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This topic contains 10 replies, has 4 voices, and was last updated by Profile photo of Anonymous Anonymous 3 years, 2 months ago.

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  • #57811
    Profile photo of Anonymous
    Anonymous
    Participant

    I have spotted a potential bargain off a bank repo but this confuses me?

    En cuanto al precio publicado en la web, corresponde a un precio en
    Campaña, es decir, precio rebajado hasta el 13 de noviembre de este año.
    Este precio mínimo sólo se respetará si el cliente acepta, a la hora de
    comprar, una financiación entre el 40 y el 60% del precio rebajado,
    teniendo que aportar el resto al contado más los gastos de venta. El
    precio varía según la financiación escogida.

    what does this actually mean- is this a cash deposit needed or minimum mortgage finance ref 40-60% and why does the price vary?

    bing /google were not clear

  • #118337
    Profile photo of katy
    katy
    Spectator

    The price varies according to the method of finance chosen. I wouldn’t touch it with a bargepole!

  • #118340
    Profile photo of Anonymous
    Anonymous
    Participant

    Boothy,

    Sounds like a Solvia repo. They are offering these terms.

    You only get the discount if you also take out a mortgage with them of 40pc to 60pc LTV, and the discount will vary according to the mortgage. I guess the bigger the mortgage (up to a max of 60%) the bigger the discount.

    Why does the price vary? I guess they’ve done their numbers…..

  • #118342
    Profile photo of Anonymous
    Anonymous
    Participant

    Many thanks for the reply. Subject property is usually valued at 60k euros(its a small studio in a good area) selling for 22k

    I have spent months trawling bank repo sites and this is a cracker

    now if ltv of 60% is applied then effectively are they saying you can borrow all of the purchase price?

    of course the interest is a cost which perhaps is required to be borne and therefore they are not seeking cash buyers?

  • #118343
    Profile photo of Anonymous
    Anonymous
    Participant

    why wouldn’t you touch one of these with a bargepole katy? we were looking at one of these properties as well

  • #118344
    Profile photo of Anonymous
    Anonymous
    Participant

    im no expert but i think there may be some gems here?

    http://www.outletdeviviendas.com/

  • #118345
    Profile photo of Anonymous
    Anonymous
    Participant

    for instance

    http://www.outletdeviviendas.com/comprar-piso/malaga/mijas/calanova-sea-golf_s-n_1084554

    2 beds 2 bathrooms €54k – note ‘the price may vary according to the percentage of funding requested’

    again this puzzles me

  • #118346
    Profile photo of katy
    katy
    Spectator

    Boothy, haven’t you already taken a hit with your last property 😯

    Ill say just sold my apartment in Costa Del Sol for €90k having paid €150k 2 years ago

    Are you a masochist 😆 😆

  • #118347
    Profile photo of Anonymous
    Anonymous
    Participant

    thats right katy looking to recoup my losses!!!

  • #118348
    Profile photo of Anonymous
    Anonymous
    Participant

    heres the thing katy-

    got burned the first time
    now looking for a longer term lifestyle choice over 20 years
    im 51!!!
    my rates plus heating here in UK are about £400/ mth
    yes you do learn from the past but its soooo expensive to live in the UK
    at 30k to 50k euros surely a property in spain easily pays for itself given day to day living costs differential

    im glad you remember my loss on La Rinconada- it was a sad day but I needed the funds at that time so had to liquidate at whatever cost.

    now a bit older , wiser and to be honest whilst I cited the mijas example above, Inow prefer the canaries for the all year round sunshine. yes theres a lot of rubbish out there but a few gems are lurking around- the costa del sol is as cheap as chips now – how on earth any one can sell ‘normally’ with such discounts on bank repos I have no idea

  • #118350
    Profile photo of Anonymous
    Anonymous
    Participant

    And in the Canaries you only pay 6.5pc resale tax to buy, which is a big plus compared to 10pc in other regions.

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