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I just read this on other site:
“My sister in law has lived and worked in Spain for just over 12 years now. She was the manager of one of the largest estate agents untill 2007 when the company closed.
She now deals with private clients looking for bargains. The bargains consist of the repo lists given to her by the banks she had previously delt with.
Tha banks are not keeping repossessed properties as assets, they want rid of them. They just dont want the selling prices to become public knowledge.
Last month I considered buying one of the apartments on the list as it was 25000 euros. Previously it had been sold at over 120000 euros.
Even tho the purchase would have been strictly for personal use I have decided to wait just a wee bit longer.
If the £ was stronger I might be more tempted to jump in. “Does anybody have any knowledge on how to get hold of these lists?
Even for a price…http://www.housepricecrash.co.uk/forum/index.php?showtopic=111750&st=15
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@katy wrote:
Personally I think it is a load of bull. If they were that low the spanish would have stepped in.
Depends where they are. I know on Costa Blanca 1 bedroom apartments for 35000 Euros but I have not seen yet a 25000 Euros one. Probably the 35000 Euros can be negotiated to 25000 Euros so that might the bottom price as of April 2009.
Don’t forget that the 1 bedroom repos in Las Vegas go for $10000 which is about 7000 Euros.
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@katy wrote:
I don’t know about Vegas but Spain? It just doesn’t cut with me. Anyone can say anything on forums. Do you really think that these “offers” will be given to British estate agents.
I guess many British estate agents find these properties at dirt cheap prices and then advertise them on their sites by adding 100% to the repo price.
I am not interested in using British estate agents, I guess there would be somebody who has access to repo lists and does not have enough brothers/sisters/cousins/sons/daughters/lovers to distribute them.
I would be willing to pay a maximum of 20% finders fee if there is anything of interest for me on the repo lists. -
I have seen some agents advertising repo lists for a fee (in UK papers). I think they are just a con. I do hear many agents dropping hints that they have some but they are never bargains.
The banks are only advertising the odd ones. They advertise in DiarioSur. Gives the adress of the property and ask for sealed bids by a certain date (must be accompanied by a bankers draft for the amount.)
I know the last recession was different but the banks held on to the blocks for years. (typical example was he ones occupied by Gypsies which have been owned by the bank for two years.) One reason could be that if a construction co. goes into administration it can take years to sort out and during this time they cannot be sold.
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