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06. SPANISH BANK REPOSSESSIONS

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Hot Properties in Spain.Com are in regular contact with all the main Spanish banks and we have access to many Repossession Spanish properties that have been re-possessed and are sometimes offered for sale with up to 100% mortgages, although a 70% loan to value is more likely. If this service is of interest please let us know your wish list and we will search all the current properties that are currently being offered from the banks that will match your criteria and produce a short list for you. There are now some great value brand new Spanish bank repossessions where the developer went bust and the Spanish bank is now selling them at low prices which sometimes includes new kitchen appliances and air conditioning units. Prices from €70,000 for luxury apartment on golf resport

Although Spanish bank re-possessions can present bargains and should be considered we should point out that in many cases they are not the bargains they seem. Whilst the 100% mortgage appears attractive it can disguise the fact that the property may not be in the best location or the at the best price.

The majority of Spanish bank repossessions are for properties that were bought at the top of the market (high prices) and which have now dropped considerably in value and will not have any equity for the forseeable future. The most attractive properties are often not released to the public.

Also you have to be aware that some of these Spanish bank repossessions are not the bargains they appear to be because of the Spanish tax authorities. eg: Say you can buy a Spanish property with a 40% discount. The Spanish tax authorities will not allow you any relief on the discount. They will charge you 8% of the original valuation before discount. so BEWARE.

To be sure that you are buying at the best price check our service that includes a search of the other properties in the same area so that you can compare prices and values.