# Repossessions/Distressed Sales



## luckycat315 (May 22, 2010)

I'm continuing my research on properties in Spain and have found a website called insight-spain. Can it really be true that so many properties are either repossessed or distressed sales? Is this a genuine site? It's hard to believe that all these sales are genuine. Has anyone ever bought a property from sites like this? Grateful for any feedback....


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## jojo (Sep 20, 2007)

luckycat315 said:


> I'm continuing my research on properties in Spain and have found a website called insight-spain. Can it really be true that so many properties are either repossessed or distressed sales? Is this a genuine site? It's hard to believe that all these sales are genuine. Has anyone ever bought a property from sites like this? Grateful for any feedback....


I know nothing of this site or whether its genuine. The best deals on these types of properties are thru the banks I believe??!! But I suspect that there are probably 1000s of repossessed properties in Spain. Its suffered a major crisis within its property and construction industry. Even half built apartment blocks that havent even been sold have been repossessed cos the building companies have gone bust

Jo xxx


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## luckycat315 (May 22, 2010)

jojo said:


> I know nothing of this site or whether its genuine. The best deals on these types of properties are thru the banks I believe??!! But I suspect that there are probably 1000s of repossessed properties in Spain. Its suffered a major crisis within its property and construction industry. Even half built apartment blocks that havent even been sold have been repossessed cos the building companies have gone bust
> 
> Jo xxx


Thanks for your reply. I have to say that the website looks genuine (but don't they all!) It will be interesting to hear from anyone who has bought a 'repo' through sites like this. Some of the properties look too good to be true and we all know what that means!!


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## jojo (Sep 20, 2007)

I'm not sure, if you mean the prices are too good to be true, property prices here are still dropping I think. Alot of bank repos are even cheaper cos the banks simply want their lent money back and dont hold out for higher prices. I've had a quick look thru that site and I havent seen any prices that have blown me away at all!??! But maybe I'm out of touch???

The answer is to come over and look at these places first hand - photos can lie lol!!!!!

Jo xxx


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## JBODEN (Jul 10, 2009)

The prices aren't particulary cheap.
You really need to come and have a look at the properties in their surroundings. 
What the pictures don't show are the rubbish dumps behind the properties or the number of screaming kids (in an apartment complex) playing around the communal swimming pool till 3 in the morning.


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## dunmovin (Dec 19, 2008)

any repossession sales I have seen have been through local agents, not a dedicated site, the was someone on another board talking about setting up this type of business.


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## JBODEN (Jul 10, 2009)

dunmovin said:


> any repossession sales I have seen have been through local agents, not a dedicated site, the was someone on another board talking about setting up this type of business.


Some Banks have set up dedicated sites for repossesion sales but their discount prices aren't that special.


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## luckycat315 (May 22, 2010)

JBODEN said:


> The prices aren't particulary cheap.
> You really need to come and have a look at the properties in their surroundings.
> What the pictures don't show are the rubbish dumps behind the properties or the number of screaming kids (in an apartment complex) playing around the communal swimming pool till 3 in the morning.


We've actually just got back from Spain having looked at several properties while there. I'm just looking again at the internet for more info before going down again in a few weeks time. Many of the properties on the site are cheaper than similar ones we were shown by agents. On the other hand, one agent told us that the Autumn is the best time to buy and that it's best to buy from the bank (he's about to retire so obviously not bothered about making sales)! There must be a website somewhere that lists bank sales? Anyone know? I looked at the CAM site but most of the ones listed were fairly old and not particularly appealing.


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## jojo (Sep 20, 2007)

As I understand it you have to contact the banks, altho some banks have "arrangements" with local agents?!??? But I dont know. I've never heard of the autumn being the best time to buy tho?? But I guess it doesnt really matter. It may well be better this year if you're buying in sterling cos its possible the exchange rate may have picked up by then????? Maybe you could rent over here for a few months to get the feel, understanding and to find out more???!! You also need to be aware of illegal builds which people try to sell on and they are very cheap!

