I’ve watched a strange British estate agent opening what appears to be a large operation in an area where most other agents have closed down over the past two years. Most of their large portfolio consists of distressed sales from one Spanish bank very active in the local area.
The deals are incredible, on the surface, with 100% mortgages the norm, from the same bank. But these are not poor value Spanish apartments in undesirable locations, these are ‘proper’ houses from British owners in desirable areas, still on offer with ridiculous mortgages and often with practically no deposits. Needless to say, buyers are queuing at their door.
They’re operating a system from the dark ages, with both sellers and buyers paying commission, the buyers being persuaded to pay cash for their discounted deals, to get even bigger discounts, allegedly.
When such a cash sum is paid, the mortgage package is guaranteed.