Bank Repossessions Properties Spain.
Bank repossessions in Spain offer unique opportunities for buyers seeking affordable real estate. These properties, reclaimed by banks due to financial defaults, often come with competitive prices. Investors can explore a diverse range of options, from urban apartments to coastal villas. Acquiring bank repossessions provides a chance to secure prime properties at advantageous rates, making it an attractive avenue for those looking to enter the Spanish real estate market. With careful consideration, these opportunities present a gateway to owning a property in this captivating Mediterranean country.
Real estate websites of Spanish banks.
The main Spanish entities still have more than 150,000 assets in their portfolio. Within its offer you can find houses, apartments, townhouses, offices, plots of land and logistics warehouses for sale or rent, and both new and second-hand. To find out what the banks offer and at what price, we must enter the real estate websites of Spanish banks, such as Solvia (Banco Sabadell), Haya (Bankia), Aliseda (Popular), Servihabitat (Caixabank), BBVA Vivienda (BBVA) or Altamira (Santander) List of properties for sale direct from the banks, without intermediaries or go to to the search engine created ad hoc by LuxuryForSale.Properties: Bank properties.
Despite the fact that the financial sector no longer applies such aggressive reductions on the price of houses as in previous years, interesting offers can still be found. Above all, in holiday homes (where a large part of the bank’s real estate stock is concentrated), although there are also in big cities. In some cases there are discounts of more than 50%.
The real estate web of each bank.
Banco Santander: Altamira Inmuebles http://www.altamirainmuebles.com/ / https://www.casaktua.com/
Popular: Aliseda Inmobiliaria https://www.alisedainmobiliaria.com/
Caixabank: Servihabitat http://www.servihabitat.com/svhPortal
Bankia: Haya https://www.haya.es/
Banco Sabadell: Solvia http://www.solvia.es/
Bankinter: Bankinter https://www.bankinter.com/www/es-es/cgi/ebk+inm+home
Grupo BMN: BMN Viviendas https://www.bmnviviendas.com/
Kutxabank: Kutxabank Inmibiliaria http://www.kutxabankinmobiliaria.es/
Unicaja: Unicaja Inmuebles http://www.unicajainmuebles.com/inicio.do
Ibercaja: Portal Inmobiliario Grupo Ibercaja http://portalinmobiliario.ibercaja.es/home/
Abanca: Ecogecasa http://www.escogecasa.es/
Apart from these real estate websites of Spanish banks. You can also check the Spanish bad bank, called SAREB, which groups listings from many of the websites above.
However, for many years, it has been a rumor that you can buy bank repossessions for rock bottom. This has led some buyers to believe they can get amazingly cheap deals on these properties and good deals are not possible on resales properties, but banks are too clever to give away properties at far below market value, even when they are in a very bad condition. There are many excellent deals available when buying a property, and sometimes you can buy a cheap resale property when owners wish to sell their properties very quickly. So it is just a question of working with the right Real Estate Agency, and here is LuxuryForSale.Properties to help you buy your dream home in Spain.
Cash is King in Spanish Property Bank Repossession Market.
If you are considering buying a Spanish Bank Repossession who will surely find how much cash you use in the transaction will affect how much the bank is prepared to accept which is totally contrary to resale property purchases and those properties bought directly from the developer.
If you’re buying from a distressed vendor the only thing they consider is what they physically receive for a property so if you’re buying with cash instead of a mortgage your cash isn’t that big a thing to the property owner. The only exception to this is if the vendor is under a timeline to sell and his property could be repossessed if it’s not sold within a month in this case this owner will need to find a cash buyer for the property. The same principal applies to properties that are owned by a developer here the price the property is sold for will be dependent on the outstanding mortgage the developer has on the property and the reality is he will not sell it below that price as he would have to pay the difference. Again the developer isn’t concerned if its cash or mortgage he just wants the maximum he can get for the property.
However all these rules go out the window when buy bank repossession in Spain because the bank will always want cash. There was one Spanish bank that was the exception to that rule in that they were always prepared to lend up to 110% finance on their own properties to maintain their valuation or outstanding debt for the property but will now for the first time consider reducing their valuation of properties for cash buyers. Put very simply cash is king and if you’re a cash buyer then it’s Spanish Banks where you will get the best deals from. The only issue is that is does the bank actually have a property you want to buy. The banks own a lot of stock no one wants to buy and normally when they have properties people want to buy they are snapped up pretty quickly especially villas.
However if you do find the right property and you are a cash buyer then you will be able to achieve a discount on the property that a buyer seeking a 90% mortgage would not be able to negotiate. Even if you only had 50% cash you can be pretty sure the bank would give you some discount for that compared to a buyer seeking a 90% mortgage.
As stated above cash is king when looking to buy a bank repossession in Spain and if you want some help or further advice on how to take advantage why not give me a call at LuxuryForSale.Properties.