Purchasing repossesions from Banks – Canary Islands

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This topic contains 18 replies, has 7 voices, and was last updated by Profile photo of Anonymous Anonymous 7 years, 10 months ago.

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  • #54671
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Peeps

    Seem to be a lot of clued up investors on this board so was wondering could you help with some advise please.

    Has anyone had any dealings with spanish banks regarding repossesed property? How easy is it to get in contact with them to get a list of bank owned property?

    I am looking at Furteventura in particular. Any feedback or past experiences would be greatly appreciate. I should imagine they would snap your hand off for a property thats been empty for a long period of time.

    Any advise on how to get my hands on them or any useful website or names of banks would be greatly appreciated.

  • #89390
    Profile photo of Anonymous
    Anonymous
    Participant

    I doubt you´ll get much if any help on here (As the lack of responses you have had thus far bear witness to).

    Having followed this forum closely for the past couple of months it is apparent that the vast majority of regular posters here fall loosely into three categories:

    – Those that currently own property in Spain.
    – Those that have tried buying and had a bad experience.
    – Those that have a professional interest in the Spanish property market.

    None of those groups have any interest in encouraging distressed sales.

    You could do a lot worse than purchase Mark Wilkin´s online book – http://www.distressedpropertyhandbook.com/ – even that has its limitations. It talks about buying from banks but not how or where to approach them.

    In the end you are going to have to do the legwork yourself.

  • #89590
    Profile photo of Anonymous
    Anonymous
    Participant

    I doubt you´ll get much if any help on here (As the lack of responses you have had thus far bear witness to).

    Having followed this forum closely for the past couple of months it is apparent that the vast majority of regular posters here fall loosely into three categories:

    – Those that currently own property in Spain.
    – Those that have tried buying and had a bad experience.
    – Those that have a professional interest in the Spanish property market.

    None of those groups have any interest in encouraging distressed sales.

    You could do a lot worse than purchase Mark Wilkin´s online book – http://www.distressedpropertyhandbook.com/ – even that has its limitations. It talks about buying from banks but not how or where to approach them.

    In the end you are going to have to do the legwork yourself.

  • #89392
    Profile photo of Anonymous
    Anonymous
    Participant

    brainc_li, is correct. I wont even waste my time & energy. These properties gets sold by insiders, in most cases the manager/person responsible getting a nice brown envelope for supplying the lead/ information,

    Why do you think the repossession industry has not taken over or even gearing up for the 800,000 unsold/ part finished units.

  • #89592
    Profile photo of Anonymous
    Anonymous
    Participant

    brainc_li, is correct. I wont even waste my time & energy. These properties gets sold by insiders, in most cases the manager/person responsible getting a nice brown envelope for supplying the lead/ information,

    Why do you think the repossession industry has not taken over or even gearing up for the 800,000 unsold/ part finished units.

  • #89395
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    don’t waste your time.

    Banks will not sell the property at a loss. Going by the last property crash, the banks would rather hold onto repossessed properties and set up a management company to rent them out until the market turns around.
    Have a look on google, you will not find anything particularly interesting.

    you’ll find enough sites that claim to have them, but no real interesting prices. you’ll probably find cheaper on a general search.

  • #89595
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    don’t waste your time.

    Banks will not sell the property at a loss. Going by the last property crash, the banks would rather hold onto repossessed properties and set up a management company to rent them out until the market turns around.
    Have a look on google, you will not find anything particularly interesting.

    you’ll find enough sites that claim to have them, but no real interesting prices. you’ll probably find cheaper on a general search.

  • #89397
    Profile photo of Inez
    Inez
    Participant

    The lists I used to get sent by the bank for me to pass to my clients were always at prices higher that I get them from distressed owners direct, which is what I specialize in.

    I dont get properties in Lanzarote, or rarely anyway.

    Good luck

  • #89597
    Profile photo of Inez
    Inez
    Participant

    The lists I used to get sent by the bank for me to pass to my clients were always at prices higher that I get them from distressed owners direct, which is what I specialize in.

