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Discussion Starter · #1 ·
Hi guys,
I am trying to get a property bought somewhere around estepona after holding off for the last 2 - 3 years thinking we would see a drop in house prices, considering the whole world came to a stand still.....but unbelievably never happened.

is there anyone on here with good experiences in buying propertys in spain?

ive been looking a reposessions, again im very cautious, its took a lifetime of savings to get to this point so I am worried about getting burned.

all advice appreciated.

thanks
 

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It really depends on your intentions. If you are buying because you intend to live in Spain permanently and want a home then it will be okay. If you are trying to play the market - forget it. You won't make a profit and you need to be ready to accept a loss at sale. Repossessions are not for the faint hearted. You will no doubt be looking at neglected places in undesirable areas- that's the reason the banks don't want them! They are simply considered hard work to sell. The idea that the market is reaching a low and the only way is up is a risky game in spain. Usually a property that bottoms out just gets worse than better. Spain has a surplus and prefers to simply demolish old stock to build new as land is cheap. If you want a roof over your head and nothing more then you can get very cheap places but there will always be a catch and the question is whether your desire for a home outweighs the catch.
 

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Discussion Starter · #3 ·
i am looking for a holiday home.

Unfortunatley it cannot be a permanent move as I am in a profession where i cannot work from home, and as this profession becomes more and more stressfull, the more i want somewhere where i can relax when i get some time off
 

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It really depends on your intentions. If you are buying because you intend to live in Spain permanently and want a home then it will be okay. If you are trying to play the market - forget it. You won't make a profit and you need to be ready to accept a loss at sale. Repossessions are not for the faint hearted. You will no doubt be looking at neglected places in undesirable areas- that's the reason the banks don't want them! They are simply considered hard work to sell. The idea that the market is reaching a low and the only way is up is a risky game in spain. Usually a property that bottoms out just gets worse than better. Spain has a surplus and prefers to simply demolish old stock to build new as land is cheap. If you want a roof over your head and nothing more then you can get very cheap places but there will always be a catch and the question is whether your desire for a home outweighs the catch.
Is it true to say that all repossessions were always in undesirable and neglected areas? If these apartments remain unsold then thats how it will stay. Im aware of apartments in urbanization that were repossessed and tens of thousand are now owed in community fees. The benefit for the community would be only to improve the whole urbanisation if these were sold. Im sure there are some and maybe many repossessed apartments in desirable areas especially in the west of Estepeona which was hit hard by the recession and is only now recovering.
 

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Is it true to say that all repossessions were always in undesirable and neglected areas? If these apartments remain unsold then thats how it will stay. Im aware of apartments in urbanization that were repossessed and tens of thousand are now owed in community fees. The benefit for the community would be only to improve the whole urbanisation if these were sold. Im sure there are some and maybe many repossessed apartments in desirable areas especially in the west of Estepeona which was hit hard by the recession and is only now recovering.
Yes, generally speaking the more desirable properties have already been sold to employees of the banks, their relatives and friends or people with other connections, often at a very attractive price because the banks were not obliged to recover any given portion of the debt owed by the defaulting borower.
What filters through to later be sold to the general public is what none of the connected people wanted and what the bank can no longer list as an asset to the value it would like in its accounts.
 

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Hi guys,
I am trying to get a property bought somewhere around estepona after holding off for the last 2 - 3 years thinking we would see a drop in house prices, considering the whole world came to a stand still.....but unbelievably never happened.

is there anyone on here with good experiences in buying propertys in spain?

ive been looking a reposessions, again im very cautious, its took a lifetime of savings to get to this point so I am worried about getting burned.

all advice appreciated.

thanks

Cant comment on the CDS but here up in Costa Blanca there are still thousands of unfinished houses and bank repossessions.
In fact in our tiny little village there is a block of one beds that are still unsold today and are owned by a bank.
They want €40,000 for each and as yet no takers.
There was an issue when they were built and for some reason its never been sorted.
In Alberca Polop they are now building new horrid square concrete things and selling them at €350,000 while leaving the unfinished colonial ones across the road to fall down (same builder and property company)..
If buying repo you must find out who is responsible for any charges as these are either dismissed by the bank or hidden in the paperwork.
Cause the minute your signature is on the paper it becomes your responsibility.

I wouldn't look at one unless you were here on the spot, dont do it remotely.

DO NOT believe anything an agent tells you and NEVER go with a solicitor they recommend and to be honest question everything the bank tell you as well unless its in B&W and everyone signs it....

There are some bargains but remember BUYER BEWARE....
 

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It's important to remember that debt follows the asset it was raised on not the person who took the debt ( in spain). Those of us who were here 20 odd years ago are well aware of the cons used on unsuspecting Brits purchasing properties where the seller would secure a loan on the property a few days before the formal sale. Said buyers lawyers would have checked if there was a loan taken but usually before the nasty seller went to the bank so the notary would know nothing. Months later the bank comes knocking! Absolutely awful thing but was not uncommon - anyway as above poster says you have to have a very good lawyer to thoroughly check things like debt.
 

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I don't think a bargain price for a repossession will negate a properties cadastral value making it possible you could find yourself landed with an unexpected tax bill, sometimes years after purchasing.
 

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I don't think a bargain price for a repossession will negate a properties cadastral value making it possible you could find yourself landed with an unexpected tax bill, sometimes years after purchasing.
It doesn't we paid some €40,000 less than the value indicated and the Solicitor took it up with the Notary who said they couldn't say but we should be prepared for a bill at some point, or maybe not..
 
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