There has never been a better time to buy a property in Spain as Spanish banks have released 1,000s of prime apartments and villas for a massive “Summer Sale” to the international market and from next month the Government is offer citizenship and a passport for non EU foreigners investing at least €500,000 in real estate.
There is now a considerable amount of high quality new and resale properties being offered by the Spanish banks that originally financed the building and/or purchase of these properties. They are under orders from the regulator, the Bank of Spain to reduce the real estate on their books.
The time has never been better to acquire one of these Spanish property bargains. Some of the best of these properties are never publicly advertised before they are snapped up by bank staff and friends, and some are not marketed via English-language websites.
They are generally better located and better built than the 400,000 sub prime properties dumped in the SAREB, the specially formed “Bad Bank” with plans to sell wholesale deals as the market recovers.
[infobox]There are many new advantages in buying Spanish bank owned property:
More choice of completed and key ready homes from troubled developers and repossessed resales on condominiums with swimming pools and other onsite amenities at an average peak to present discount of 44%
Improved mortgage offers include up to 110% finance, no mortgage fee, and 0% interest for 3 years, no capital payments for 3 years i.e. your mortgage is frozen for 3 years)
Improved chance of mortgage approval as the bank will give preference to buyers wanting bank-owned property over mortgage applicants who are purchasing private property)
Bank-owned properties are highly unlikely to have any legal problems associated with them, as they have already been analysed at least once by the bank´s own (very thorough) legal department
No gazumping as once an offer has been accepted, the bank are very unlikely to pull out of the sale, or accept an alternative, improved offer, as is sometimes the case with private sales
Once your offer has been accepted, and you have paid a reservation fee and deposit of 5%-10%, the bank will give you a reasonable amount of time (usually 6-8 weeks) to allow you to complete.[/infobox]
A new breed of online international brokers representing leading Spanish banks and troubled developers have the widest choice from all property sources and their services are FREE and no commissions are added to the banks’ prices. These brokers are often mortgage agents for the bank, so will be able to process your mortgage application directly with the bank´s mortgage department, keeping you informed of progress.
One broker, Barcelona based Ben Walker said: “We offer 200,000 bank owned bargain properties, most of which come with generous mortgages. There are area showcases on our website showing apartment prices from €40,000 and villas from €150,000 to €6M. The banks also have plenty of real estate and unfinished projects that we offer to international investors and developers who have spotted the new opportunities in Spain.”
Author: Kevin Barnett. firstname.lastname@example.org