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buying spanish foreclosures part VI
buying spanish foreclosures part VI
Below you have the 6th and final part of our course on How To Buy Repossessed Property At Spanish Public Auctions.
One of the benefits the current recession has brought is that the Spanish banks are now much more organised when it comes to selling the foreclosures they have on their files.
So, if you're interested in buying bargain repossessions in Spain, it really is now much more straightforward to go through the appropriate bank.
You'll discover information about this on our main Spanish foreclosures page, along with links to the real estate sites belonging to Spanish banks, which list the foreclosed properties they have for sale.
One of the main problems when it comes to buying property in Spain at the current time is that the banks are extremely reluctant to grant mortgages.
However, this does not apply to their foreclosed properties ... If you're resident with proof of income, you could get 100% mortgage. If you're non-resident, then it will probably be 80% mortgage.
But now for the final part in our online course about buying repossessions through Public Auction in Spain.
In this final part, you'll have been successful with your bid, and we'll be looking at what steps to take afterwards ...
repossessed real estate spain - buying at public auction part VI
What To Do When You’ve Won The Bid
With the help of a competent lawyer, you may have been fortunate enough to win your bid at Public Auction.
If you are the winning bidder, you’ll be expected to come up with the difference between the deposit and the price accepted at Public Auction within 20 days, after which you’ll be declared the new owner of the property.
As with buying any property in Spain, you’ll need to pay normal purchase costs and ensure the property is registered at the Registro de la Propiedad or Property/Land Registry. Your lawyer can advise you about this.
If you weren’t handed the keys to the property on winning the bid at Court, you’ll need to employ the services of a locksmith. It’s always advisable anyway to change the lock on the property.
If the property is occupied by tenants you should have discussed with your lawyer prior to bidding how you’ll be dealing with this.
It’s possible the tenants have no legal rights and the Judge has ordered their departure. Or, you may prefer to inform the tenants that you’re the new owner and start collecting rent from them.
Whether you bought as an investment or for your own use, enjoy your bargain property!
repossessed real estate spain - other pages of interest
Below you have links to previous 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 V
- Free E-book On How To Buy Repossessed Property In Spain
