bank foreclosures in spain
bank foreclosures in spain
The recession has resulted in Spanish banks being swamped with foreclosures ... and they're really keen to get them off their hands!
So much so that, whereas in the past they didn't bother much with trying to sell them, they've now become very organised!
This is good news for you - the buyer - because they now have real estate divisions specifically to deal with these sales.
And, the procedure of buying repossessions through the bank is now relatively simple.
You'll find links to up-to-date listings of these bank repossessions on our main foreclosed Spanish properties page.
And, the icing on the cake is that, if you're resident in Spain and have proof of income, chances are that you'll manage to get 100% mortgage.
In the past, if you wished to purchase a repossession in Spain, you normally had to bid at Public Auction in the local Law Court.
So, for those of you still interested in learning about this procedure, we've compiled an online course on Buying Repossessions At Public Auction in Spain.
Below, you have Part II of the course ... Towards the end of this page, you'll discover links leading to the rest of the course.
repossessed spanish property sale - part II
How To Purchase Prior To Auction
Actually bidding for a property at Public Auction in the Spanish Courts of Law can be a fairly daunting process.
What's more, if you're doing everything yourself, your Spanish will need to be pretty good.
You could also be competing with experienced and competent subasteros - professionals who make a living out of buying properties at Public Auction and reselling them.
In fact, until relatively recently, bidding at Public Auction was pretty much a closed shop to the ordinary man-in-the-street.
So, it's always made sense to look for ways of buying the foreclosed property before the actual Public Auction started.
If the property was being repossessed because of non-payment of mortgage, a popular way of buying before Auction was to discover which bank held the mortgage and to go along and try and make a deal with them.
To be quite frank, prior to the present recession, the banks were not always that helpful.
However, as we mentioned at the start of this page, the recession seems to have altered all that.
You'll now find the banks extremely helpful (I presume they earn commissions on any sales!).
Also, buying from the bank tends to be safe, as they normally guarantee the property debt-free.
On top of that, if you're resident with proof of income, you should get 100% mortgage ... 80% for non-residents.
Although buying from the bank should now be your first choice, there are still other ways of purchasing foreclosures before they appear at the local Law Courts. Also, the claimant may not be a bank.
One option would be to discover who owns the property and come to a private agreement with the owner.
How do you discover who owns the property?... Well, there are a number of ways ...
- Check to see if the owners still reside in the property.
- If in an apartment block or urbanizaci�n, ask administrators for contact details.
- Contact the claimant and ask for name and address of property owner.
- Obtain a nota simple from the Registro de Propiedad (Property/Land Registry). This should show the full name of the current owner, plus property details, including any outstanding mortgages.
spanish property sale - other pages of interest
Below you'll discover links to listings of current foreclosure listings for the main Spanish banks, plus links to other parts of the Spanish Property Auction Course.
- Current Foreclosure Listings For Main Spanish Banks
- Buying Properties At Public Auction, Part I
- 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