How do I access cheap Bank Repossesions

ukbossman · March 23, 2013, 09:11:29 AM

We are looking into investing in a 2 bed property in the Caleta area - I know that the banks are "sitting" on a lot of repossesions - Are there lists ? Do they get agents to market them - any help would be appreciated

pamthomas · March 23, 2013, 10:30:44 AM

Try fotocasa.es

NorthernLights53 · March 23, 2013, 10:51:40 AM

We got ours from GoldAcre Estates, very friendly, very professional. +34 928 53 50 44 or info@goldacre-estates.com

They are based in Corralejo, with an office in Caletta.

Don't believe anybody who tells you that you don't need a lawyer (as one outfit told us) - you do!!

thomo · March 23, 2013, 10:55:39 AM

try here http://www.solviaproperties.com/campanyas/Imposible_no_comprar/148/p1-10.html?gclid=CL23zMfUkrYCFYbHtAodKR0Akw
or go into the Sol Bank and ask the girls they have a list of their local properties that are for sale

cllrcollins · March 23, 2013, 11:11:25 AM

Anybody fancy a 2 bed property in Costa Golf 1 ? Going for €33K !!! They'll be giving them away free next

http://www.solviaproperties.com/Apartment-a-Bank-property-in-Antigua-2-bedrooms/24582_15/house_30499.html

Brightspark · March 25, 2013, 10:06:21 AM

Quote from: cllrcollins on March 23, 2013, 11:11:25 AM
Anybody fancy a 2 bed property in Costa Golf 1 ? Going for €33K !!! They'll be giving them away free next

http://www.solviaproperties.com/Apartment-a-Bank-property-in-Antigua-2-bedrooms/24582_15/house_30499.html

There's a downstairs one on Costa Golf 1 going for 30K also
Shame about that complex, if it wasn't for 2 hitler style fat Spaniards who live their the complex would be very nice

Spike On Q · March 25, 2013, 21:10:48 PM

Get a lawyer - full stop [best he speaks English[ and don't forget the management fees that may go up over time! Don't forget you can't let it as a holiday let and also that the Spanish / Canarian authorities are not as stupid as you think they are - so stick to the rules otherwise it will all end in tears

Santander have loads, Bankia too

woe10 · March 25, 2013, 22:06:44 PM

Quote from: Spike On Q on March 25, 2013, 21:10:48 PM
Get a lawyer - full stop [best he speaks English[ and don't forget the management fees that may go up over time! Don't forget you can't let it as a holiday let and also that the Spanish / Canarian authorities are not as stupid as you think they are - so stick to the rules otherwise it will all end in tears

It's amazing how many people I've spoken to don't know about this, or think they can just get away with it.

djk99 · March 26, 2013, 02:12:20 AM

Quote from: woe10 on March 25, 2013, 22:06:44 PM
Quote from: Spike On Q on March 25, 2013, 21:10:48 PM
Get a lawyer - full stop [best he speaks English[ and don't forget the management fees that may go up over time! Don't forget you can't let it as a holiday let and also that the Spanish / Canarian authorities are not as stupid as you think they are - so stick to the rules otherwise it will all end in tears

It's amazing how many people I've spoken to don't know about this, or think they can just get away with it.

There ARE people getting away with it........100's of them !! I know lots of people who have had their wallets felt by the traffic police....I've yet to meet anyone who has been fined for this - or will admit to it if they have. Obviously both rules are active, but , it would seem speeding is much more enforceable. There again, I'm sure the defense that your 'Friends & Family' asked you to drive fast wouldn't wash !!

yorkiecouple · March 27, 2013, 11:40:01 AM

If I could offer some advice, don't buy a bank repossession yet, the reason the banks are not eager to sell yet and therefore don't offer good enough discounts to warrant the hassle . We bought from Bankia last September, they showed no interest in selling the property and it was us who did all the chasing to buy, they wouldn't discount it under the market value but because we wanted that particular house we bought it. Dispite everyone says that the house would be debt free when we bought it, when we when to the notary guess what the bank says they won't honor their debts. We agreed to pay the electric/ water bills and the bank would cover the community charges, where are we today now fighting Bankia to again honor their debt. Wait until they need to sell their properties and then you might get a cheap house as well as reasonable behaviour from the banks.
Have a look at this on youtube " 100 tips for moving to spain number 58 bank repossessions" sorry didn't know how to share the link, we feel its so true.

fifi · March 27, 2013, 12:11:27 PM

100 Tips For Moving To Spain Number 58 Bank Repossession Properties

fifi · March 27, 2013, 12:24:52 PM

I agree with a lot of what is said in your video Yorkie couple.

