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This morning I was surprised to get an unsolicited email from Kyero The email claimed “CAM Bank are making their list of distressed, repossessed and investment Spanish properties available – direct to the general public.” amongst other stuff. Now CAM have websites with repos listed, so I was a bit surprised by this. (BTW, for those interested the CAM site is http://www.oportunidadescam.es/)
Anyway, in the hope that I would see something more interesting than the usual dross, I signed up for this service. I got an email wanting to confirm my registration and saying “After confirming your registration, a CAM Bank representative will call you on ******* to fully understand your requirements. “.
Next, I get an email from someone with a mail address @casacalidaproperties.com. The email claims:
“For your information we are the authorised agent working directly for Cam Bank in respect of their entire portfolio of distressed and repossessed properties throughout mainland Spain and the Islands. As these properties are being sold by the bank and the bank are the title deed holders we do need to pre qualify the serious nature of your enquiry before providing further details and documentation. “
Seems like total BS to me, and I do wonder if this is just another scam. The fact that the initial email claims that they are making the repos list available to the public, but in fact I end up dealing with a Brit estate agent seems very dodgy to me.
Anyone here know more about this?
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@El anciano wrote:
Well, I disagree. I have been offered a number of properties from Spanish banks in the last couple of months. I guess that there is only so much that friends & family of the bank can absorb.
Yes, this is the main difference between now and what was in the 90’s.
1 million+ properties are not easy to spread around in the family… -
not really seems to be the same old process.
Bank set up agency, agency sells repo stock with F-all reductions.
Bank makes claims of 20/25% reductions, etc… cover the original sum of the mortgage on the repossessed property.
Bank might be kind enough to offer mortgage on that property, maybe even 100% and get someone else sucked in too paying them interest, etc…
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@El anciano wrote:
Mmm, the prices I am seeing are better than 25% (below peak), the last one was 47% less than peak, and in this case I know that the bank will not being clearing the mortgage debt from the sale. I guess they will persue the unfortunate debtor for the balance, and if that fails write it off.
Two things I do not understand about the (S)CAM properties:
1) can one still make offers for the non-Subastas properties?
2) is the CAM bank guaranteeing a mortgage?
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As far as offers are concerned, I would just offer what (or less than) I was happy to pay and take it from there. I have just bought a car and had the BS about “this is the lowest we can possibly go”. Well we got a bit below the bottom if you know what I mean. The properties I have been offered so far have not been with CAM, so I don’t know how they deal with haggling.
I believe that CAM offer some kind of beneficial mortgage deals on these properties, but again I haven’t explored this with them.
I am trying to view a CAM house shortly… Maybe more to follow.
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@El anciano wrote:
As far as offers are concerned, I would just offer what (or less than) I was happy to pay and take it from there.
I believe that CAM offer some kind of beneficial mortgage deals on these properties, but again I haven’t explored this with them.I am trying to view a CAM house shortly… Maybe more to follow.
They went from 1200 properties to 1400 properties in 3 days. If the listings grow like this, they might be onto something.
Many prices are cheaper than other sites, a possible extra 30% reduction would bring them to a buyable level (subject to not being illegal, vandalized or with hidden baggage).
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I have the feeling from my dealings with a few banks that they are really getting desperate, there seems to be really deep concern about the exposure to bad debt. My feeling is that the banks are getting to the point where they cannot afford to try and recover the full outstanding debts, they just need to move some of this stuff.
Of course, it’s just the impression I have from the few banks I have been dealing with. YMMV and all that 🙂
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@El anciano wrote:
I have the feeling from my dealings with a few banks that they are really getting desperate, there seems to be really deep concern about the exposure to bad debt. My feeling is that the banks are getting to the point where they cannot afford to try and recover the full outstanding debts, they just need to move some of this stuff.
I was 100% sure that the bank desperation point would be reached sometimes in 2009.
I do not have idea in what consist the desperation of Spanish banks though. USA banks just damped the properties to the highest bidder and it seems that they are reaching the bottom soon. As many said on this forum, Spanish banks might just want to ride it over with hands full…
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@Fuengi wrote:
not really seems to be the same old process.
Bank set up agency, agency sells repo stock with F-all reductions.
Bank makes claims of 20/25% reductions, etc… cover the original sum of the mortgage on the repossessed property.
Bank might be kind enough to offer mortgage on that property, maybe even 100% and get someone else sucked in too paying them interest, etc…
THE BANK HAS NOT SET THIS AGENCY UP, IT HAS BEEN AROUND FOR YEARS IVE BEEN TO THE SHOP UNIT A FEW TIMES
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@lindmark wrote:
THE BANK HAS NOT SET THIS AGENCY UP, IT HAS BEEN AROUND FOR YEARS IVE BEEN TO THE SHOP UNIT A FEW TIMES
taken from the website:
“A principio de 2007 surge Mediterranean CAM International Homes como un proyecto inmobiliario dentro del plan estratégico de expansión en todo el territorio nacional de Caja Mediterráneo.”
So its been around for 2 years. Unicasa has been around for about 15 years and was set up by Unicaja.
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