mortgage for Spainish property

[northernladuk]

So NLUK where do we find these lists of properties for sale by the banks? Out of interest how much did you pay and for what and what's it worth now?

I was looking at Gran Canaria and that seems very expensive.

I must admit I don't know how to get a list, I would assume they put them straight through a local estate agent but it's a good question so I will ask the bank next time I speak to them,

My property was similar to this one and when they were for sale off plan at 280k Euros back when 1 euro was worth 50p. Most of us can't sell them as it just won't cover the cost of the mortgage so serious negative equity problem. This one is now up for 120k Euros which for what you get is a bloody bargain but people just aren't buying. Real shame as it is lovely complex, just up the hill and not on the sea front so holiday lets aren't an option.

Vistalmar Duquesa Norte 3 bedroom apartment for sale in Puerto de la Duquesa Manilva with Barrington Homes Estate Agents

Mortgages are about 1K euros but rent is only 500 a month so again just pointless. I had mine on interest only trying to see the slump though but now it's empty I have given up.

[northernladuk]

I see. So its 'simply' down to what you negotiate?

Presumably then you are in unfortunately in negative equity. If these find their way to the banks then its going to be a long time before the outlook improves since the banks must be ending up witg a huge amount of property.

Yup in a nutshell, price I was advised to ask for was way lower than the mortgage. Most of them are. They are still 'worth' the full amount as there are some lovely properties there, just a pure case of supply and demand. They were a tad over priced when they went up due to the boom but for what you get they are way way under priced now.

I can't even begin to guess how many of these the banks own, it must be a good percentage of all the properties in this area alone, all in negative equity. Some UK people just walk off and let it be repossessed, other are using the route to give it back if they can. You can tell how bad it is when the banks have realised it just isn't worth chasing the people for the debt and are writing it off. They are paying community fees on all these as well don't forget.

Another blow to the banks was this guy who managed to sue the banks for his deposit when new builds fell through. He found that if the developer went bust the banks were liable to pay the owners their deposits back which tend to be 20% of the price of the property so not only are they taking on properties they can't sell they are giving owners 10's of K in deposits back.

I can't believe Spain didn't go bust years ago from the weight of these issues let alone taking in to account the rest of countries problems.

[ASB]

I suspect those that just hand it back will find it comes back to bite them in the botty at some point. The debt is still there and enforceable. Even across borders.

[northernladuk]

I suspect those that just hand it back will find it comes back to bite them in the botty at some point. The debt is still there and enforceable. Even across borders.

Possibly, it will be interesting to see. I think chasing some debt they will never recover is going to be the least of their problems. It is pretty unprecedented to start taking properties back and write the mortgage off even though it is in negative equity so they may just get away with it. We will see.

[portseven]

I must admit I don't know how to get a list, I would assume they put them straight through a local estate agent but it's a good question so I will ask the bank next time I speak to them

i would be interested in that too, we really fancy something on menorca but prices seem to sustain themselves out there (but i could be wrong)

[northernladuk]

i would be interested in that too, we really fancy something on menorca but prices seem to sustain themselves out there (but i could be wrong)

Ok, the person I mail at the bank is hardly quick at getting back to me else I would have been able to sort this months ago but will drop them a note see what they say.

[MarillionFan]

List of Spanish bank websites offering discounted repossessed property

Are these legit ?

[aoxomoxoa]

List of Spanish bank websites offering discounted repossessed property

Are these legit ?

I hope your due diligence consists of more than asking a bunch of strangers on the internet, on a forum that has nowt to do with Spanish property?

[NickNick]

So NLUK where do we find these lists of properties for sale by the banks? Out of interest how much did you pay and for what and what's it worth now?

I was looking at Gran Canaria and that seems very expensive.

If you look on right move it will quite often state that the place is bank owned.

[b0redom]

The thing which has put me off doing this has been that you need a tourist license to let out a property as a holiday home, and they're not granting them any more.