February 18, 2007 at 6:40 pm #52655
Speaking to a Manager of one of the big banks today and his opinion is that bargains are already starting to come onto the market. It seems that a lot of people are having difficulties paying their mortgage. Only gossip but…. 🙂
February 18, 2007 at 7:32 pm #69427
Just returned from the Costa del Sol and that’s the message I had
Investors selling cheap to get out of the mess of multi purchases
Many hit by interest rises in the U.K and in Spain
Many people just want out as they can see no investment opportunity
Re-posses are not far away
The Goose that laid the golden egg is dead and it will take 5 years min to get back
Corruption has finally caught up with many and the games up at least for a while
February 19, 2007 at 8:50 am #69449
Yes and this will prove to be another minefield.
Anyone looking at bank repossessions please be aware its NOT the same as UK/Ireland. Here any outstanding debt will stay with the property, so a cheap bargain auctioned through the spanish courts (tender system) will be much higher priced to gain free title.
PM me if you want more info as I will prepare a sheet to send out!
February 19, 2007 at 9:31 am #69451
February 19, 2007 at 9:33 am #69452
I bought 3 properties during the last recession, all went through trouble free, just took a few weeks longer, the bank wiped the debts clean. What did happen last time was that some properties became such a bargain that it was impossible to buy them as they were snapped up quickly by lawyers, bank workers etc. before they ever got onto the market.
February 19, 2007 at 10:06 am #69454
Hiya both of you – no wont be charging. Will actually put it as a newsletter on our website (we put all the bad news up in full focus!) But I havent done it yet as Im still reading and posting on the forum! (see how dynamically busy it is today!) 37 emails, and 2 enquiries for spain, rest for morocco of those bloomin nigerian letters offering me millions! – Do people REALLY fall for them?
Anyway Katy – yes the repos here in Spain have been bandied around the bank managers and their friends, then the lawyers and their family/pals, but are now filtering through to the market. Exactly the same happend in UK in 80/90s when I was involved – eventually there are too many around and no one wants to deal with them
Then the aucition houses came into their own (hehehe – mastercriminal snigger) 😀
February 19, 2007 at 10:19 am #69455
Is it possible for you to give me your web address
February 19, 2007 at 10:24 am #69456
gnik – just click on the WWW box at the bottom of Inez’ postings 🙂
February 19, 2007 at 12:13 pm #69464
So aside from Inez site, can anyone make suggestions about how to find out what repossessions are available?
It’s obvious that they are not being offered to the general public, so what should I do to find out what’s available -talk to the local bank managers?
February 19, 2007 at 1:02 pm #69466
Not enough blood on the streets yet surely? The old stock market maxim applies ‘beware of catching falling knives’
February 19, 2007 at 1:06 pm #69470
You can try bank managers – mostly they say everything is wonderful and rosy!
Lawyers are also in the know but when they get passed into the court auction, the local court will have a list of properties with dates and times for the tenders to go in by.
If you get hold of a good lawyer they can advise and help you.
Have fun 😆
February 19, 2007 at 1:25 pm #69471
Things could have changed but when I bought from a bank the properties did not go for court auction, it was a straightforward transaction between us and the bank.
Many years ago I spotted a house whilst playing golf, obviously abandoned but reasonably new, overgrown garden, dirty pool. I asked at the community office and they told me the name of the bank who had repossesed it. Spoke to the man in charge of these matters (after being passed around a bit). He gave me a price a week later (low) so set everything in motion, 2 days later he called to say he had made a mistake it had been sold!! So its not easy. I have also seen a row of villas in upper calahonda, half finished, builder gone bust.
I don’t think the real bargains will be around just now, think they are all hanging on to their hats. I also don’t think it will be as bad a recession as last time (hopefully). The people who have bought in Bulgaria, Turkey, Morocco may live to regret it but they will not be able to enter the spanish market as their money will still be invested (STUCK!) in those places. Spain is still a good long term investment.
February 19, 2007 at 1:38 pm #69473
I agree with you 100% Katy 😀
And if you do your homework all will be well in any case. An older development is more likely to have other people paying their community fees as well!
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