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Normaly the bank pay all outstanding charges but you would need to check at the time of auction, when you say the bank are applying to repo! this can take years in Spain! it is quicker if the people handed the keys back but if not depending how far down the line it is it may be some time!
Good luck
We have just purchased a repossession by sealed bid auction. The contract from the bank when we paid the deposit stated (with English translation, but we had the Spanish version checked) that the property was sold with no debts owing to the purchaser. The property had been empty for three years and it does seem a long process so you could be in for a wait!
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Posted: Sun May 21, 2017 12:55pm
Ada wrote on Sat May 20, 2017 2:17pm:
Normaly the bank pay all outstanding charges but you would need to check at the time of auction, when you say the bank are applying to repo! this can take years in Spain! it is quicker if the people handed the keys back but if not depending how far down the line it is it may be some time!
Good luck
Thank you all for your help. Really do not know how far this has to go before we can make an offer. The bank said they would call me and make an appointment to view when they have the legal side complete. It has been empty for some time and I think one year the owners just did not come back. I know money is owed to the community. Not been inside so do not know what sort of condition it is in.
Thank you again. Any help or information we are able to get will help us
Susan
Posted: Sun May 21, 2017 12:58pm
Andrew65 wrote on Sat May 20, 2017 7:53pm:
We have just purchased a repossession by sealed bid auction. The contract from the bank when we paid the deposit stated (with English translation, but we had the Spanish version checked) that the property was sold with no debts owing to the purchaser. The property had been empty for three y...
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...ears and it does seem a long process so you could be in for a wait!
Thank you Andrew.
How did you come to buy your place? Was it directly from the bank and how did you place your bid. Was it a very long process?
Your help is very much appreciated.
We first had to register to be able to bid, this had to be done in less than a week after we first saw the property advertised and required a refundable €500 deposit, I guess this puts a lot of people off.
The actual auction was about ten days later when the sealed bids were opened, and then a 10% deposit minus the €500 along with signed contract was required within five working days, we are now waiting to complete but it has only been two weeks since the auction.
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