Words of Warning with Bank Owned Properties in Spain!

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This topic contains 4 replies, has 2 voices, and was last updated by Profile photo of angie angie 3 years, 6 months ago.

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  • #57524
    Profile photo of angie
    angie
    Spectator

    Before anyone considers buying heavily discounted properties in Spain from Sareb or other Banks they should read this article:

    http://www.btinvest.com.sg/property/overseas/s … y-20130418

    According to this town’s Mayor, ‘it’s happening all over Spain’, seems like you might already have neighbours, but will Banks tell you? 😯

  • #117095
    Profile photo of Anonymous
    Anonymous
    Participant

    I’ve seen it. A new block of flats completely over run by gypsy families. The poor few who bought there had to leave as their lives were being mad hell. That doesn’t get into the Spanish press does it.

    The whole social housing system in Spain has been run like that for years. Social housing keys handed over privately for 3000 euros etc. Families living there for generations whether they have jobs or not.

    My sister in law studies in Almeria city and she says it’s always happening, doors being broken in and squatters moving in. It causes hell for the communities.

    I also heard that quite a problematic ‘country club’ is now over run by african immigrants who squat in the few finished properties. I bet that the Red Cross take food parcels etc. up to them there.

    What about all those who have bought property and now they not only have lost all their money but they have no value in the property either. They can’t sell, they just have to lump it or leave it. Whilst the Spanish government keeps promoting the ‘Spanish lifestyle’. It’s actually sickening.

  • #117096
    Profile photo of angie
    angie
    Spectator

    Well said itsme, much of this problem seems to be kept quiet in Spain as usual, these iniquitous anomalies need airing 🙄

    It seems that Sareb has just been denied by the Courts to allow it to evict squatters which has major implications for some 76,000 homes it has on it’s books, imagine some poor soul being ‘mugged’ into buying a ‘too good to miss opportunity’ again in Spain, it doesn’t bear thinking about 😡

    http://www.sarebbank.net/tag/sareb-bank-2/

  • #117103
    Profile photo of Anonymous
    Anonymous
    Participant

    I’ve heard that it’s sometimes within hours of the families being evicted that people move in. Shame on the courts for not allowing evictions. Buying that ‘bargin’ property might mean a quick lesson in being a landlord to non-paying tenants as well!

    I wish that the Gov. would plan areas of social housing and let these squatters have their free homes. If they allow people to live wherever they wish it’s going to be disastrous for the property market. Who would buy a flat in a block full of squatters, however cheap they make it….?

  • #117109
    Profile photo of angie
    angie
    Spectator

    Just shows that potential buyers would have to sit outside apartment blocks and other properties day and night just to see if you had neighbours or not, even the unwelcome ones 😉

    I doubt they would even pay community fees either, so your bargain from the Banks may turn out a disaster after all 🙁

    So, if Sareb or any Bank took over Developer blocks which some were then occupied by squatters and couldn’t be removed ( for up to 3 years), presumably Sareb etc would still try to offload these to buyers but would they be duty bound to disclose this? 🙄 Some blocks are so large you might not notice a few squatters hidden away 🙄

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