Do not be fooled into thinking that there is an abundance of bank repossessions on the Costa Del Sol. Many real estate agents use this term "Bank Repossessions" as a marketing tool, a way in which to lure you to their mailing lists or to tour with them. In reality there are only a limited number of approved bank agents on the Costa Del Sol that are able to offer real bank repossessions.
Should you buy a bank repossessed property in Spain? What are the real facts when it comes to bank repossessions on Costa del Sol?
In terms of purchasing a bank repossessed property on Costa del Sol, there is a strict process that is to be adhered to. Firstly if you wish to purchase a bank repossession on Costa del Sol, you have to register your interest via an approved agent such as KMS Property Solutions, and must provide a signed copy of your identification in advance to enable the bank to show you the latest offerings. If you are not in the country and wish to look at bank repossessed properties when you come over, you will have to scan and email this identification which in some cases people simply are not happy to do. If you are not on a time restraint then this process can be done when you arrive in the country.
A member of the KMS Team will accompany you and arrange for you to meet with the bank manager who will then go through the mortgage application if required. In some cases up to 100% finance is possible for properties purchased via the banks portfolio, of course subject to status. We say to our clients, bring with you to that meeting everything that you would take in your own country to obtain finance and more, remember you are a foreigner so you need to bring as much as you can; such as an up to date Experian report, latest bank statements, pay slips, home utility bills, and company accounts if you're self employed.
If finance is required, the bank will look at your application, and will then be in a position to give a guide as to what price range of properties that you should be looking at and will show you properties that may be suitable to enable you to draw up a short list. An application is then made to show you the properties and please be aware, these viewings could be up to or more than a 1 week wait depending on what time of the year you are making the application. There is a system and it cannot be altered because you have a flight to catch or you are only in the area for a certain amount of time. If after seeing a property that you like and you wish to make an offer, you do this in the same manner as purchasing a resale property; however if you really are serious about the property, you would be wise to put a reservation deposit down via your lawyer to take the property off the market and to secure your position.
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