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Find Cheap Spanish Property with 80% Finance
Exactly what ARE repossessed properties in Spain? Are Spanish
repossessions only to be found at auction or direct from a bank?
Typically, what kind of savings are available from repossessed
property in Spain?
Clearly, Spanish banks and building societies are prime sources of
repossessed Spanish property. However, most Spanish property
repossessions are never advertised or made available to the general
public.
Now things are changing! Register my Interest ...
Some Spanish banks admit that repossessed properties are first made
available to their own employees and, by extension, their friends and
family. Given that the largest Spanish bank, Banco Santander, employs
over 130,000 people worldwide, it's easy to see how the most
attractive repossessed properties are snapped-up by a network of
hundreds of thousands of people 'in the know' - long before the left-overs
are made available to the general public.
Now things are changing! Register my Interest ...
Additionally, in the past when the banks were happy to lend in excess
of 100% of the market value of a property, many of today's repossessed
Spanish properties were originally artificially over-valued. This
means that even when offered for sale to clear the debt, such Spanish
repossessed properties are still over-priced. Just because a property
is for sale at debt value, or direct from the bank does not
automatically make the property good value. The vast majority of
repossessed Spanish properties, including those marketed as distressed
or available at auction do not represent 'good value', nor a
substantial discount below the current market value.
Now things are changing! Register my Interest ...
Repossession problems?
Many people assume that the surest way to secure a repossessed Spanish
property is to deal direct with the bank. However, this approach has
two major drawbacks.
First, the repossession process in Spain is extremely slow - often
taking in excess of 12 months. The owners of properties advertised
today as 'repossessed', probably began defaulting on their mortgage
payments 18 months ago. This time lag means that the property will
have been 'for sale' internally within the bank - yet, 18 months
later, still no buyer has been found. Although certainly not true in
every case, most repossessed Spanish properties have already failed to
find a buyer for at least a year, probably longer. The second drawback
is related to the first, because time is money. The length and
complexity of the repossession process adds significantly to the
eventual sales price of the property. Repossession adds approximately
6% to the debt of an average property - a cost that is recovered from
the buyer.
Now things are changing! Register my Interest ...
Distressed Spanish properties -
For these reasons, pre-repossession properties are almost always more
attractive to buyers because the time delay and expense of
repossession are both avoided. In these cases, the bank or building
society will negotiate a sales price with the current owner, and will
hold off officially repossessing it until all reasonable efforts have
been made to dispose of the property. However, it's difficult for the
general public to access such pre-repossessed properties in Spain, and
be able to reliably distinguish from overpriced properties and those
repossessed properties which offer a genuine saving. The upshot of all
of these factors is that the market for distressed property in Spain
moves very quickly. Once a property becomes available at a substantial
discount below its true market value, there is no shortage of buyers
willing and able to proceed with the purchase. Faced with this level
of competition for repossessed Spanish property, many buyers will
never see, nor stand a chance of securing the most attractive
properties in Spain.
Now things have changed! Register my Interest ...
Because of the increasing number of 'distressed' Spanish
properties, things are changing. This means that banks are having to
take a different approach to disposing of properties where the debt
has turned bad.
CAM Bank, one of the larger Spanish financial institutions, has
taken the bold step of making all their properties in danger of
repossession available to the general public through Holidays
and Homes.
Currently, approximately 500 new properties each
week fall into this category, and CAM Bank have asked Holidays
and Homes to find buyers for these properties who will be able
to purchase them without the time and expense of repossession - to the
benefit of the buyer, vendor and the bank. CAM Bank have properties
all over mainland Spain and the islands - all available at the bank
debt price. Additionally, CAM Bank will finance up to 80% of the
property and offer a mortgage pre-approval process for buyers.
A register of potential buyers -
Holidays and Homes invite you to register now as a
potential buyer. There is no commitment or obligation to buy but you
do need to be actively interested in buying a Spanish property. You
will need a clear idea of your maximum budget and have at least 20% of
that budget available as a deposit.
When you register, one of the Holidays and Homes team
will contact you by telephone to fully understand your requirements
and will send you details of current properties which match them.