Properties can go back to the Banks in three different ways. Only one involves a repossession order and the courts. They can also be handed back through a mutual agreement . This is called a Dacion en Pago. There are two different types of Dacions. One is where the Bank value the property, and decide to take it back with nothing at all owing by the owner therefore avoiding the expense of going to court. The property is then added to the Banks housing division and is put on the market for the amount owing on the mortgage. Once this is done the original owner is free of any debt to the Bank regardless of what the property sells for.

The other type of Dacion which can be offered is where the Bank value the property, agree to take it back and put it in their housing division for a set period of time and try to sell it for the amount owing again without a repossession order in the courts. With this type of Dacion however, if the property does not sell within the time agreed it is THEN discounted further and the owner is left owing the remainder to the Bank. I am guessing that your property involved this type of a Dacion and that is why the Bank are refusing to pay the extra charges.

There was a problem with the Banks, Developers and Estate Agents because the Banks were being brought potential customers by them and the Banks were refusing to grant mortgages, only to offer a similar property from their own housing stock complete with special incentive mortgage to the client. There was uproar over this and it was seen as unfair competition.

It pays to shop around (in particular if you are not dependant on a Spanish mortgage)

NorthernLights53 · March 29, 2013, 19:34:57 PM

Quote from: yorkiecouple on March 27, 2013, 11:40:01 AM
If I could offer some advice, don't buy a bank repossession yet, the reason the banks are not eager to sell yet and therefore don't offer good enough discounts to warrant the hassle .

Sounds like you were unlucky - we've just bought a bank repo at less than half of the original market price. The complex was built (but not finished) as a speculative build, which the builder could not sell when the bottom fell out of the market. The bank have done it up (although the apartments only have a bathroom fitted - nothing else), & put it on the market. When we visited it, people were queing up to be shown around, and the majority of the apartments sold very quickly.

Sorry to hear that you have had a bad experience, but it shouldn't put everybody off going after a bank repo - there are some bargains to be had at the moment.

wawaw · March 30, 2013, 10:08:12 AM

well put northern lights dither too much you miss the best properties and next thing you know you 've missed the boat

SheilaW · March 30, 2013, 13:04:54 PM

Quote from: djk99 on March 26, 2013, 02:12:20 AM
There ARE people getting away with it........100's of them !! I know lots of people who have had their wallets felt by the traffic police....I've yet to meet anyone who has been fined for this - or will admit to it if they have. Obviously both rules are active, but , it would seem speeding is much more enforceable.

That's a case of "famous last words" if ever I heard one. Try telling that to the many families with properties on Tenerife who are now on average 18,000€ worse off. A bit different from a speeding fine. Tenerife is being used to test the water, and as we all know it's creating big waves. If letting is still illegal when final decisions are made, they'll come down like a ton of bricks.

thomo · March 30, 2013, 13:39:09 PM

The inspectors are now starting on the Eastern lsles Lanzarote and Fuerteventura so expect the worst. also a point to remember if your buying a property make sure it has not been let out for holiday lets and been advertised on the web as that could cause a problem when the inspectors call with a printout of the web site.

Surfista · March 31, 2013, 05:49:53 AM

And don't forget that there still are some companies in Fuerte stating that the property will have a good holiday rental potential!

Ivemovedon · March 31, 2013, 10:23:49 AM

Not checked estate agents lately. So the authorities are still fining people and at the same time making no effort to prevent mis selling either ?.Looks like they are in a win win situation,... let them buy under the misapprehension it is a rental gold mine, then shaft the poor buggers when they do try to make it a decent investment. They really are a bunch of thieving scoundrels.

Spike On Q · March 31, 2013, 12:57:47 PM

Who are the crooks? The estate agents or the authorities?

Any good local lawyer will explain the rental laws to you when you consult them prior to buying the property. You've just got to ask the question and then decide whether you are prepared to risk €18k and upwards for the fine if you get caught [review my note about being denounced]

- do they still do "searches" in the UK to make sure all is in order before you buy, please use the "Buyer Beware" principle before parting with any money here as you would back home

Finally we bought our house for half the original market value from Banco Santander two years ago - it's perfect

Ivemovedon · March 31, 2013, 13:16:33 PM

A good local lawyer has obviously been in short supply over the last decade or two considering the number of people who appear to have been unaware of the rental laws and appropriate license required for the properties they purchased. The crooks are anyone who has failed to provide the correct legal information to prospective investors let alone giving the WRONG information. Lawyers, touristic department, local authorities,estate agents... who cares. Someone is responsible are they not?.

thomo · March 31, 2013, 16:32:19 PM

There are a lot of people still advertising on the web although they are illegal and a lot of them know it, they are asking for trouble i can´t understand their reasoning, maybe they are listening to the guy in the bar, or so called managers who are making money out of them while they are breaking the law. Over the last 18 months there have been enough warnings about this.

