September 30, 2013 at 4:15 pm #57811
I have spotted a potential bargain off a bank repo but this confuses me?
En cuanto al precio publicado en la web, corresponde a un precio en
Campaña, es decir, precio rebajado hasta el 13 de noviembre de este año.
Este precio mínimo sólo se respetará si el cliente acepta, a la hora de
comprar, una financiación entre el 40 y el 60% del precio rebajado,
teniendo que aportar el resto al contado más los gastos de venta. El
precio varía según la financiación escogida.
what does this actually mean- is this a cash deposit needed or minimum mortgage finance ref 40-60% and why does the price vary?
bing /google were not clear
September 30, 2013 at 5:41 pm #118337
The price varies according to the method of finance chosen. I wouldn’t touch it with a bargepole!
September 30, 2013 at 7:27 pm #118340
Sounds like a Solvia repo. They are offering these terms.
You only get the discount if you also take out a mortgage with them of 40pc to 60pc LTV, and the discount will vary according to the mortgage. I guess the bigger the mortgage (up to a max of 60%) the bigger the discount.
Why does the price vary? I guess they’ve done their numbers…..
September 30, 2013 at 7:51 pm #118342
Many thanks for the reply. Subject property is usually valued at 60k euros(its a small studio in a good area) selling for 22k
I have spent months trawling bank repo sites and this is a cracker
now if ltv of 60% is applied then effectively are they saying you can borrow all of the purchase price?
of course the interest is a cost which perhaps is required to be borne and therefore they are not seeking cash buyers?
September 30, 2013 at 8:33 pm #118343
why wouldn’t you touch one of these with a bargepole katy? we were looking at one of these properties as well
September 30, 2013 at 9:16 pm #118344
September 30, 2013 at 9:28 pm #118345
2 beds 2 bathrooms €54k – note ‘the price may vary according to the percentage of funding requested’
again this puzzles me
September 30, 2013 at 9:30 pm #118346
Boothy, haven’t you already taken a hit with your last property 😯
Ill say just sold my apartment in Costa Del Sol for €90k having paid €150k 2 years ago
Are you a masochist 😆 😆
September 30, 2013 at 9:44 pm #118347
thats right katy looking to recoup my losses!!!
September 30, 2013 at 9:54 pm #118348
heres the thing katy-
got burned the first time
now looking for a longer term lifestyle choice over 20 years
my rates plus heating here in UK are about £400/ mth
yes you do learn from the past but its soooo expensive to live in the UK
at 30k to 50k euros surely a property in spain easily pays for itself given day to day living costs differential
im glad you remember my loss on La Rinconada- it was a sad day but I needed the funds at that time so had to liquidate at whatever cost.
now a bit older , wiser and to be honest whilst I cited the mijas example above, Inow prefer the canaries for the all year round sunshine. yes theres a lot of rubbish out there but a few gems are lurking around- the costa del sol is as cheap as chips now – how on earth any one can sell ‘normally’ with such discounts on bank repos I have no idea
October 1, 2013 at 6:13 am #118350
And in the Canaries you only pay 6.5pc resale tax to buy, which is a big plus compared to 10pc in other regions.
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