Bank Repossessions in Marbella How to find them!
Looking for something good to buy? How do you find your way through the 1000s of website and endless offers from banks, even for us professionals its difficult!
Here is where we can step in and save you huge amounts of time! LOCAL KNOWLEDGE! On any list of property I can identify in a few minutes what is worth even looking at. Many of them are overvalued and not worth in the current market what the bank wants to have for them. If they already in the hands of the banks, they will be trying to clear as much of the debt as possible, plus the costs which they have incurred to get the properties back.
The banks have to pay the legal costs, and then they must make a notary transfer of the property like anyone else and PAY the transmission taxes.
On top of that they loaned the money most likely around 2003 to 2007 at the height of the market and with very high valuations of the properties. Now the valuations are coming in at aprox. 50% of that!
In other words NO chance of recovering the debts, it has taken ages for the banks to wake up to that fact! Only now with Spain in the eye of the hurricane and the Central Bank telling the banks in no uncertain terms to wipe 50% off their balance books are they listening to reason.
We work with several banks and also are appointed agents for UK Liquidators and accountants. Many agents profess to have close relationships with banks! Difficult as they are institutions and trying to reach the person who makes the decisions is not easy. However we have good contacts built up over 20 years in the business and we are selling for banks regularly. I assess the actual market value for them and advise on pricing, which works for all of us, we get a property that is up for grabs at good price and the bank gets one more off their books quickly.
In the case of our last three sales all the properties were bought at knock down prices by Scandinavians buyer who had the cash, but the banks then offered very good finance deals on the properties.
If you are looking for a good buy, and are a serious purchaser, we can help you to find what you are looking for in the best locations. Or at least guide you on what is reasonable as sometimes we are asked for the impossible. Check out our latest list of repossessions.