There has been a lot written over the last two years about Spanish bank repossessions but the real burning question do they really offer value for money foe the international property buyer.
So as more and more international property buyers from the UK and Ireland see there dream of owning a property in Costa del Sol Disappear more people are turning to Spanish bank repossessions to try and find that fantastic deal that they probably missed out on by not buying in 2009 which was the best time to buy property in Spain.
The biggest problem with international buyers over the last two years is false expectations and wanting there cake and eat it, A classic example of this was a Villa in Marbella reduced from 1Million to 495,000 but the majority of the buyers kept finding something wrong with it. I mention this because if you're looking at Spanish bank repossessions your likely to find a lot wrong with the properties you view. Some properties will have been closed for two years have damp and other problems. Do you really think that if someone is about to lose there property that there going to maintain it well for the new Owners of course not. So if you want to buy Spanish bank repossession then you must have vision and probably need to carry out some improvements.
The difference to this is key ready brand new properties direct from the developer with the agreement from the bank. In effect these are being sold well below the market value because the banks have taken a view that its best to get some money in and have come to an agreement with the developer. Its no surprise that these are the units that are actually selling at present. The only real problem is that these properties are in secondary locations.
There are still some very good deals now but they are much harder to find and the reality is the real fantastic deals get offered to clients of agents that the agents actually like. If someone is rude and abrupt as an agent your likely to put them down the pecking order.
So the reality is very clear regarding Spanish bank repossessions if you have some vision they could still represent very good value but if you just want a nice apartment at huge discounts then a key ready discounted property will probably suit you best. I would also say that 2010 will represent the year of lost opportunity for a lot of people but no one out there really believes that.
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