Bank repossessed properties in Spain

Bank repossessed properties in Spain for sale with Red Rose Property Spain. There are many repossessed properties for sale in Spain owned by Spanish banks. Theses properties can be purchased at a bargain price well below the market value, and can be a great opportunity for investors and buyers alike. 

Repossessed properties from the bank generally come from people that cannot meet their mortgage repayments. Once a mortgaged property is repossessed by the bank, they will try to sell the property on to recover any debt left with the Spanish bank. 

This can work well for potential property buyers, as the banks can be open to offers on repossessed properties. Spanish banks will also be more willing to offer higher mortgages, or mortgage values on the properties that they have repossessed in a bid to sell them.

Be aware, even if you are purchasing a repossessed property from the bank, you must still carry out your due diligence with a qualified Spanish conveyancing lawyer. There could be hidden traps such as unpaid taxes, community, owner’s debts or even squatters.  It is also advisable to instruct an architect, building surveyor or builder with you to check for any major structural problems with the property.

As the property has been Repossessed, we never know the condition it will be in until we enter the property. The photographs may not correspond to the current state of the property.

Just read the answers to all frequently asked questions.

How to buy a bank repossessed property in Spain.

Many Spanish Banks now require that a client has an N.I.E number before viewing. A Spanish NIE number is the personal and unique tax identification number that is used to track all financial and legal activities in Spain. The Spanish number acts as a tax and identification number, and is necessary for all financial transactions that involve the Spanish tax office. A NIE number is mandatory for all foreigners with financial, professional, or social affairs in Spain, regardless of whether they are a resident or non-resident in Spain. You need help with obtaining a NIE number, just contact us.

  • When arranging a viewing of a Spanish Bank Repossession, the Bank wish to know who is viewing the property so will ask for photo ID.
  • Viewings have to be made by the person buying the property, not a 3rd Party.
  • Please complete our Viewing Request Form and provide a copy of your passport. We will then arrange a viewing of the properties with the Bank.
  • The Bank require at least 5 working days notice.
  • The viewings are all ways accompanied by a representative of the Bank and one of our senior members of staff.
  • Viewings can only be made Monday – Friday 12:00 – 16:00 ( not weekends or public holidays )

THE BANK WILL REQUIIRE PROOF OF ID IF THE PERSON VIEWING, BE PREPARED TO BE ASKED TO SUPPLY PASSPORT OR ID CARD

Making an offer on a bank repossessed property.

  • We sit with you in the Bank office and guide you on what offer to make, in some cases we are able to secure an offer below the asking price. At this stage the bank will require information on how you will wish to purchase the property and will ask for a Mortgage application to be completed or proof of funds in case you are a Cash Buyer.
  • You will be required to pay a reservation fee once your offer has been accepted.
  • The balance of Deposits and Fees will be required by your lawyer before the signing of the title deeds and a full breakdown is supplied.
The legal process of the purchase of a bank repossessed property.

We can introduce you to an independent lawyer who will carry out all checks on the property and ensure all is legal, they also assist you in obtaining, the N.I.E number you are required to have, opening of a bank account, connection of utilities

Red Rose Property Spain fees for bank repossessed properties.

Unlike “Real Estate” Agents we are not paid commissions by the Property Owner ( Bank ) so our brokerage fees are also due for 50% at the day of signing the reservation contract and 50% on the day of the title deed and collection of the keys.

Residencial Property

  • For Property Under € 50,000 we Charge a fee of € 2.500 plus VAT ( 21% )
  • A Fee of € 3.500 plus VAT ( 21% ) for a property priced between € 50,001 and € 99,999.
  • For properties priced over € 100,000 our fee is 4% plus VAT ( 21% ) of the agreed purchase price.

Commercial Property

  • For Property under € 100,00 The Fee is € 4,000 plus VAT ( 21% )
  • For propeties priced over € 100,000 our fee is 5% plus VAT ( 21% ) of the agreed
    purchase price.
Just look at our bank repossessed properties which are now available.

No listing found.

Compare listings

Compare