With the current credit crunch this tends to be the time when people with money make money and those who don’t mind taking advantage of people who are not coping to well in the current circumstances. Nowhere is this illustrated better than in the current Spanish property market in Spain so says Susana Suspenda the Marketing and Operations manager for Spanish Hot Properties.
“So With the banks in Spain repossessing more and more properties people who are in financial difficulties are having to decide whether to take substantial loses on their properties or risk losing everything” explained Susana. “There is a big difference between the criteria between bank repossession properties and distressed property sales. Firstly bank repossession is a property that has been taken back by the bank through the courts and therefore has to be sold through the courts and as such it tends to be only cash buyers who are in a position to take advantage of buying at below 50% of valuation. Secondly distressed sales tend to be for a variety of reasons with the major one being the owner of the property needs to sell before the bank repossesses the property. These properties are still sold very quickly if they represent the right value but due to an increased time frame a purchaser can buy one of these properties with the assistance of a bank mortgage and in some cases a real distressed sale can be better value than a bank repossession”
“Spanish Hot Properties unlike most other companies will actually have properties listed on their websites with photos and details however the reality of the situation is that if the details are on a web site they most certainly wont be bank repossessions and are unlikely to be real value distressed sales because in normal circumstances they are sold in a very short time frame without actually coming directly onto the market. This is why Spanish Hot Properties do not list our bank repossession property and distressed sales onto our web site and contact directly those people who have expressed an interest in buying such properties” said Susana.
Anyone who is seriously interested in find out more about Spanish bank repossessions should contact Spanish Hot Properties to register their interest.
