How to Buy Bank Property in Spain
5 May 2012
: The credit crisis of 2008 led to the banks in Spain
having to repossess a large stock of property from developers. The Polaris World resorts on which we operate in Murcia
were subject to a few thousand repossessions in total. But unlike many areas and developments in Spain the Polaris World resorts were completed, including facilities, bars, restaurants within the town centres and full 18 hole golf courses. The properties handed back to the banks on six Polaris World resorts in Murcia, Spain were brand new, finished homes.
These were ideal second homes for overseas buyers. The banks had to sell quickly and slashed the prices offering many properties at 50% or even 60% discount. High mortgages were offfered to overseas buyers from the UK and elsewhere in Europe. This region has seen a mini sales property boom in the last year as buyers moved in to take advantage of the bargains on offer.
Today bank repossessions on two of the resorts have sold out and two others are more than half sold. These properties have been incredibly popular in the last two years since the banks have offered them for sale at these reduced prices, but buyers will need to act soon to take advantage of the best opportunities remaining.
Villa Cashback is one of the largest international sellers of bank property in Spain
. All our buyers are from outside of Spain. Most are UK based. We have several years experience of dealing with a number of Spanish banks and we are well positioned to advise prospective buyers on the opportunities available.
The process of buying from a Spanish bank is straightforward with our help. Mortgage applications are processed in a similar way to the UK. The banks require proof of income, a good credit report and evidence of the ability to pay. If these elements are in place then the banks we deal with are happy to lend 90%, sometimes up to 100% on the properties they own. Of course cash buyers can also benefit from the superb prices on offer as it is not necessary to take out a mortgage and the timescale for completing a sale in these circumstances can be as little as one month as opposed to two to three months with a mortgage.
If you are interested in discussing further the Spanish bank properties
we have to offer please feel free to contact our UK office on +44 (0) 208 429 7115 and speak to one of our advisors.
on how the government bailed out the banks in Spain and how you can now benefit from the race to sell these properties at massively reduced prices.