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spanish property auction course plus foreclosure listings ...
spanish property auction course plus foreclosure listings ...
Since the start of the recession, the banks in Spain are swamped with foreclosures which they're keen to sell.
Because of this, they're now much better organised at selling these bargain repossessed properties, and you'll discover the buying procedure really straightforward with them.
What's more, if you're a resident of Spain with proof of income, chances are you'll get a 100% mortgage.
You'll find listings of current bank repossessions on our main foreclosed Spanish properties page.
Before the banks became so well-organised, chances are you'd have had to bid at Public Auction in the local Law Court in order to buy a repossessed property in Spain.
For those of you who are still interested in this procedure, you'll discover below Part I of our online course of How To Buy Repossessed Spanish Property At Public Auction.
Following this are links to the other 5 parts of the course.
Enjoy!
buy cheap spanish property for sale - part 1
Before buying any property in Spain, it’s always wise to learn a little about the basics. Below, you’ll find links leading to helpful advice and information on this subject.
- Free e-book which covers buying property in Spain
- Simple guide to buying property in Spain
- Tips on finding an English-speaking Spanish lawyer
Now you’ve read a few facts about buying Spanish properties, let’s get on with our main subject - how to buy repossessions in Spain ...
What Are Property Repossessions?...
When a person gets seriously into debt, anything they own of value - such as property, cars, boats, jewelry - can be legally seized or “repossessed” and sold to the highest bidder in order to pay off that debt.
When a property is repossessed, it’s usually because the owner owes money to a bank or financial institution. More-often-than-not, s/he’s unable to pay her/his mortgage.
If the individual banks or financial institutions don’t manage to sell the repossessed property - and, until this recent recession, they've never made a tremendous effort to do so - this property will eventually go up for Official Public Auction in a Spanish Court of Law.
In Spain, up to three Public Auctions can be held for any given property.
With the first two Public Auctions, a guide price or reserve is set, the guide price being lowered for the second Public Auction.
If no-one buys the property and it goes to a third Public Auction, this guide price is completely removed, and the property will go to the highest bidder - however low that bid.
Consequently, repossessions in Spain vary from countries such as the UK, where strict regulations exist to ensure that banks or building societies obtain the best offer for any property.
The result?... You can get terrific bargains buying repossessed Spanish properties.
How Do You Find Spanish Property Repossessions?...
It’s all very well saying you can buy cheap Spanish property for sale with repossessions. The problem is, how do you learn about these disclosed properties?
Before the recent recession, you had two main options (apart, that is, from checking out the listings here on the Top Tour of Spain website) ...
- Firstly, such legal actions have to appear by law in the “Bolet�n Oficial” or “Official Legal Gazette” of the appropriate comunidad or province in Spain, so you should find them listed there.
- Secondly, announcements of Public Auctions should be made on what are called the tablones de anuncios in the Juzgados or Local Law Courts. Ask at your local Juzgados where they’re to be found, and regularly check them.
However, since the recession, the Spanish banks have had so many foreclosures on their files that the main banks have now started their own real estate divisions, complete with websites, listing all these repossessions.
We list these repossessed real estate websites on our main Spanish property foreclosures page.
buy cheap spanish property for sale - other pages of interest
Below, you'll discover links to other parts of the Spanish Property Auction course, plus foreclosure listings for the main banks of Spain ...
- Current Foreclosure Listings For Main Spanish Banks
- Buying Properties At Public Auction, Part II
- Buying Properties At Public Auction, Part III
- Buying Properties At Public Auction, Part IV
- Buying Properties At Public Auction, Part V
- Buying Properties At Public Auction, Part VI
- Free E-book On How To Buy Repossessed Property In Spain
