Q. Is it best to buy a bank repossesion?
A. Frankly, in most cases, NO! The exception being that if you need a 100% mortgage there are a few bank repos that have them. However we do have bank repos on our site that are worth considering. Most repossesed properties never make it to the open market. The good ones are sold by the banks to their known list of investors or purchased by bank staff. ... The ones left are the ones that are less in demand due to location or condition or the fact that the amount the bank needs to sell it for is higher than the current market value. Re-sales are often furnished, are open to offers and have been in regular use so everything is working. Bank properties have no furniture, are generally a fixed price and may have been empty for two or more years, leading to problems of dried-out pipes etc. Remember in Spain the debts relating to the property are passed on at sale to the new owner, so be very careful that you do not sign the papers until you are 100% sure the bank have settled all outstanding bills!
A. Frankly, in most cases, NO! The exception being that if you need a 100% mortgage there are a few bank repos that have them. However we do have bank repos on our site that are worth considering. Most repossesed properties never make it to the open market. The good ones are sold by the banks to their known list of investors or purchased by bank staff. ... The ones left are the ones that are less in demand due to location or condition or the fact that the amount the bank needs to sell it for is higher than the current market value. Re-sales are often furnished, are open to offers and have been in regular use so everything is working. Bank properties have no furniture, are generally a fixed price and may have been empty for two or more years, leading to problems of dried-out pipes etc. Remember in Spain the debts relating to the property are passed on at sale to the new owner, so be very careful that you do not sign the papers until you are 100% sure the bank have settled all outstanding bills!
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