Jo xxx


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## luckycat315 (May 22, 2010)

jojo said:


> As I understand it you have to contact the banks, altho some banks have "arrangements" with local agents?!??? But I dont know. I've never heard of the autumn being the best time to buy tho?? But I guess it doesnt really matter. It may well be better this year if you're buying in sterling cos its possible the exchange rate may have picked up by then????? Maybe you could rent over here for a few months to get the feel, understanding and to find out more???!! You also need to be aware of illegal builds which people try to sell on and they are very cheap!
> 
> Jo xxx


Thanks for your replies, Jo. I think the suggestion about buying in the Autumn was because a lot of people rent their properties out during the summer and don't feel pressured to sell till later in the year. We've decided to come down and rent for the winter and take it from there. Also, although we've more or less decided on Javea, we feel we should take one more look at the Costa del Sol as we haven't been there for some time. My memories of it are that it was in the process of becoming v. overbuilt but we (I) have to weigh that up against the better shopping!!


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## gus-lopez (Jan 4, 2010)

This is the repo. site for "la Caixa " bank. 

Servihabitat, portal inmobiliario de "la Caixa" - Encuentre su inmueble


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## xabiaxica (Jun 23, 2009)

luckycat315 said:


> Thanks for your replies, Jo. I think the suggestion about buying in the Autumn was because a lot of people rent their properties out during the summer and don't feel pressured to sell till later in the year. We've decided to come down and rent for the winter and take it from there. Also, although we've more or less decided on Javea, we feel we should take one more look at the Costa del Sol as we haven't been there for some time. My memories of it are that it was in the process of becoming v. overbuilt but we (I) have to weigh that up against the better shopping!!


well as you know there's no real shopping to be had in Javea - but we do now have a big centre in Ondara, another one in Benidorm & there are regular good value coach trips to the massive shopping centre in Murcia. I've seen the luggage hold of that coach full to bursting with Ikea furniture!


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## Guest (May 31, 2010)

The best deals are through Judicial Auctions which are a kind of pre-reposession affair with only the judge, a lawyer and the bank attending. If you can obtain a list of properties from the lawyer you stand a good chance of picking up REAL bargains but generally at the top end of the market - 4m value sells for 1m kind of thing.

We were looking at the BankCaja offering last week, 3 years no repayment mortgage on their repos - unfortunately the valuation is so high it's still not worth doing unless you were desperate to own something. I think it's going to be worth waiting 18 months or so, hopefully by then the banks will admit there is a problem and the Bank of Spain will order them to recover at least something for all the property they own


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## luckycat315 (May 22, 2010)

Many thanks for all the replies on this. Our search will continue. I heard one piece of slightly disturbing info....it's my understanding that the EU brought in the new rules regarding soundproofing being included in new builds. I've seen a new apartment being tested in Portugal so assumed Spain would also be applying the rules. I've since been told that most builders just ignore this - anyone know if this is true?


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## jojo (Sep 20, 2007)

luckycat315 said:


> Many thanks for all the replies on this. Our search will continue. I heard one piece of slightly disturbing info....it's my understanding that the EU brought in the new rules regarding soundproofing being included in new builds. I've seen a new apartment being tested in Portugal so assumed Spain would also be applying the rules. I've since been told that most builders just ignore this - anyone know if this is true?



From what I know of Spain, they take very little notice of any EU rulings on a day to day level. The government try, but the Spanish dont seem to listen to what some bloke in Brussels tells them, they'll do their own thing - from what I've seen anyway

Jo xxx


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## MaidenScotland (Jun 6, 2009)

jojo said:


> From what I know of Spain, they take very little notice of any EU rulings on a day to day level. The government try, but the Spanish dont seem to listen to what some bloke in Brussels tells them, they'll do their own thing - from what I've seen anyway
> 
> Jo xxx




Years ago I had a French au pair who was in a political discussion about the EU with my husband and he of course said "well you French never take any notice of the rulings" and her reply was "My father says that about the English"


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