Duquesa Property Reposessions

Duquesa Property Repossessions

Property Repossession Myths

Numerous clients have approached Barrington Homes to enquire about repossession properties hoping to acquire an incredible property and an incredible price. Understandably clients believe that the opportunities to buy these properties exist here in Spain using the same system as in their own country. In Spain the process of purchasing these properties is lengthy and often unpredictable due to the complicated legal and auction systems that are intertwined with buying a repossession property in Spain.

The current situation

The global credit crises has of course had the same brutal effects to the Spanish property market as in other countries leading to numerous property repossessions by Spanish banks. Some banks are now offering lists of available properties to selected agents. Barrington Homes have received numerous lists of Duquesa property repossessions but as yet have not seen any property bargains in Duquesa. The banks are of course looking to recoup the debt they have on the property i.e. resell it for the same amount as the mortgage value. This is theory sounds like you could buy great property bargain in Duquesa. However due to previous loan to value mortgages being offered at up to 100% of the property value during the property boom banks now have a debt on the property which is way in excess of current resale prices. For example Barrington Homes have property repossessions in Casares del Sol for 195,000€ whereas already listed for resale are identical properties in Casares del Sol for 135,000€ a staggering 60,000€ cheaper !

Duquesa Property Repossessions - The future

Banks in Duquesa are now considering the idea of reducing the asking prices of repossession properties to make them more attractive to buyers. This will come into affect when the banks repossession stocks mount and the bank needs to remove the debt from their balance sheet. When this happens Barrington Homes clients will have the option to purchase Duquesa repossession property at much cheaper prices than we are currently seeing. If you are interested in having access to Duquesa repossession email info@barringtonhomes.eu with your property criteria.

The repossession buying process

Buying Duquesa repossession property is not an easy process and may possibly take many months if not years to finalise depending on the legal stage the repossession is at. When buying a repossession property you are effectively buying the debt from the bank with the 1st option to purchase the property which is granted at the end of the legal process when all other avenues are exhausted to recover the debt. The bank also do not offer a financing options for this purchase and as such buyers are required to have 100% of the purchase costs to buy the debt. So, if you have the patience, cash and are able to act quickly a Duquesa property repossession could be yours ! To be added to our mailing list log onto www.BarringtonHomes.eu and sign up to our newsletters.