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Hi all,
Does anyone have any experiences, good or bad, of buying a bank repossessed property? Prices seem good compared to a traditional resale but I'm curious (maybe nervous) of any pitfalls (e.g. outstanding bills etc).
Any help or info gratefully accepted.
Kind regards
Paul
Posted: Sun Jul 23, 2023 11:46pm
Very helpful member
It can be a long tedious process. Banks will to know where your cash comes from a paper trail to your local Bank. You will have to pay to get water and electricity reconnect. Not much movement with Asking price. Some Apartment will need immediate work. Some have Kitchen removed
Posted: Mon Jul 24, 2023 1:33am
Legendary helpful member
PaulAmanda wrote on Sun Jul 23, 2023 7:51pm:
Hi all,
Does anyone have any experiences, good or bad, of buying a bank repossessed property? Prices seem good compared to a traditional resale but I'm curious (maybe nervous) of any pitfalls (e.g. outstanding bills etc).
Read more...
Any help or info gratefully accepted.
Kind regards
Paul
I bought one 7 years ago. It was sold by Solvia, the estate agent branch of Sabadell. It was marketed by an estate agent.
The process itself was pretty simple but it was a new block repossessed in 2012 and getting the utilities connected was a bit of a headache although I got there in the end with a very helpful solicitor. The problem turned out to be a wiring confusion at the electricity meter room rather than unwillingness or laziness.
Buying the right repo in the right place can turn out to be a very good investment, you just need to know if it's the right place! Two bedroom apartments in that block bought for 48.000 in 2017 are now selling for 90.000. So check the market value of similar properties in the block against your asking price
Always use an Abogado and not the one recommended by the estate agent, ideally one recommended to you personally.
Steve
You need to be aware of cadastral values.
Buy below that and you can get a shock, sometimes years down the line, when a tax bill based on the difference lands on the mat.
Posted: Sun Jul 30, 2023 6:17pm
Thanks for the replies. Very informative and useful for us to consider.
Kind regards
Paul
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