The economic crisis in Spain caused a huge number of bank repossessions. Because the banks do not want to take responsibility for underperforming assets, they are clearing out their stock in massive amounts. This release of repossessed property has resulted in an unprecedented glut on the Spanish property market. The release of these properties has pushed the price of such property down drastically, which is great for bargain hunters looking for good deals.
Repossessed property in Spain is often sold for less than the outstanding debt on it. Since the banks are keen to clear their portfolio, they will be willing to sell repossessed houses at a discount. While some banks may be more accommodating than others, they have a predetermined price for their entire portfolio. If you can get in touch with the bank early enough, you may find that they will consider your offer.
When buying repossessed property in Spain, make sure you consult with a solicitor. This is essential for foreign buyers, as the laws of Spain’s property market can be confusing. Your solicitor will help guide you through the process and arrange due diligence. In addition, they will also ensure that the deal is legally sound. A solicitor can help you avoid any pitfalls along the way. It is also crucial to hire a property lawyer with Spanish repossession experience and know-how.
Purchasing repossessed property in Spain can be a lucrative investment. After the financial crisis, Spain’s banking sector has reaped some significant gains from property repossessions. The banks want to get their money back by selling repossessed homes at attractive discounts. However, when searching for a repossessed property for sale in Spain, it is important to be vigilant about hidden costs and fees. You should also consider consulting an independent lawyer who specializes in repossessed property in Spain.