Confusion Over Buying a Bank Repossession

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08 Feb 2013 1:29 PM by inspectahomespain Star rating in Orihuela Costa, Spai.... 2417 forum posts Send private message

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Having just returned from meeting with a very unhappy customer, who bought a unfurnished, new occupied, bank repossession, from an agent, I thought that it would be worth explaining the process, to avoid other people having similar problems,

There are a growing number of developers, including people like Polaris, who have handed back properties to the banks, to discharge the builders mortgages, who then sell these through a variety of agents, normally at heavily discounted prices but buyers must understand the differences in this type of purchase

These properties are classed as re-sale, not new, they attract a higher rate of IVA and most importantly are, sold as seen. There is no repairs and snagging carried out by the builder, before or after you complete. What you see is what you are get and in this case I still cannot understand why some buyers do not first visit, or have a 3rd party check the property, before they complete, perhaps agents say they don't need to.

They are discounted on the basis that the buyer will probably have to spend some money getting the property checked and the defects repaired, BEFORE, they furnish and use the property. There may be damage, often items missing as the builder has probably cannibalised the property to repair other units and we regularly see, doors, plumbing and white goods missing. 

 In this case the buyers first visit was to what he believed was going to be a cleaned furnished property ready to use property which wasn't further from the truth as the property was furnished with items and lights missing, dirty including a birds nest in a wardrobe and with a long list of defects including doors not locking, taps missing, hollow and raised tiles, poor grouting, cracking on the bathroom ceiling, all items that would be part of a snagging process

The expectation of the buyer is that this is the agents responsibility to sort this out, the agents response is that the property is bought as seen, the builders response is that it nothing to do with me and that the bank should have reported any defects

There are still some defects that should be covered as part of the buildings insurance that is included with the community fees and of course the 10 years structural guarantees but making a claim on is an expensive and lengthy process 

So again, as with all of these situations in Spain get everything in writing, look at the property before you complete, take photographs, do an inventory because things can go missing and be prepared and have a budget for repairs. Ask the simple question is that a new property which can have a snagging list repaired or a resale and include any agreements with the contracts when you complete at The Notary

There are some very good bargains out there, even with the additional costs for repairs,

 We recently started to work on promoting these types of properties but, because of our background in building inspections, approached the business in a different way, providing potential buyers with a full condition report on the property, before they even view and pricing to have any works rectified by a qualified tradesman



_______________________
Roy Howitt Independent Property Consultant www.sonrisaproperties.com www.snaggingspain.com WE CAN FIND YOUR DREAM HOME 627 955 748


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11 Feb 2013 2:17 PM by trowell1 Star rating. 150 forum posts Send private message

Hi
Having visited murcia and Andalusia, after looking at prices of various apartments in both areas, it seems there is no great difference in cost. This makes me worry that murcia golf properties are still quite over priced. Beach property nr Marbella 75k while torre golf and mar menor are 80k .
Any thoughts?



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13 Feb 2013 12:32 PM by ceekay Star rating. 3 forum posts Send private message

 I agree with you about La Torre. 

I looked at a number of the resorts in Murcia and chose La Torre for a long term rental but if I was buying there is better value elsewhere.

There were some apartments at Condado at around the €50K mark, I suspect they have gone now but given the lively town centre (much better than La Torre) I would look there first. The downside of being much further away from large towns etc is an individual choice. If you don't mind being totally on your own I believe an apartment at Las Terrazas de la Torre just went for €20K. But nice as the golf course is it's probably like living on the moon.

Good luck with your hunt.




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13 Feb 2013 12:58 PM by faulky444 Star rating in Rossendale, Lancashi.... 399 forum posts Send private message

All the other former Polaris resorts suffer from the same lack of spirit, even the really nice ones like El Valle. I have visited La Torre and Mar Menor in both boom times and now and they have always been sole less. The forums for these places have virtually no traffic and signify lack of real interest from owners, many of whom were the buy to let brigade.

