Bank repossession in Spain: The purchase of a bank repossession in Spain is different from a normal purchase procedure or the purchase of a new construction project. Just as buying new construction is not for everyone, so is buying a bank repossession in Spain. Think before you start, but don’t worry, we will make sure that everything runs smoothly and that you have the key to the purchased property in no time. Be sure to contact us regarding the possible purchase of a bank repossession in Spain.
Bank repossession in Spain
Bank repossession in Spain: caution!
We have already made allusions to the fact that buying a bank repossession in Spain does not follow the same rules and procedure as a normal purchase. Below we will go deeper into the procedure and explain various matters.
It is important to know that buying a bank repossession in Spain is usually cheaper than the normal market value, but you will also (often) be faced with unpleasant surprises and will have additional costs. After all, the bank confiscated the property at the time. And done nothing with it. There is therefore a good chance that there will be no more electricity, the same for the water supply. This is not arranged in a day and will take several weeks and also involve additional costs. Maybe they are not that bad, but this can also cost hundreds or even more euros if documents are missing and/or the installation is not compliant. Keep this in mind, don’t buy bank repossessions if you don’t have a little financial margin. We speak with a “bank” not with a physical person and so you will buy what you see. No more, no less and you will have no rights regarding hidden defects, “I didn’t know that…”, etc.
Buying a bank repossession can therefore be very advantageous, but can also entail extra (hidden) costs, keep this in mind!
You buy a bank repossession in Spain through the Spanish bank, right?
It makes no sense to ask a Spanish bank what they have for sale. They will refer you to a subsidiary that looks after the sale of the bank repossessions and has a separate website for this on which the adjustments are made on a daily basis. What makes it even more complicated is that you cannot speak or negotiate directly with those people/bank/subsidiary. You need an extra intermediary: a broker approved by the bank who is allowed to sell the bank repossessions.
Below is an overview of useful links to the websites where you will find bank repossessions and with which we can guide you through the purchase without any problems:
A “normal” broker, like there are thousands in Spain, cannot sell you a bank repossession. After all, he must be appointed by the relevant bank(s) in order to be allowed to sell the bank repossessions. In other words, if you find real estate that interests you on one of the websites of the banks’ subsidiaries, you have two options:
- fill out the form on that website and you will be assigned a broker by the bank within a few days;
- or send us the link of the property you wish to view/in which you are interested and we will put you in touch with a broker approved by the bank who will arrange everything for you and work with us to ensure that everything runs smoothly. The advantage of this is that we know these broker(s) and they know us, as well as our working method and that everything will go much faster and smoother.
You do not have to pay the broker, he receives a commission from the bank when the property is sold.