Buying bank reposession in Spain

Hi there, I am just back from a holiday home hunting trip in Torreveja and have seen a bank repo home that is lovely, it was originally Euros 274 but the owner defaulted almost 2 years ago and it has been empty ever since, its pretty much never been lived in, they want Euros 99,000 and its great. I am really good at doing my homework and going through all the legal jargon but would like to hear from anyone that has had a similar experience. Is now REALLY a good time to buy in spain? do you think the market will crash further, or, as like the experts are predicting, Spain has almost bottomed out now. Thanks very much, appreciate any feedback.

 In my opninion prices wont drop any more, if they do there will be no country left!

Very good time to buy if you have money, it will be a long term investment as it will be a few years before the prices rise a little in order to make a profit.

Joan

Thanks Joan for taking the time to respond to me. Yes, I wonder how that works, if everything goes bankrupt!

Appreciate your time. Have a nice day. Kim

 Trust in Spain will change dramatically after the ellections. It has already happened in the past ( 1996)

So, with the VAT reduction whish is in force  till december 11  it might be true it is now the perfect time to buy!

Kindest,

Maria

Hi Kim,

My main concern would be the taxes that can be levied on such a reduced price property.

There have been instances on this site where purchasers of such a property have been issued with a bill for their perceived gain because they have bought cheaply. I.E., the Spanish authorities still regard the value of the property as the higher one   that it was previously   sold/ marketed at and so levy a tax on the difference. This tax is not passed on to the poor vendor to offset his losses, it goes into the public purse. It seems in Spain there is no provision regarding taking a loss on a real estate transaction. 

 'Marksfish'  has posted in the past few days about his situation which involved a plan to give away his property. It makes very interesting reading.

 I would thoroughly research the the tax situation on buying such a property and ask what the propertie's 'Catastral'? value is for tax purposes, and what if any additional  taxes will be levied.

regards,

Thank you so much, that is an invaluable piece of information and one I would never have known. I will send this to my solicitor now to ensure they too are familiar with this (and if they are not, then I am obviously dealing with the wrong solicitors).

Thanks again and I appreciate your time so will keep you posted

All the best

Kim

 If no capital gains is made and the Treasure still wants to charge you a tax for this concept, you clearly have grounds for administrative and contencious-administrative appeals.

Maria

Thanks very much for this information, its really good to know. I do appreciate this.

Kind regards, enjoy the sun

Kim

:)