Spanish Property in Spain
Distressed Spanish Property sales currently represent the best value in Spain even more so than Spanish bank repossession property according to the Spanish property experts Spanish Hot Properties. Spanish Hot properties marketing and operations manager Susana Suspenda feels that the better value is in the distressed sales in Spain due to the costs that are added to a property once a Spanish bank instigates proceedings to repossess a property. “In reality it is best to try and buy a property from an owner who is in trouble before the bank starts proceedings. Once costs are added by the bank it can make a Spanish bank repossession look very expensive, a good example of this was a recent two bedroom apartment Spanish bank repossession at Los Arqueros Golf and Country Club that was being made available by the bank at €330,000 where we can arrange for our clients to buy a brand new apartment for €180,000. So you can see that in most cases Spanish bank repossessions don’t represent good value especially at the lower end of the price bracket” explained Susana.
“At Spanish Hot Properties we specialize in distressed sales and heavily discounted brand new properties direct from the developer and these really do represent excellent value. A good example of how a good distressed sale really works is a recent case where a vendor had a mortgage of €220,000 including late payments and arrears with the bank looking to get the arrears paid or instigate proceedings to repossess the property. A realistic value in the current market would be around €400,000. The vendor actually sold for €275,000 and walked away with €50,000 that he wouldn’t have got if it had gone through the court process and the buyer picked up a bargain in the process” Susana explained.
Obviously with the current credit crunch unfortunately for those who fall on hard time there will continue to be these type of situations and someone else’s loss tends to be someone else’s gain.
If you would like to find out more about distressed Spanish property sales in Spain then you should contact http://www.spanishhotproperties.com/
HQ Mailing Address:
Spanish Hot Properties SL
Gerald Brennan 46
Alhaurin El Grande 29120
Malaga
Espana
CONTACT VIA TELEPHONE
UK: 0207 558 8355
International:
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