What is the procedure for buying a reduced property or Bank Repossession in Spain?

In our database you will find 2 categories of properties.

1. Bank Repossessions

2. Reduced Property

Bank Repossessions:

After finding a property that you are interested in contact us with the reference number and to request a viewing.

At this stage if any further information is available on any particular property we will send it to you, however please bear in mind that as these are not regular estate agent listings that information can be limited and most of it is already on the website. There are occasions however where we may have already visited the property or we have a local knowledge, in this case we will help as much as possible.

Someone will then contact you to arrange a suitable viewing date. Note: We hold the keys for some of the properties while with others we have to arrange to collect them from the bank.

If on the viewing day you wish to proceed you will be asked to complete a reservation form and pay a €1000 reservation deposit per property. We will also require a copy of your passport. This will guarantee the quoted price for 30 days.

Should you require a mortgage this will also be discussed and an application submitted. (acceptance is either immediate or up to 72 hours)

Note:  The deposit is refundable if for due diligence reasons the sale cannot be made or the Bank changes any conditions such as price.

You will be advised of the date where a 10% deposit is required and then proceed to the final sale.

Reduced Property Procedure

These properties come from various sources so the format may vary depending on the property and owners.

Contact us with the reference number and to arrange a viewing date, if you require any specific information which is not on the website we can request it from the said source.

If you wish to proceed on the viewing day you will be asked to enter into a reservation agreement and pay a deposit of €3000, at which point the property will be taken off the market.  This agreement confirms the selling price and commitment from both parties to buy/sell.

NOTE: The Reservation Contract allows cancellation and full deposit refund should the property particulars prove different than stated or should a previously undisclosed, serious legal problem arise in relation to the property and/or property documentation. Auctions in Spain or any associates cannot be held responsible for incorrect information submitted by the vendor.  The Buyer is deemed to have taken necessary legal and financial advice prior to entering the Reservation Contract.

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