    I dont get properties in Lanzarote, or rarely anyway.

    Good luck

  • #89399
    Profile photo of Anonymous
    Anonymous
    Participant

    Inez, the list that you mention with high prices was apart from the Bank trying to get a higher price, was it designed to show to the relevant bodies, departments that they the Bank had tried to sell it through normal channels and had not been successful in doing so.

  • #89599
    Profile photo of Anonymous
    Anonymous
    Participant

    Inez, the list that you mention with high prices was apart from the Bank trying to get a higher price, was it designed to show to the relevant bodies, departments that they the Bank had tried to sell it through normal channels and had not been successful in doing so.

  • #89600
    Profile photo of Anonymous
    Anonymous
    Participant

    I read somewhere today that the Banco Santander is opening a real estae office which will sell – exclusively – properties which it has inherited, foreclosed on etc.
    In the last crisis – banks would be prepared to sell properties for the balance on foreclosed mortgages. Off the record chat with the manager sort of thing… Banks appear to have these properties on their books at a certain value which they won’t discount, but will sell off if they can.
    If this is the case – I would expect the local worthies to have been through the list beforehand..

  • #89400
    Profile photo of Anonymous
    Anonymous
    Participant

    I read somewhere today that the Banco Santander is opening a real estae office which will sell – exclusively – properties which it has inherited, foreclosed on etc.
    In the last crisis – banks would be prepared to sell properties for the balance on foreclosed mortgages. Off the record chat with the manager sort of thing… Banks appear to have these properties on their books at a certain value which they won’t discount, but will sell off if they can.
    If this is the case – I would expect the local worthies to have been through the list beforehand..

  • #89607
    Profile photo of Inez
    Inez
    Participant

    This is what I have had ion the past, but for them to clear the account, the mortgage, arears, costs the massive interest they charge on default (around 28/29%) and anything else they think of gets added on. Then add outstanding community fees, ibi and again anythign else relevant and the price becomes stupid.

    I dont accept them anymore although they want me to try and sell them!!

    Im sure in time they will drop the odd ones, but anything decent goes inhouse!

  • #89407
    Profile photo of Inez
    Inez
    Participant

    This is what I have had ion the past, but for them to clear the account, the mortgage, arears, costs the massive interest they charge on default (around 28/29%) and anything else they think of gets added on. Then add outstanding community fees, ibi and again anythign else relevant and the price becomes stupid.

    I dont accept them anymore although they want me to try and sell them!!

    Im sure in time they will drop the odd ones, but anything decent goes inhouse!

  • #89608
    Profile photo of katy
    katy
    Spectator

    Marbella courts are auctioning properties every month, there have been no buyers. The banks are still in cuckoo land on prices. Real bargains don’t get advertised (especially to foreigners). All snapped up by Bank workers, Lawyers and their friends and family, anyone who is enchufed! My Gardener has a fantastic villa, views, large garden, bought in the last recession.

  • #89408
    Profile photo of katy
    katy
    Spectator

    Marbella courts are auctioning properties every month, there have been no buyers. The banks are still in cuckoo land on prices. Real bargains don’t get advertised (especially to foreigners). All snapped up by Bank workers, Lawyers and their friends and family, anyone who is enchufed! My Gardener has a fantastic villa, views, large garden, bought in the last recession.

  • #89673
    Profile photo of Anonymous
    Anonymous
    Participant
    shakeel wrote:
    brainc_li, is correct. I wont even waste my time & energy. These properties gets sold by insiders, in most cases the manager/person responsible getting a nice brown envelope for supplying the lead/ information,

    Why do you think the repossession industry has not taken over or even gearing up for the 800,000 unsold/ part finished units.

    Thanks for all your helpful answers folks. Shakeel, im a little unclear. Do you mean the banks grease the palm of the manager, for providing them with a contact?

  • #89685
    Profile photo of Anonymous
    Anonymous
    Participant

    “Do you mean the banks grease the palm of the manager, for providing them with a contact?”

    No. Banks are not greasing the palm of the manager. Its the buyer, or
    network of people.

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