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Another question: For real estate listings in idealista.com and other sites that indicate 100% financing is available, is this an indication of problem properties? What I’m afraid of is the ‘too good to be true’ aspect of something like this.
I guess I should state that I’m only looking for 50-70% financing for something in Barcelona.
Gary
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@GarySFBCN wrote:
Another question: For real estate listings in idealista.com and other sites that indicate 100% financing is available, is this an indication of problem properties? What I’m afraid of is the ‘too good to be true’ aspect of something like this.
I guess I should state that I’m only looking for 50-70% financing for something in Barcelona.
Gary
Hi Gary,
From what I gather when banks offer 100% mortgage on a property it is generally from their own portfolio of properties which have been repossesed or is the saying in America known as Foreclosed – in any case it is in the bank’s interest to shift these properties and that is why 100% finance is available. If you were not buying one of these properties it is normally 80% mortgage. It is probably a good time to buy now – unfortunately when my husband and I bought it was 2005.
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