Costa del Sol Property Blog

I have recently been contemplating whether to post this article or not regarding repossessions. With the market being the way it is (or at least perceived) repossessions in Spain still seems to be a popular topic for those hoping to find rock bottom properties. As I have previously mentioned in previous repossession related articles, a bank repossession in Spain does not in most cases offer particularly interesting discounts/prices nor do they offer the locations that most people are searching for.

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So again I thought I would bring up those popular search terms, bank repossessions and distressed sales either in Spain or the Costa del Sol. On the side by of my blog you will notice a category titled ‘top posts’, and lo & behold Costa del Sol Bank repossessions and Bargain distressed property Costa del Sol come in second and third place for popularity.

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It appears that many of the Spanish savings banks, approximately 23 of the 42 ‘cajas’ intend to cooperate in selling the property assets that have been repossessed. Unlike say Santander or BBVA many of these savings banks a regional in nature so combining their assets in this way allows them to benefits from economies of scale, one of the many benefits of co-operatives.

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According to a recent article in the Spanish Daily paper ‘El Pais’, default rates have risen to 3.29%, a level not previously seen since 1997. As I had previously predicted banks are getting back into the property game and are setting up real estate agencies to sell repossessed stock.

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There has recently been an increase in potential buyers searching for properties on the Costa del Sol that fall into the category of distressed sales or properties that have been heavily reduced.
As is to be expected, many of the cash buyers around or those that can secure funding from lenders, are unwilling to part with their hard earn funds on what they see as property prices that were fueled by the recently ended credit boom.

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After the last article on Costa del Sol bank repossessions I received an enquiry about how bank repossessions work in Spain compared to the UK as he was having trouble with his repayments. So please find below the stages that you expect should you (god forbid) have to deal with in the case of non-payments.

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As you can imagine in recent months we have been approached regarding repossessed apartments, townhouses and villas throughout the Costa del Sol. Where can they be found, whether we had any, etc…

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