cheap spanish property spain -
buying foreclosures part V ...



cheap spanish property spain - learn how to bid for repossessed property at public auction, and check out foreclosure listings for main spanish banks ...


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%.

You'll find up-to-date listings of foreclosures which you can buy direct from the Spanish banks on this page.

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.


Part VI of Course


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 ...


Return from cheap spanish property spain to main Spanish property page.

Return from cheap spanish property spain to top tour of spain home page.


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