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Hi can anybody give me any info on Bank repo web sites ive got the cam bank web site.
@El anciano wrote:
Thanks for info not many bargains on the sites ❓
Nope, not yet. Im starting to hear of some that are going into court auction, no offers so the bank has them back and are finally reducing prices, wiping debt and taking offers!! The odd bargains go very fast – unless you are in with the right crowd you wont even hear of them, but I reckon by next year they will be all over.
You do have to be in position where you can move fast and its mainly cash purchases as even the banks involved cannot inspect paperwork fast enough to offer a mortgage to buy it before it returns to court!
The Cajamurcia bank sponsored la torre golf (polaris world) i cant understand why they have not got a load of repos properties to get rid of.
The prices are open to offers IME but all in all there are few decent properties IMHO
@El anciano wrote:
The prices are open to offers IME but all in all there are few decent properties IMHO
The prices on the repo sites are hillariously inflated. They appear to sell when they drop them by 45%, even then, some of the homes on Cam’s site are still massively over-valued.
Im looking at buying now, its a reasonably good time though prices will continue to fall. From what I gather, many want to get out before interest rates hike by another couple of percent. Lots of unemployed around taking home 1200 euros a month, which makes it still possible to pay the mortgage, however a hike in rates will really hurt.
Optimal time will be when Euribor hits 3%, but the euro (if the euro still exists) will most likly gain on the pound again, unless the UK starts to really grow.
When we were looking we found the prices on the so called repossession sites to be no different to the any other sites, in the end the only way to do it is to spend lots of time to get out there and look, we spent over 2 years and looked at around 60 different properties, and we had a very good idea of what and were we wanted, if you are unsure of area you really do need to spend time in different places, things that look similar on the web are often very different in realty.
Being on the ground also gives you a chance to find the bargains and go for it, most if not all bargain sales at the moment will require you to move fast as the sellers are desperate, when you have seen loads you can then get a better idea of what’s a good price and what is not.
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