Spanish repossessions FAQs
Q1: Do you really have Spanish bank repossessions?
Yes, we do…straight from the repossessions databases of Spanish bank partners and others we can offer even during the legal processes of repossession. Other websites list just a handful of this kind of property or direct buyers to Spanish Court lists.
Q2: Why do have you so many repossessions?
Basically, the banks need to sell them on quickly to recover the outstanding mortgage amounts and ease the financial position of the defaulting owners so they choose the international partner with the highest search engine rankings in this property category. Google & Bing rate PropertyInSpain.Net as the number one source for Spanish bank repossessions, so most buyers are directed to our website.
Q3: Why do you list two prices online?
The first price (crossed through) is the previous asking price and could be an official valuation or the price on the banks’ books. The second price is based on the level of outstanding debt of the default mortgage and often there is a further reduction if the property is not attracting buyer interest. The difference ranges from 16% to 50% and displayed as a discount to the new buyer.
Q4: Your prices look cheap, but what’s the true value?
With property markets in turmoil, the best source for Spanish property values is www.tinsa.es and their monthly reports can be downloaded in English so all our buyers can compare prices and locations. Tinsa provide valuations for more than 50 Spanish banks and mortgage advances are based on their comprehensive reports. Tinsa will carry out a valuation for would-be individual buyers for about EUR 300.
Q5: Can I get a mortgage on a repossession property?
Our properties provide the best value for money in a decade and the Spanish banks will provide generous mortgage deals that including 80% to 90% advances because of the outstanding Loan to value ratios. These advances are guaranteed on each property and subject to the personal status of the would-be buyer. We advise buyers to get a pre-approval on their mortgage before travelling to Spain as this adds to their buying strength.
Q6: Do I need my own Spanish solicitor?
Although repossession properties are fully legal and have had all outstanding debts removed from the record at the Property Registry and in many cases are being purchased directly from the bank owner, we advise all our buyers to hire their own Spanish solicitor to check paperwork and assist at the notary office with the registration and funds. The same applies to key ready homes bought from a developer required to repay his development loan to the funding banks.
Q7: What is the general condition of Spanish repossessions?
Mainly good and habitable as they have been lived in until quite recently. Many will need redecoration and minor refurbishment. Some buyers will want to improve kitchens and bathrooms as part of a more extensive refurbishment. Our descriptions are generally based on those of the valuer. Images are provided by the valuation surveyor, so are not always specially taken “marketing images”.
Q8: How much to refurb?
Guide prices for a fitted kitchen, appliances and bathroom fittings would be 25% below current UK prices, but, as in other countries, there are special disposal sales that produce even better bargains. Tilers, roofers, stonemasons, garden and pool specialists will provide quotes against the new buyer’s requirements.
Q9: Can I have a thorough inspection?
Would be buyers get ample time to inspect all the properties on their shortlist during their pre-booked view trips to Spain and to inspect the valuation paperwork that includes comparative information on similar nearby properties.
Q10: Can I see the properties for myself?
Many buyers miss out on their initial choice of bargain properties because someone else got their first, so it pays to pre-book a viewing as quickly as you can. Once we have your flight details and/or dates we can waitlist the properties you want to view. If it sells, we can often find similar properties in the same area as the database stock changes daily.
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