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buying foreclosures part V
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buying foreclosures part V ...
On this page, you'll be learning how to actually bid for Spanish repossessions at Public Auction.
Towards the end of the page, you'll discover links to other parts of our online course teaching you to buy Spanish repossessions at Public Auction.
Remember that this is a fairly complicated procedure - especially if your Spanish isn't up-to-scratch.
However, since the recession started, the Spanish banks have become well-organised about selling the foreclusures on their books.
They now have real estate sections dealing specifically with the sale of foreclosures.
So, we very much recommend you buy directly through the Spanish banks ... prices are still amazingly low, yet the purchase process is much simpler and safer.
Also, if you're resident with proof of income, you could get 100% mortgage - absolutely ideal for first-time buyers.
For non-residents, maximum mortgages tend to be 80%.
And now, for those of you interested in How To Bid At Public Auction In Spain, here you have Part V of our course, which covers just that!...
cheap spanish property spain part V - how to bid at public auction
In Spain, up to three auctions can be held.
A guide/reserve price or tasaci n is normally set for the first auction.
If the property remains unsold, this guide price will be lowered for the second auction.
If the property still remains unsold, it will go to a third auction - and here, no reserve price is set, and the property simply goes to the highest bidder. It s when properties reach the third and final auction that real bargains can be picked up.
Proof of Identity
Public Auctions take place at the local Law Courts or Juzgados. You ll need to take proof of identity along with you, such as passport or residence card.
Deposit
You ll also need take along either a banker s draft for the obligatory deposit, or proof that it s been correctly paid into the stated bank account, as explained in the previous chapter.
Deposits are returned to unsuccessful bidders.
Ways To Bid
There are, basically, three ways of bidding at Public Auction. You can:
- Attend in person and make the bid yourself.
- Empower another person - such as your lawyer - to bid on your behalf.
- Make a sealed bid, sending your bid to the Court in a sealed envelope.
Making A Sealed Bid
If you decide to make a sealed bid, you should ask your lawyer to draw this up. It should include:
- your personal details
- photocopy of passport/residence card
- details of the auction
- proof of deposit payment
- amount you wish to bid in both numbers and writing
You may also wish to discuss with your lawyer or local bank how high you should bid for the property.
As already mentioned, when deciding on a figure, you ll need to take into account any debts outstanding on the property.
cheap spanish property spain - other pages of interest
Check out links to other parts of the course, as well as foreclosure listings for the main banks in Spain ...
- Current Foreclosure Listings For Main Spanish Banks
- Buying Properties At Public Auction, Part I
- 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 VI
- Free E-book On How To Buy Repossessed Property In Spain