Condado was always going to be different. Intended to be the jewel in the Polaris crown and on a huge scale compared to the others and in a fantastic location based on attractiveness from the surroundings rather than convenience. When I stood in the middle of a desert field with only my wife, agent and a donkey to keep me company nearly 5 years ago it was obvious to me that the potential experience at Condado would be nothing like the other Polaris resorts. Even sat in the fancy posh restaurant at La Torre being fed for free could not persuade me to buy there.

Soon demand will outstrip supply at Condado. Then we will see real growth but at a sensible pace is time. Jon Faulkner


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17 Feb 2013 9:11 PM by trowell1 Star rating. 150 forum posts Send private message

Hi all
Great feedback guys
The fact that at terrazas apts are goin for 20k makes my decision even more tricky.
Anyway out there again soon and hope to make my mind up this year
Regards


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18 Feb 2013 8:25 AM by faulky444 Star rating in Rossendale, Lancashi.... 399 forum posts Send private message

Golden rule when buying anything- cheapest is very rarely the best option. Thing slightly longer term and location is everything.jf.


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18 Feb 2013 12:46 PM by nicw Star rating. 87 forum posts Send private message

 Terrazas is certainly not soulless - it not completely built or sold, so the population is less than the other resorts. But all facilities are there and working and the community keeps the place looking great. There is a much higher percentage of spanish owners on Terrazas so it is less of a Brit enclave - whether you think that is good or bad is a matter of taste. If you want lots of Brit summer holiday makers and Irish pubs Terrazas is not your scene - happily in my view. But it is a great golf course and a quiet, well organised resort with all you need. And the design with a "horseshoe" of blocks around the pools, nearly all apoartments having a view over the golf course, is much better than most of the other PW resorts. It also has mostly owners who bought for own use and relatively fewer renters.

 


This message was last edited by nicw on 18/02/2013.


This message was last edited by nicw on 18/02/2013.


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18 Feb 2013 1:55 PM by trowell1 Star rating. 150 forum posts Send private message

Hi All

My property will be for family use. so might be interested.

ceekay, could you tell me which agent/person sold/bought on terrazas for 20k please.

Regards




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18 Feb 2013 2:00 PM by inspectahomespain Star rating in Orihuela Costa, Spai.... 2417 forum posts Send private message

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I am sorry but II do work with Polaris and there are no properties available for €20k they actually are very well priced and great value but start nearer €49k for the Island properties

If I am wrong I am sorry but for €20k I would buy some to offer as rentals via my websites



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Roy Howitt Independent Property Consultant www.sonrisaproperties.com www.snaggingspain.com WE CAN FIND YOUR DREAM HOME 627 955 748


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18 Feb 2013 8:57 PM by ceekay Star rating. 3 forum posts Send private message

 Hi

Sorry if I offended anyone, that wasn't my intent, it was simply my impression when staying there for a while while property hunting.

I have just asked the person who informed me and I misunderstood, it was not a repo that sold for 20K it was a private resale. I, nor the chap, that told me, knows the details other than it was a 2 bed GF apartment but the story seems fairly solid. My only suggestion was to spend a day in the resort, get all the numbers on the the Se Vende notices and call. Good luck.

I will agree that Terrazas is a brilliant golf course, it is many peoples favourite. The pools look great and as to all the other stuff, security, comunity fees, rental potential etc I cannot comment. My wife and I just felt very isolated.

Caveat Emptor as always & really good luck with your hunt, it's a wonderful area.




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19 Feb 2013 1:59 PM by inspectahomespain Star rating in Orihuela Costa, Spai.... 2417 forum posts Send private message

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The problem is that it is human nature that people want to boast about how much they paid for something when the reality is often very different and it is currently highly unlikely that you will be able to get a property, at less than the current blocks being offered via the banks at around €50k

If you want to verify this just look through the various websites that are listing fully furnished re-sales are at a much higher price than these minimum €76k and the bank repossessions which have been taken back from owners are around €70k 

Yes I can go hunt out the boards however I still don't think that the €20k quoted was a real sale 



_______________________
Roy Howitt Independent Property Consultant www.sonrisaproperties.com www.snaggingspain.com WE CAN FIND YOUR DREAM HOME 627 955 748


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