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Your Portfolio (23)

Bank Owned Property / Bank Repossessions

 

It’s no secret that Spain as a whole is facing the most grave financial crises in generations and especially here on the Costa’s where unscrupulous banks offered cheap money to all. Buy, buy, buy was the cry both in the media and in the property sector – live the dream!! “Buy now because the price of your property will just keep going up” but in many cases this unfortunately has not happened. The dream for many that bought into buying a second or investment home in Spain has sadly turned sour, for many had paid over the odds of the real value for their property using the banks valuation which was driven by greed and fistfuls of cheap money.

 

The bubble has burst and there is no longer cheap money being offered by these banks and thankfully most of the decision makers have been fired for incompetence and rightly so for the mess they have left and for dreams they have broken. The banks as we all know are insolvent and some are more leveraged than others and there is no way out for them (no matter how much money is pumped into the system) which means opportunity for investors and private buyers looking for real bargains. Thankfully the market has now readjusted and it’s now a buyers market with true valuations of property. 

 

Our business is property sales and we have to work with the banks as they are an integral part of what we do. We have worked hard to build relationships and get bank owned property (repossession) when released quickly, they are not always as cheap as purchasing from a private owner but as banks are being pressured by the central bank in Spain and the Euro zone to release their stock for liquid assets they’re becoming more receptive to offers on the prices advertised and ‘accommodating’ on lending where possible.

 

We are able to offer many banked owned properties for sale in the Costa de Almeria through our network of bank officers within the banks, saving you the time, cost & effort. If you are looking for a below market value property or a distressed property - why not contact us today and we will advise you on what properties are for sale and what properties are within your budget. 

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SPI | Indalo Casas
Avenida de la Luz, Nº16,
Mojácar 04638,
Almería

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