Bank Properties?

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01 Jan 2013 14:55 by jon888999 Star rating. 2 posts Send private message

Hi,
I've been looking to buy a property in Spain for a longtime,I actually did buy a finca 10 years ago but had to sell due to
divorce.Now want to buy in Andalucia and keep looking a bank properties. Has anybody brought 1?Bank property seems the easiest option as
I will need a mortgage. Unless there are alternate options? I'm looking for townhouse for holidays with letting potential.
Take Care
Jon



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01 Jan 2013 16:41 by Roberto Star rating in Torremolinos. 4536 posts Send private message

Roberto´s avatar

 Since you need a mortgage, it may well be the only way. Unfortunately, from what I've seen, the banks' portfolios understandably contain quite a lot of rubbish. They also don't necessarily appear especially cheap, although I'm quite sure you can haggle with the banks just as with any other seller. Furthermore, a large proportion of their offerings are of course new builds, and as of today, the IVA goes up from 4 to 10%, which seems like a really neat idea when the huge stock of unsold new-builds is largely responsible for dragging the rest of the property market down. If I was PM for a day, I'd scrap the IVA on new builds altogether. After all, 10% of nothing is nothing anyway, and who wants to pay 10% IVA for a badly built property in a crap location when they could buy a decent resale elsewhere?

Have a trawl through the listings on idealista.com and kyero.com 

Good luck.

 



_______________________

 

"Get your facts first, then you can distort them as you please"

Mark Twain

 

 

 




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03 Jan 2013 12:39 by Mungry Star rating. 329 posts Send private message

iva from 4% to 10%

that stings and is one of the facdpalm moment.

Andalucia is a big place

I have been looking for the right place ofr the last 4 years and i live here.

If you have somewhere specific or more specific requirments i can share my limited and very opinionated knowledge.

such as if you are lookign for something with letting potential always go for the beachside.

if you want it to have any chance you shoudl avoid the golf properties because they are second place to any beach and you will always get a lot less rent.

 



_______________________

i coldnt stay away from you miserable whining whingers for some reason




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03 Jan 2013 13:04 by competa Star rating in Scotland. 92 posts Send private message

Jon, I have a townhouse in Competa - 3 x bedrooms (one ensuite), lounge, dining room, kitchen, store room, summer kitchen, bathroom, roof terrace.  Right in the centre of the village.  99000 euros ono.  I have successfully let the property for about 2 years and get a lot of enquiries via this site. Cheers. Tina





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03 Jan 2013 13:19 by mac75 Star rating in Valencia. 409 posts Send private message

mac75´s avatar

 Hi

casaktua.com is the bank Banesto's property portfolio. I know they are negotiating all their prices with any interested parties.



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A donde el corazón se inclina, el pie camina.




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03 Jan 2013 16:35 by PrimroseMar Star rating. 17 posts Send private message

A while ago I read somewhere that the banks prefer buyers who want mortgages because it generates more revenue for them.  Is there any point in cash buyers looking at bank owned properties?

Sorry for butting in on Jon's thread but this topic is of interest to me and no doubt others too.





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03 Jan 2013 16:48 by competa Star rating in Scotland. 92 posts Send private message

Good point!  My own feeling is that they would want people who want mortgages.





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03 Jan 2013 16:59 by Roly2 Star rating in Almeria. 648 posts Send private message

 In my experience they are happy with cash.  They are only interested in giving mortgages on the property they are selling - I think that is where the idea came from that they will only sell with a mortgage.  

I would say they are worth looking at, though - again, in my experience, a lot of the bank properties have been stripped and have no kitchens or bathrooms.  This is not a huge issue but must be taken into account.  Also, a lot of bank properties are in blocks of apartments or on urbanisations and (in my experience) a lot of these are pretty much bankrupt.  SO e.g. if the lifts aren't working,, or the pools are out of action, ask lots of questions.  My experience comes from looking in Andalucia and in Madrid (so there may be many different opinions).





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03 Jan 2013 17:25 by PrimroseMar Star rating. 17 posts Send private message

What about repossessed properties where the bank just owns a few in the building/community?  Would they have the problems vis a vis lifts, pools, kitchens and bathrooms?





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03 Jan 2013 17:29 by Roly2 Star rating in Almeria. 648 posts Send private message

In some cases the bank has finished off a compex - so they are all bank owned.   If it is just a handful of properties it should not be obvious and everything should be well maintained and running normally.   If there are a lot, then things may have gone to seed......................

Just be careful.  If you see something you really like don't be put off because it is bank owned.  





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03 Jan 2013 17:35 by PrimroseMar Star rating. 17 posts Send private message

 Thanks Roly2.  I'm still at the internet research stage.  Have been waiting for asking prices to drop to a realistic level.  Looks like that's starting to happen now.   I will try to keep my wits about me, particlarly with regard to taxes and debts against the property.





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03 Jan 2013 22:14 by jon888999 Star rating. 2 posts Send private message

Hi,thanks for the replies, i've been looking for about a year on & off at bank properties. However until recently the prices in Andalucia have been higher then elsewhere, now they seem to have got more realistic, It's just judging the right time to buy.
I've seen a couple of properties on the net over Christmas I like so I hope to get out there soon to view etc. Also does anybody know how long a power of attorney is valid for? Manzanares in Alhaurin el grande had mine. How about Nie cards etc,how long do they last?

I've got a Couple of Spanish friends who live in hampshire, I think I might ask them to look as i've noticed different properties on the Spanish language sites.
Take Care
Jon






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04 Jan 2013 23:53 by claire T Star rating in Torremendo, Orihuela. 689 posts Send private message

EOS Supporter

Hi - in my experience, bank properties are a really mixed bag with some excellent bargains amongst them. 

Do however be aware that they are very poor at describing their properties and don`t always take them off their website when they are sold.  I have seen bank websites with the wrong address, wrong photos, wrong descriptions and even the wrong price, so it does make it harder when you are trying to do meaningful research online!  With some repos you can negotiate hard on price and with others they won´t accept 1€ less than the advertised price.

My advice is to research online and try to see if you can find similar properties as resales to try to check out the price - although as a previous poster said, many bank properties will be in much poorer condition than the average resale, so that needs to be taken into account.  Then go and look and try to see both repos and resales to ensure that you are getting a good deal.  Talk to the neighbours to find out if there are problems in the community and if there are no neighbours then that is worth knowing!

If you need a mortgage then the banks are more likely to agree to lend on their own properties, but they will lend on resales up to around 60% of the purchase price.

Also, be aware that most agents deal with both repos and resales, so it is worth looking with agents as well - but then I would say that, wouldn´t I ?  :)

An NIE number is for life and doesn`t expire.  Your power of attorney should state the conditions within it and it should say specifically what it covers and if there is an expiry date. 

Hope that helps and happy hunting!



_______________________
Claire



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