Buying reposessed properties from the bank in the Costa del Sol

Post reply   Start new thread
:: New - Old :: Old - New

Pages: 1 |

Forum home :: Latest threads :: Search forums
The Comments
24 Jul 2009 00:00 by fultond Star rating in Haywards Heath & Tor.... 242 posts Send private message

Hi all.

I see companies advertising the sale of reposessed properties, but when I request details never seem to get a response. Is anybody aware of any available routes to purchase repos, or are they only offered to residents or "friends"?

Also if the bank have reposessed, and the value of the property is less than the outstanding mortgage, do they try to recover the full mortgage or just sell at a competitive market rate?

Anybody have any information?



Like 0      
24 Jul 2009 13:45 by georgia Star rating in Algorfa (As seen on .... 1839 posts Send private message

Vip Supporter

georgia´s avatar

At the moment every agent and his dog is advertising repos or bank owned properties mainly because it is the new watchword and as everybody considers these to be the real bargains, many agents are using them as a hook.

The truth is most of these properties are myths, not many agents get the real repos.

I have been dealing wih the banks for over 4 years now and to get anywhere near their product you have to sign many confidentiality agreements and know someone within the banking system to get anywhere near the product.

The system has evolved over the years driven by demand and volume, they used to try to sell them at market value plus bank costs, generally 12%, then they would drop them to the mortgage outstanding plus costs, now the banks are actually asking for offers across thye board.

Please consider that 75% of any bank list will be absolute rubbish but the 25% that is left is very appealing.

An agent that is promoting bank owned property should only act as a middle man and then put you straight in touch with the bank for negotition purposes.

The banks will want to know that you are in a position to act quickly and although many offer subrogation prefer hard cash to transfer toxic into liquid.

I have been privvy to many  a conversation and you would be suprised and shocked at some of the dealings withing the banking system at the moment.

So in essence take everything at face value,any agent should not be afraid to declare which bank they come form and after signing an agreement, should happily take you to them.


_______________________ still here after all these years!

Like 0      
24 Jul 2009 16:12 by fultond Star rating in Haywards Heath & Tor.... 242 posts Send private message

Thanks Georia, or is that Shaun?

The reason that I ask is that we recently agreed to purchase a property, but due to a tax embargo the owner is not able to sell. The property will most likely go back to the bank. We know what the mortgage is on it, but do not understand the impact of the tax embargo, although combined they vastly exceed the value of the property. If at all possible we would still like to buy via the bank, but I think you have outlined the difficulties of doing this. Maybe we should just move on and find something else?



Like 0      
25 Jul 2009 00:29 by advisor Star rating in London most of the t.... 311 posts Send private message


has hit the nail on the head, much advertising but little actually coming out the other end!

A few pieces or sites do come out but a lot of chaff needs to be sorted first, you should find a number of good deals depending where you are looking.

shaun/ advisor



Nobody plans to fail, many fail to plan, sadly the result is the same.



Like 0      
27 Jul 2009 10:45 by georgia Star rating in Algorfa (As seen on .... 1839 posts Send private message

Vip Supporter

georgia´s avatar

 Hi Fultond,

Either Georgia or Shaun is fine.......

This is the problem with a lot of repo's, generally the last thing that people let happen is the for the bank to take their property back.

So, they will have mortgaged to the hilt and generally have more associated debt to the Hacienda,seguridad social, loans etc...

This creates a sale price which is more than often above it's true value let alone a bargain price.

Both the tax office and the social security will place embargos on the property as well as banks that are owed any outstanding loans.

This will have to be cleared before the property can be sold.

You are probably safer to find a property just prior to action being taken as you can negotiate  personally with any vendor that is in trouble, this sounds a little unscrupolous but such is life..........

I have just received another list from a bank and 95% of it is overpriced, not even worth advertising...

There are some real bargains out there at the moment and sometimes it's hard to see the "wood for the trees" you have just got to know where to look.




_______________________ still here after all these years!

Like 0      
27 Jul 2009 12:06 by fultond Star rating in Haywards Heath & Tor.... 242 posts Send private message

Thanks Georgia

Interestingly enough I saw an article in yesterdays Mail on Sunday, stating that the Spanish banks are starting to make properties available to the public that previously had not been, indicating that thousands of bargains would be available. I don't have the web site to hand, but it was a company working with the Santander. I logged on to the web site and selected the Malaga area. There was one 5 bedroom villa for around 800K€. Clearly still some way to go before this adds any value to the situation.



Like 0      
27 Jul 2009 12:42 by joanmalaga Star rating in Costa del Sol. 422 posts Send private message

You do not need to purchase re posesed properties to get a good deal at the moment, there are thousands of people desperate to sell, one of my neighbours just sold his 5 bed villa for €200.000.  It was valued 4 years ago at €800.000. Look around as this option is much quicker and hastle free!


Like 0      
02 Aug 2009 10:25 by sms0611 Star rating in Fuengirola. 21 posts Send private message

I am currently looking at a property which has a large outstanding mortgage and many other debts on it (tax, utilities etc).

The property is due to be reposessed at the end of the month.

If I should wait and then deal directly with the bank who is responsible for clearing the other bad debts? The bank or me?

kind regards/saludos Steve Read my blog: A long and winding road

Like 0      
09 Sep 2009 09:20 by Preside 5 Star rating. 27 posts Send private message

14 Oct 2009 06:45 by sotograndeestate Star rating. 5 posts Send private message

** EDITED - Spam **

This message was last edited by EOS Team on 14/10/2009.

Like 0      
14 Oct 2009 12:45 by mariadecastro Star rating in Algeciras (Cadiz). 9002 posts Send private message

Legal Questions? Speak to Maria Direct

That is part of the purchase agreement. You can decide on this.


Maria L. de Castro, JD, MA



El blog de Maria

Like 0      

Pages: 1 |

Post reply    Start new thread

Previous Threads

Misteri Play d'Elx - 0 posts
Fire reaching Mojacar - 15 posts
reactivating sky tv - 4 posts
Buying repossessed property property in Costa Blanca and payment of deposit. Advice? - 9 posts
M&S Marbella again - 0 posts
One to one spanish tuition - appreciate any views on this - 7 posts
New Rail Link - 1 posts
House tax - 2 posts
Empty van travelling from uk to spain - 6 posts
For Sale LHD BMW 325i SE Touring - 6 posts
Aifos have declared Concurso de Acreedores (Insolvency) - 1 posts
Taxi`s from Murcia airport - 4 posts
Room A/C Unit Wanted Near Malaga or Olvera - 2 posts
Private Message - 2 posts
Hola ... El Gusto Es Mio - 10 posts
Olvera, Anyone? - 7 posts
damaged casued by leaks from above apartment - 3 posts
Problem -Selling a share of my property - 3 posts
Mortgage Advice Needed Please - 3 posts
Tim Davey - 7 posts
Recommendation for a Pool Surround - 5 posts
Picking up a cruise ship in Malaga - 1 posts
How to get involved in property management? - 0 posts
Health Care in Spain - 1 posts
Is 3.4% reasonable for a mortgage these days ? - 9 posts

Number of posts in this thread: 11

DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.

1 |
Our Weekly Email Digest

This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x