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Let’s say one goes to one of the sites where banks sell properties (say Altamira- Santander) with the 4 steps detailed here:
http://www.altamirasantander.com/ventajas/pasoapaso/index.jsp?lang=EN
Does anybody know what financing are they usually offering? They say up to 100% financing, but did anybody really got the 100%?
I know that this has been discussed before, but did anybody got any discount by negotiating with the bank? Are they listening to offers?
Can one deal with Santander branches in UK for the final steps of the buying i.e for say handover of the keys?
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Hi Flosmichael.
I had started a thread where I was offered by my Bank ( not Santander ) My visit to the Branch was for a banking transaction.The offer was 100% finance, 0.25 above Euribor for two years. 0.50 for the life of the mortgage. all associated cost paid for. The Bank is not involved further. You deal with the staff. at the sales office. The prices were about €40k above the going rate. ( The block of 140 plus properties had been on offer it needed further capital to up lift the block as it is totaly neglected. The only thing missing was the grafitti.
The sales staff hinted that they will not accept any offer’s. I made an offer on three properties €40k to €50k less than the asking price. Needless to say that I have not heard from them.
I feel what they are providing as an incentive with the mortgage spread over the mortgage period they are expecting to make it on the price i.e. well above the market going rates.
I feel that Santander in UK has very little to do with the Santender in Spain apart from the brand. Even if they did place a monkey behind the organ he/she will not have a clue & will only act as a letter box
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@shakeel wrote:
Hi Flosmichael.
I had started a thread where I was offered by my Bank ( not Santander ) My visit to the Branch was for a banking transaction.The offer was 100% finance, 0.25 above Euribor for two years. 0.50 for the life of the mortgage. all associated cost paid for. The Bank is not involved further. You deal with the staff. at the sales office. The prices were about €40k above the going rate. ( The block of 140 plus properties had been on offer it needed further capital to up lift the block as it is totaly neglected. The only thing missing was the grafitti.
The sales staff hinted that they will not accept any offer’s. I made an offer on three properties €40k to €50k less than the asking price. Needless to say that I have not heard from them.
I feel what they are providing as an incentive with the mortgage spread over the mortgage period they are expecting to make it on the price i.e. well above the market going rates.
N
I feel that Santander in UK has very little to do with the Santender in Spain apart from the brand. Even if they did place a monkey behind the organ he/she will not have a clue & will only act as a letter boxThank you for your answer. Were they offering free closing costs? Or the costs were added to the mortgage?
Another question: I understand that the tax people in Spain do not trust lower acquisition costs and ask for higher sale tax if they think the declared price is too low. Would they trust a sale price declared by a bank better?
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The closing cost is what I meant by associated cost. As we all know there is no free lunch the price of the property had this loaded.
There are two issues here
1) Hacienda not accepting a purchase price lower than their percieved price. I understand one can get to the Hacienda & get an idea of what they feel is the price. Do not expect to get anything in writing & be prepared, the Hacienda will deny that you ever consulted them before buying & you were given an X as a price.2) Where the rateable value upward revision has not been reflected in the amount of taxes that should have been paid against the amount of tax that had been paid.
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@flosmichael wrote:
Let’s say one goes to one of the sites where banks sell properties (say Altamira- Santander) with the 4 steps detailed here:
Does anybody know what financing are they usually offering? They say up to 100% financing, but did anybody really got the 100%?
Hi, I have heard of cases where the banks covered all purchase costs aswell, but generally it only covers purchase price.
@flosmichael wrote:
I know that this has been discussed before, but did anybody got any discount by negotiating with the bank? Are they listening to offers?
Most will say no, but with the right information it is possible.
@flosmichael wrote:
Can one deal with Santander branches in UK for the final steps of the buying i.e for say handover of the keys?
I would not think so as they would be separate companies.
@flosmichael wrote:
Another question: I understand that the tax people in Spain do not trust lower acquisition costs and ask for higher sale tax if they think the declared price is too low. Would they trust a sale price declared by a bank better?
Its not a matter of trust, its just the system. But you should be able to find out very easily through you lawyer/gestor the exact figure from them. Should you be buying at a figure substantially below the hacienda figure, you can use a property valuation to argue your case.
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“Should you be buying at a figure substantially below the hacienda figure, you can use a property valuation to argue your case”
In theory. First of all you have to pay the amount demanded & I have never come accross anybody Spanish or other who has manage to get anything back from the Hacienda. Secondly who is going to pay for the legal & the opprtunity cost of the amount.
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@shakeel wrote:
In theory. First of all you have to pay the amount demanded & I have never come accross anybody Spanish or other who has manage to get anything back from the Hacienda. Secondly who is going to pay for the legal & the opprtunity cost of the amount.
no you do not have to pay it first.
