a bank, you have access to exclusive offers and bank repossessions that are not available in the open market. You may access to information on bank foreclosures, so you can choose the ones that fit your needs better. Hiring a real state agent will save you headaches and you will be receiving professional advice during the process.
In ForSaleInSpain we are professional ready to help you choosing and purchasing the home of your dreams. Contact us!