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Janet55

Posts: 15

Location: La Marina

Hello all 

I am looking for advice on a property purchase .my husband and I are in Torrevieja looking at property and seen a repossession we like .We spoke with the neighbours which informed us this property has been empty for 4yrs .We have put an offer in with the agent .who after 40 minutes rang and told us it had been declined .and the Bank would not accept anything less than 3000 € of the asking price .Forgive me for being untrusting. Has any one got any information regarding this matter that could assist us .We are returning to the UK today.

271935

Thu May 4, 2017 3:40pm

Posts: 106

Location: Villamartin

61 helpful posts

I think the fact it's been empty for 4 years means the bank has to recover a lot of money from the property. Hence why your offer has been refused. Probably best to meet the figure or move on. Repos can be a minefield so if you do agree a figure don't give the agent a deposit as your solicitor could uncover problems which means you want to walk away from it

Janet55

Janet55

Original Poster

Thu May 4, 2017 4:57pm

Posts: 15

Location: La Marina

Thankyou good logical information. 

Peter247

Thu May 4, 2017 8:39pm

Posts: 17

Location: Torrevieja

2 helpful posts

Don't waste anymore time carry on looking you will find a property that suits your needs

operationdinnerout

Sat May 6, 2017 11:37am

Posts: 157

Location: Beniarbeig

52 helpful posts

I can understand why Peter said move on, however the previous poster is likely correct. If a bank is owed a certain amount they won't accept any offers that leave them out of pocket. I've bought 2 repossessions (no minefield actually) made offers below asking price on both, refused both times and ended offering the full price both times. Happy with purchases both times.

If you love the property Janet and can meet the asking price, don't be put off. Just because a repossessed property has been unsold for 4 years doesn't necessarily make it a dud. However, if you proceed with it make sure you use an independent solicitor that has been recommended to you and get a survey done as well. Allow 12% on top of the purchase price as your budget for fees and taxes.

Happy hunting, Steve

Janet55

Janet55

Original Poster

Sat May 6, 2017 2:10pm

Posts: 15

Location: La Marina

Thank you for your advice Steve I asked the agent about a survey and his reply was he'd never been asked about a survey and that they don't do them in Spain. Properties are built different than the UK. Spanish property 

operationdinnerout

Sat May 6, 2017 2:23pm

Posts: 157

Location: Beniarbeig

52 helpful posts

Hi,

it's in the agents interest that you won't have a survey, so they would say that I think. I didn't have a survey done on either of mine, but if I was repeating the process I would have had one done on the first one at the very least as it was quite an old build.

Hopefully someone else will come on and offer further opinion on this. I do know there is a UK guy who advertises this service in the Costa Blanca News by the way. No idea if he's recommended, but it does show there is at least a market for surveys!

Best regards, Steve

271935

Sat May 6, 2017 2:32pm

Posts: 106

Location: Villamartin

61 helpful posts

Two rules with agents....

Don't trust anything they say

Don't give them a penny

I am in a 3 bed semi and never bothered with a survey I was paying cash so had no bank imposing it on me.

I walked around the property and looked at others for tell tale signs of failure/damage and this satisfied me. I have an engineering background as well. If I was buying a bigger more expensive property I may get a a survey

John56

Sat May 6, 2017 4:08pm

Posts: 165

Location: La Zenia

60 helpful posts

Janet55 wrote:

Hello all 

I am looking for advice on a property purchase .my husband and I are in Torrevieja looking at property and seen a repossession we like .We spoke with the neighbours which informed us this property has been empty for 4yrs .We have put an offer in with the agent .who after 40 minutes rang and told us it had been declined .and the Bank would not accept anything less than 3000 € of the asking price .Forgive me for being untrusting. Has any one got any information regarding this matter that could assist us .We are returning to the UK today.

No matter how wonderful agents appear to be don't believe all that they say and never hand them your money. Using an independent solicitor any financial matters should be handled separate from dealing with the agent.

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