The only cost would be to pay for the valuations.
If you have someone act on your behalf, I assume they would not do it for free.
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@Fuengi wrote:
@shakeel wrote:
In theory. First of all you have to pay the amount demanded & I have never come accross anybody Spanish or other who has manage to get anything back from the Hacienda. Secondly who is going to pay for the legal & the opprtunity cost of the amount.
no you do not have to pay it first.
The only cost would be to pay for the valuations.
If you have someone act on your behalf, I assume they would not do it for free.
Are you sure about that? I had a client that told me that they had to pay it in advance. Never dealt with it by myself but only heard complaints about it.
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@Ardun wrote:
@Fuengi wrote:
@shakeel wrote:
In theory. First of all you have to pay the amount demanded & I have never come accross anybody Spanish or other who has manage to get anything back from the Hacienda. Secondly who is going to pay for the legal & the opprtunity cost of the amount.
no you do not have to pay it first.
The only cost would be to pay for the valuations.
If you have someone act on your behalf, I assume they would not do it for free.
Are you sure about that? I had a client that told me that they had to pay it in advance. Never dealt with it by myself but only heard complaints about it.
I can only go by the situation I know of.
Buyer was told he had to pay an additional (approx.) 3.000€ of tax. he was able to argue it by using the valuation he had done on the property, which showed he had was buying for only slightly less than his official valuation. A new valuation had to then be done. Based on this last valuation he only landed up paying an additional 500€ (approx) in tax.
Of course the problem in Spain is that hacienda can take the money straight from you account, so you have to be prepared…
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@shakeel wrote:
Just rerturned from Spain. Speaking to an Agent who claims that he is not aware of the Hacienda doing a revalution where they feel that the properrty has been underdeclared..
Would an Agent actually know. They are only concerned with sales, once they have their commission in their hands they don’t care what happens afterwards.
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@katy wrote:
@shakeel wrote:
Just rerturned from Spain. Speaking to an Agent who claims that he is not aware of the Hacienda doing a revalution where they feel that the properrty has been underdeclared..
Would an Agent actually know. They are only concerned with sales, once they have their commission in their hands they don’t care what happens afterwards.
As an agent I did not want to be one to say it! 🙂
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if your buying a property for 100.000€ but the tax man, based on the value they have given the property feel it should sell for 200.000€ you will have to pay 7.000€ in ‘extra’ tax.
The taxman does not care if you are getting a bargain, nor could you use this argument. But if you can show the property is only worth 100.000€, due to the condition of the property (poor maintenance, etc….) then you can argue for a lower valuation.
@ Shakeel: quite a few a realtors I have dealt with, tend to rely of lawyers to do all of these checks.
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@Fuengi wrote:
if your buying a property for 100.000€ but the tax man, based on the value they have given the property feel it should sell for 200.000€ you will have to pay 7.000€ in ‘extra’ tax.
The taxman does not care if you are getting a bargain, nor could you use this argument. But if you can show the property is only worth 100.000€, due to the condition of the property (poor maintenance, etc….) then you can argue for a lower valuation.
Sorry, I do not understand.
If one buys a property from a bank, why would the taxman think that the bank did dirty tricks and not declare the value?
The value can be checked on the websites.Can one direct the taxman directly to the cached versions of the bank websites to see that the price paid was the advertised one?
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nothing to do with dirty tricks. Its make sure the tax man gets his taxes.
prices on websites mean little.
You have to prove that the value they have given the property is wrong. The taxman does not go an lookg at properties and value them, the calculation is based on location/m2/etc….
You can have to identical houses next to each other, 1 fully reformed to modern standards, wonderfull condition. The one next door has been rented to a family of 20 who have ruined the property, broken the pipes, crackes the windows, removed the kitchen and made a whole in the roof.Hacienda would still given them the same values.
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@flosmichael wrote:
Question: can one ask the seller (say the bank) to provide a Hacienda valuation such that the buyer knows how much money is to be returned to the Hacienda? Do people usually do that?
If you are buying through a bank, I assume they will ‘deal’ with the paperwork for hte purchas eon your behalf?
as a seller they have to supply you with all relevant documentation on the property (BIB, basura, etc…). You can ask them, as they will deal with the sale to confirm what value hacienda will give the property, should take them no more than a few hours to find out.
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Do not assume anything or trust that the Bank will do anything more than required to meet their object i.e. get your money. Remember ” buyer be aware ” who ever you are buying from.
In future if you have a problem with them they can come back with a answer like. We are suppose to sell it to you & no more. Like they are evading paying out on Bank guanratee.
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