We are proud to announce that you will now find bank repossessed properties on MiMove.com. It has been tricky previously to find the bank repossessed properties as they have not been published in one place and the information has mainly been in Spanish. But now you can view all bank repossessions on MiMove.com.
During the financial crisis in Spain, many defaulted on their mortgages. When that happens, the property may be repossessed by the bank. The process of a bank repossession typically takes two years. In order for the bank to recoup their money, they then need to sell the property as quickly as possible. The bank itself has no interest in owning properties.
The properties are located all over Spain, also in the coastal areas where many foreign buyers may be looking to buy. They range from small studio apartments to large luxury villas. Although the number of bank repossessions is lower today than directly after the crisis there are still new properties coming onto the market every week. It is a good idea to have a look often not to miss a gem.
Below market value
To sell quickly, many of the properties are sold below market value. In many cases, there are real bargains to be had. If you would like to learn more about the average prices in Spain and in different areas, go to MiMove Insights and have a look around.
Since you will be buying from a bank, the bank may be able to offer you an attractive mortgage solution subject to your individual circumstances.
There are both pros and cons to buying a bank repossession.
- Often below market value
- Often the bank can offer you a generous mortgage solution
- The bank is often open to reasonable offers
- You can trust the seller not to change his mind, the bank wants to sell
- You can trust the property has no hidden loans or fees attached to it
- You may need a translator should you not be fluent in Spanish. The agents and the bank personnel may not speak English
- The bank hasn’t actually lived in the property and may not know as much about it as a private vendor would have
- The property may have been unoccupied for some time.
Bear in mind that the agents used by the banks to sell the properties are not MiMove-affiliated agents and have therefore not been vetted by us. However, they have been selected directly by the banks, meaning it is still safe to buy via them.
Sometimes the banks have special campaigns when they offer the properties to an extra discount during a limited time period. In order not to miss out on such a campaign, visit MiMove.com often. If you save interesting listings in your MiMove account, it is easy to find them again. If you save your searches you will get an email when new properties matching your search are added to MiMove.com.
And when you find a property you are interested, please get in touch with the agent listed to the right of the property details.