Repossession Property

You might find the contents of this link interesting:

https://www.solicitorsinspain.com/articles/buying-bank-repossessed-property-spain

Very  helpful 👌 

Thanks  for  taking  time to reply 

My husband and I bought a bank repossession in 2020.  It was completely empty with no furniture or water or electric meters.  The house was in good condition and the purchase became a bit like bidding on ebay, as the bid went in and you had to wait 24 hours to see if anyone else bid.  If they did, it was another 24 hours to wait.  However, our final bid secured the house.  Then the fun started.  The bank wanted to know everything.  Where had our funds to buy the house come from, our identities etc.  We had sold a house in the UK so they wanted proof that the house we had sold was ours to sell in the first place, so a copy of the title deeds sorted that.  It took about 2 months for the sale to go through and we got there in the end.  We had a good solicitor who made sure the meters were reconnected and I think to do that was about 240 euros for electric and similar cost for water.  We got the house for a good price and the process wouldn't put me off doing it again.  Once we had secured the bid, the normal process if paying deposit etc followed.

Thanks  for   some  interesting   information,   sounds  a  bit  time  consuming  and a  lot of  Paper work 

Hope  your  new  life is going well  for  you  both, 

You will find that many aspects of life in Spain require lots of documentation to complete. Much of it is simple to do, but it is a little frustrating  tomewise.

Once you stop comparing the process in Spain with the same process in your home country, things become less stressful. You cannot change theSpanish systems, so embrace them (although at times its bloody difficult to do so).

Good  honest  advice  ,  just  live  with it

Thanks for replying 🙂 

About 10 years ago when prices were crazily low, we went for a couple of repossessd places with Solvia and were kicked back, with Spanish buyers getting preference. We know that we were the first to make the required offers too thanks to a friend in the bank. On the first after a lot of contacts we were finally offered a similar ground floor flat which we refused. In the second instance we were kept in the dark for over a month and then informed that it had been sold.

Good luck if you can get one.

Mike

You have to be very careful that the price reflects similar properties in the area. I know the law has changed a small bit in the buyers favour but the tax man/Hacienda has up to 4 years to send you a bill for the extra tax on the price they say the property was worth. You can appeal it but that's more paperwork and no guarantee of successfully challenging the bill.

Bee

I think it is the Catastal value if I remember correctly. Providing the price paid is higher than that the Hacienda has no problems.

At least that was what we were told when we bought a couple of times. Back around 2012 when prices hit rock bottom this could be a problem especially with repossession sales.

In Italy there has been an ongoing attempt to repopulate remote villages etc. Town halls were selling properties for 1 euro, and in fact still are in a lot of areas. However in many cases the taxman has come back later asking for the transfer taxes etc on their catastale value of maybe 30K euros etc.

Mike