Bank Repossessions - Elite Properties Spain specialices on all types of Properties on the Costa del Sol, dealing with tight budget properties up to luxury and exclusive properties for sale or rent.

Bank Repossessions:

It is a sad fact that in times of economic downturn many homeowners find themselves in a position whereby they cannot keep up with mortgage repayments and the financial institutions have to reluctantly step in when arrears start to mount up. On the flip side, every cloud has a silver lining and with the right knowledge and contacts, embargoed properties or those pending future repossession can be purchased for a fraction of the current value by savvy and fast reacting clients. In the case of repossessions, the bank or caja, which is owed money on a property has taken over ownership and is now selling the property as the owner. Once again, true bargains may become available however it is important to seek local expert advice, carry out extensive due diligence and to inspect the property prior to making any formal offer. Subject to current strict lending criteria, subrogation financing is available as the loan is already in place with the financial institution. In short, repossessions are bureaucratically cumbersome and in many cases the cream of the crop, stays within the banking community. In times of market downturn, there is much hype about very cheap property becoming available through the banks however buyers expectations should remain on the cautious side of picking up a property for next to nothing. Indeed, with so much hype about potential repossessed properties all over the internet, bargain hunters should be aware that in many instances the published lists that are available to view are normally many months out of date and the so called bargains are no longer available.

Pre-Repos:

The vast majority of repossessions that are offered to the IP Partnership can be categorised as "Pre-Repos". The situation where banks offer to match the current property owner with a buyer before foreclosure occurs. In practice, this is the best and most financially attractive method of acquiring a property in this manner. If you are seeking a quality Spanish repossessed property at the best price available contact the IP Partnership today with your requirements and we will offer you a tailored and professional service to source the right property at the lowest price possible.

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