Bargain Repossessed Properties

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Repossessions and Auction Properties

In the current economical climate it's no wonder that we have seen a tremendous increase in bank repossessed properties not only in the UK but also across the globe.

Repossessions can come in all shapes and sizes and affect all property types including businesses and private property owners.

The obvious advantages to the property buyer include acquiring a property at greatly reduced prices and the benefit of buying direct from the bank in possession.

We now have access to some excellent repossessed properties for sale in Spain and Florida and have listed them below. All are available now and come with current bank valuations

Spanish Private Auction Property

Our list of Spanish auction properties currently for sale direct from the owners this month. Each month this list will be updated with new auction property being sold off by the private owners so please bookmark this page and check back regularly

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Buying a Repossessed Property in Spain

The process for purchasing these is as follows: - 10% plus VAT has to be deposited with the lawyer of the Bank Agency and they will then release the information. (Description of property, search, conditions of mortgage).

Once we have the information we have to communicate if we are going ahead and completion is prepared as soon as possible.

On completion we pay the full amount to the mortgage bank and take over the debt.

We will then register this deed at the Land office (this takes about 4 weeks).

Further costs to cover are 1% legal fees + VAT, Notary and Registration fees and 1% stamp duty. At the same time, we would prepare the proceedings of the debt execution. The costs of the execution will also depend of the value and we would provide you with an estimate of costs in each case. We estimate the costs to be about 7% of the value.

Florida Foreclosed Property

With the current dolalr to pound exchange rate fairing better than the euro at the moment it is well worth checking out some of our excellent repossessed and foreclosed properties for sale in Florida.

The foreclosed property expo in Florida brought buyers and sellers together in the first Repossession Expo of its kind with tremendous success - some of the foreclosed properties highlighted were snapped up for sale at crazy prices.

Check out our Auction Property Website for details on more auction properties for sale around the world by private auctioneers and sellers.