Buying a repossession advice

Posted: Thu Apr 27, 2017 12:47pm

7 replies36 views8 members subscribed

Laurawalker

Posts: 3

Location: Playa Flamenca

Joined: 14 Apr 2017

Hi we are hoping to have our offer accepted on a repossession in playa flamenca.

We have a found a good solicitor that covers all areas.

My question is has anyone had any experience with buying a repossession? Is it quite straight forward. Do you know if it is the banks responsibility to have paid all existing debt? I am concerned that if I pay my deposit and the the solicitors do there searches that this could then be found? The estate agent told us that the bank does pay all debts, but I would like to hear other experience. The bank is casas de banco. Also once you have paid the house price and the set block of fees is this all of the costs? I understand there is obviously our bills, suma tax. Thank you for any advice

Laura

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Posted: Thu Apr 27, 2017 9:20pm

Andrew65

Very helpful member

Posts: 728

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Location: La Marina

Joined: 29 Dec 2016

Posted: Thu Apr 27, 2017 9:20pm

Hi Laura,

One thing to be aware of is that if your purchase price is significantly lower than the rateable value (cadastral) and you pay the purchase tax based on what you actually purchased the property for then the council can pursue you for the difference, which I believe can be up to four years later.

Posted: Thu Apr 27, 2017 10:43pm

Sal

Posts: 4

5 helpful points

Location: Los Dolses

Joined: 19 Jan 2017

Posted: Thu Apr 27, 2017 10:43pm

Hi , yes that happened to my father. His property was not a repo but through an estate agent and she did forewarn him.

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Posted: Sat Apr 29, 2017 5:20pm

Joe90

Posts: 42

33 helpful points

Location: Villamartin

Joined: 10 Feb 2017

Posted: Sat Apr 29, 2017 5:20pm

Laurawalker wrote on Thu Apr 27, 2017 12:47pm:
Hi we are hoping to have our offer accepted on a repossession in playa flamenca.
We have a found a good solicitor that covers all areas.

Read more...

My question is has anyone had any experience with buying a repossession? Is it quite straight forward. Do you know if it is the banks responsibility to have paid all existing debt? I am concerned that if I pay my deposit and the the solicitors do there searches that this could then be found? The estate agent told us that the bank does pay all debts, but I would like to hear other experience. The bank is casas de banco. Also once you have paid the house price and the set block of fees is this all of the costs? I understand there is obviously our bills, suma tax. Thank you for any advice
Laura

Hi Laura, I have recently bought a bank repossessed Property and completed with great support from my Solicitor and agent for Solvia real estate.com. All past debt is cleared by the bank Sobadell. Please go ahead with your purchase. The council have lost all their cases regarding chasing people for this Purchase tax so they have more or less given up now, ask any good Solicitor and they will tell you that.

In fact I will be really surprised if your Solicitor had not given you the up to date info on the current state of affairs on repossessed Property by now.

Repossessed properties had bad press some time ago but that has now changed.

Regards

Joe90

Posted: Sat Apr 29, 2017 11:08pm

Laurawalker

Original Poster

Posts: 3

Location: Playa Flamenca

Joined: 14 Apr 2017

Posted: Sat Apr 29, 2017 11:08pm

That's great thank you

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Posted: Sun Apr 30, 2017 6:54pm

jimtaylor

Legendary helpful member

Posts: 5612

8739 helpful points

Location: Mudamiento

Joined: 2 Feb 2017

Posted: Sun Apr 30, 2017 6:54pm

If you buy a repossession property, it's possible the water, electricity and phone will have been cut off, so make sure your purchase of that property is dependent on the selling getting all the utilities reconnected before you sign on the dotted line.

Posted: Mon May 1, 2017 6:23pm

Rainah 24

Posts: 155

29 helpful points

Location: Playa Flamenca

Joined: 31 Aug 2016

Posted: Mon May 1, 2017 6:23pm

Joe90 wrote on Sat Apr 29, 2017 5:20pm:
Hi Laura, I have recently bought a bank repossessed Property and completed with great support from my Solicitor and agent for Solvia real estate.com. All past debt is cleared by the bank Sobadell. Please go ahead with your purchase. The council have lost all their cases regarding chasing people f...

Read more...

...or this Purchase tax so they have more or less given up now, ask any good Solicitor and they will tell you that.
In fact I will be really surprised if your Solicitor had not given you the up to date info on the current state of affairs on repossessed Property by now.
Repossessed properties had bad press some time ago but that has now changed.
Regards
Joe90

Hi look into this more deeply there can be other hidden charges, is it a Spanish or English Solicitor? The English solicitor should find all this out for you in relation to the bank or any other expense. Be careful, when in doubt take other legal advice

Ra

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Posted: Mon May 1, 2017 7:50pm

Glenda H

Posts: 11

9 helpful points

Location: Pinoso / El Pinós

Joined: 1 May 2017

Posted: Mon May 1, 2017 7:50pm

Joe90 wrote on Sat Apr 29, 2017 5:20pm:
Hi Laura, I have recently bought a bank repossessed Property and completed with great support from my Solicitor and agent for Solvia real estate.com. All past debt is cleared by the bank Sobadell. Please go ahead with your purchase. The council have lost all their cases regarding chasing people f...

Read more...

...or this Purchase tax so they have more or less given up now, ask any good Solicitor and they will tell you that.
In fact I will be really surprised if your Solicitor had not given you the up to date info on the current state of affairs on repossessed Property by now.
Repossessed properties had bad press some time ago but that has now changed.
Regards
Joe90

I agree with Joe90. I sell repossessed houses from Solvia (BancoSabadell) and their honesty and quality of information is second to none. Its great to work with a company that is so transparent. If you buy a property through Solvia the bank ensures all the debts are paid before you complete. And at any time up to the purchase, if you change your mind you get back any deposit money you have paid.