What are Bank-Repossessed properties?
Repossessed homes are properties that have been foreclosed by the Spanish Bank because their owner failed to make payments.
Generally the Spanish Banks want to sell these repossessed residences as quickly as possible, in order to reclaim money they lost by the delinquent loan. This offers opportunities for new homebuyers and investors. You can buy these bank owned homes with a discount, priced below the actual market value. It is not uncommon to buy these properties 30-50 percent under marked value.
Be ready to act fast
If you want to buy a repossession, you must be able to act fast, the very nature of bank repossessed properties is that they are priced to sell quickly.
If you are interested in purchasing a property, you will need to reserve it, so it is withdrawn from the market.
You will complete a “Purchase Request Form” and this will be submitted for approval. The property’s availability will be confirmed and placed on hold until all the documentation is checked. If the purchase request is at the price stated, the purchase request will automatically be approved.
It’s a simple and safe process buying a repossessed property directly from the bank, and we will assist you all the way.