,

Ivemovedon · March 31, 2013, 17:32:16 PM

yes mate but all a bit late for those that bought and have a mortgage to pay. Easy to sit in judgement. Play by the law and default on the mortgage or take your chance renting. Not a great choice is it,

kata · March 31, 2013, 19:32:49 PM

Hi ukbossman. Don't be to caught up with repossessions or auctions. There are lots of good buys on the island without taking any risks. As long as you are happy with where you are buying, what you are paying, can afford to buy without renting it out and your not buying to flip or make money on capital growth for the next ten years?

Then crack on. We bought a 3 bed on the golf last year for half what other unlucky people did a few years earlier. Use a recommended solicitor, speak to owners in the area your going to buy and take as much advice as you can before making a decision. Your investing in your quality of life, not to make money. I hope that this reads ok and helpfull....

Blueboy7 · March 31, 2013, 21:06:39 PM

In my experience with purchasing property on the Island, people kept saying "Its the Spanish Way", translated it means "Pass the Buck as Quickly as Possible especially to the mug Brit Punter". Looking back, I was very naive as were a lot of Brit punters ten years ago, all my lessons were learned the hard way which cost me money, but I do not regret a minute of purchasing my property, for the quality of life it has given me compared to the UK it has been worth every penny. My advice to anyone considering purchasing, do it now, bargains galore without going through the banks, but don't take anything at face value, NOTHING. The good thing about purchasing now is a majority of the properties have had all of the hard work carried out and are fully furnished, it was not like that even up to four or five years ago, mine was new, but an empty shell. L

Deso · March 31, 2013, 21:13:39 PM

Quote from: kata on March 31, 2013, 19:32:49 PM
Hi ukbossman. Don't be to caught up with repossessions or auctions. There are lots of good buys on the island without taking any risks. As long as you are happy with where you are buying, what you are paying, can afford to buy without renting it out and your not buying to flip or make money on capital growth for the next ten years? Then crack on. We bought a 3 bed on the golf last year for half what other unlucky people did a few years earlier. Use a recommended solicitor, speak to owners in the area your going to buy and take as much advice as you can before making a decision. Your investing in your quality of life, not to make money. I hope that this reads ok and helpfull....

Hear hear

fuertesol · April 01, 2013, 22:49:07 PM

Thomo can you tell us all where you get your information from 'the inspectors are now starting on the eastern isles'. Is this hearsay or have you read it somewhere as it is easy to start unnecessary scaremongering? Do you have facts and information of what has actually happened on the western isles?

We await your reply with baited breath!

thomo · April 02, 2013, 06:40:39 AM

read all of the info on this blog http://www.janetanscombe.com/news/illegal-holiday-let-inspections-and-fines-situation-continued.html and then get your head out of your opening at the lower end of the alimentary canal through which solid waste is eliminated from the body

Ivemovedon · April 02, 2013, 08:26:43 AM

Read it...From what i saw it said fines have been imposed on all islands already, not they are now specifically targeting the eastern isles.

Apart from the fact the blog was dated well over 3 months ago, it still seemed to me from the content that its not all done and dusted by any means and the defence lawyers may well get a result regarding already processed fines and changing the rental laws. Its all to play for by the looks of it.

Eve so what happens if you dont happen to have a spare 30,000 to pay a fine. Sell the property?. Can't even sell at give away prices these days so no joy there. I'd be interested to know if any money has actually changed hands as yet. You'd be daft to pay anything before its all resolved anyway as your chances of getting a refund if it went well are about as good as a Cypriot keeping his savings. I'm not saying its all going to turn out well but there is still light at the end of the tunnel.

And its not head up arses thomo, i'm pretty sure everyones well aware of whats going on by now. When you post though give us the positives from the blog not just the negative scaremongering headline. Much appreciated.

Ivemovedon · April 02, 2013, 09:56:46 AM

I also beleive tha fifi had a point. Denuncias taken out by neighbours who have issues with rentals are more likely to be the cause of most prosecutions, not inspectors.

ukbossman · April 07, 2013, 10:58:41 AM

Thanks for all your valid advice - I have been a property owner on the island since 2003 on the golf course at Caleta and before that 20 yrs in mainland Spain. Unfortunately we sold last week for 50% of what we paid in 2003 and the only saving grace is the exchange rate. We are looking to buy cash and will not be letting it out and we are not investing for returns just quality of life. I ve had BBVA in the courts on many occasions ( and lost all of them !!! ) and still have two cases in the courts at the moment. It saddens me the way our beautiful island is heading - We will be retiring there and hopefully it will still be the paradise I discovered in 1998 as a pro windsurfer while we are still alive. The short sightedness of the authorities and crooked locals never ceases to amaze me as they are killing the outside investment potential.

We intend to come out for a month and look at everything available but are downsizing considerably so that we can be mortgage free - I ll let you know how we get on but am in no hurry - THANKS AGAIN