Advice on buying Bank Repossion property

Posted: Sun Jun 3, 2018 8:57am

3 replies135 views3 members subscribed

Leigh Patterson

Posts: 13

2 helpful points

Location: Javea / Xàbia

Joined: 21 Jan 2018

Hi Everyone, has anyone got any experience and advice on purchasing a Property repossessed by the bank?

My Sister is looking at an apartment for sale locally and I want to be sure she is aware of any problems that could occur.

I realise a good Gestor is essential to carry out a full search as the selling bank has no obligation to do this but what else should she be looking out for. All constructive advice will be most welcome.

Thank you.

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Posted: Sun Jun 3, 2018 12:30pm

Big Dave

Posts: 13

3 helpful points

Location: Catral

Joined: 1 Jun 2018

Posted: Sun Jun 3, 2018 12:30pm

Hi,

Its the same process as buying from anyone.

Use a solicitor who speaks English (and understands English) I had my own property company in Spain for 5 years and dealt with 2 who I would highly recommend.

My son also bought a property from the bank, all without fuss. Remember, you can still negotiate with the bank re price. Sometimes it is possible for them to include the purchasing fees in with a mortgage. I would also advise that you take a small mortgage (even if you don't think you need to) (no bank will lend against a dodgy property)

If you want the contact details of my solicitors, please feel free to ask.

One is based in San Miguel de salinas, the other has offices in Torrevieja, La denied, Orihuela and a new office at the entrance to the golf course at Algorfa.

Posted: Sun Jun 3, 2018 3:54pm

Leigh Patterson

Original Poster

Posts: 13

2 helpful points

Location: Javea / Xàbia

Joined: 21 Jan 2018

Posted: Sun Jun 3, 2018 3:54pm

Thank you Dave, I will pass that info on to my sister. We are in Gata De Gorgos and she is looking at Pedreguer, so I think your agents are a wee bit too far away, but very kind of you to offer all your advice.

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Posted: Thu Jun 14, 2018 12:53pm

Paddymoffatt

Posts: 44

5 helpful points

Location: Rojales

Joined: 29 Oct 2017

Posted: Thu Jun 14, 2018 12:53pm

Big Dave wrote on Sun Jun 3, 2018 12:30pm:
Hi,
Its the same process as buying from anyone.

Read more...

Use a solicitor who speaks English (and understands English) I had my own property company in Spain for 5 years and dealt with 2 who I would highly recommend.
My son also bought a property from the bank, all without fuss. Remember, you can still negotiate with the bank re price. Sometimes it is possible for them to include the purchasing fees in with a mortgage. I would also advise that you take a small mortgage (even if you don't think you need to) (no bank will lend against a dodgy property)
If you want the contact details of my solicitors, please feel free to ask.
One is based in San Miguel de salinas, the other has offices in Torrevieja, La denied, Orihuela and a new office at the entrance to the golf course at Algorfa.

I bought a bank repossession but was told I couldn’t negotiate on price,so paid the asking price,still a good deal and had no problems at all,still you live and learn.