Top Tips to Buy a Bank Repossessed Property in Spain

Top Tips

If you are serious about buy a bank repossession then please consider the following to avoid disappointment.

Tip 1. Be Prepared to Act Fast.

All the good repossessed properties in Spain generally sell quickly so you should do your homework on the various areas that interest you beforehand and be prepared to act quickly. The good news is that there is still a lot of repossessions available that are coming onto the market daily, in fact many of the repossessions you see on the various Bank websites websites were repossessed up to 3 years ago but have only come on to the market now because of on going court proceedings and obtaining the necessary clearance permits.

With this in mind you should be prepared to act fast should you see a property you like, if you don’t act fast then you can bet your bottom dollar someone else will.

Tip 2. Register in Advance.

Make sure you register with the Banks beforehand and sign up for their email alerts on the areas that interest you. Registration is an easy process and once you have this in place viewings can be arranged quickly.

Tip 3. Property Information & Viewing

The very nature of bank repossessed property means that information available can be limited, put it this way there are no glossy estate agent brochures here. But do make sure to ask the Bank if they have any other photos as some Banks will only display 2 or 3 on the website.

With this in mind the best way forward with a distressed property is to view it as soon as possible, We cannot stress this enough because by the time you ask various questions where the answers may not be readily available it all costs valuable time and someone has probably stepped in before you, we have seen this scenario many times with repossessed property, remember procrastination is the thief of time!

Good Luck