buying a repossesion

Hi there, has anyone got advice on buying a repossession, i.e. anything to be aware of, or questions i should ask. I believe if purchising from a bank you dont need a solicitor, just the bank and a notary??? can anyone help.

Regards.

I would certainly advise you to have a lawyer revising the terms of the purchase.  Regardless the other contract party of a Bank ,  and maybe more precisley because it is a Bank, they will be looking for their interests.

The scheme is the same as in any other purchased ( First Occupation license needed, fixed and clear price, transfer tax being paid by you, Notary and Registry fee accordiong to Law and plusvalia for the seller). You need to check on charges and encumbrances and you need to have it duly registered under your name in the Land Registry.

For this all, it is better to have a good lawyer with expertise in conveyancing property titles.

For anyone who is interested in buying a reposessed or distressed property in Spain, I just came across this on Kyero.com about buying such properties direct from CAM Bank and thought members might find it interesting. (click the blue link)

You are an active ' Superstar'!!

it is not just Cam bank but there are lots of distressed sales about

We have an owner who has 130.000 € on the mortgage.....45.000 € less than he paid and he wants out...price is 130.000 €

A very nice 2 bed 2 bath  duplex in Almeria with a big solarium,,,,,facing the right way and in a small gated complex [ stayed in it myself]

We all feel sorry for this type of situation but in these depressed economic times ' one man's loss is another's gain'

And it is important that threads on EOS bring potential buyers attention to what is on offer

I'm sure there are lots like this. But I know from pestering my own bank, that much of what is said in the article I posted must be true, because they certainly haven't offered me any interesting opportunities (possibly they'd prefer me to keep my money on deposit than withdraw a chunk to buy a property? Conflict of interests perhaps?) If CAM are serious about making their portfolio available to a wider audience, maybe other banks will come up with similar programs, to the benefit of all involved.

Roberto...did not know that you are property dealer or is it just that with low interest on cash investments you are thinking of becoming one!!!

Perhaps I should say....' welcome to the world of property' !!!

With "finca" status yourself, I figured you'd been around here long enough to know that I'm one of the greedy barstewards who jumped on the merry-go-round on the way up and helped in no insignificant way no doubt to the mess that subsequesntly unfolded!

(Real name and address, suffice to say, not supplied!)

looking forward to being a Superstar!

signing off for now!