Comments on: Pssst! Looking For Cheap Spanish Property? http://belegal.com/wordpress/pssst-do-you-want-cheap-spanish-property/ Keeping up-to-date with Spanish Law Thu, 17 May 2012 20:57:57 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: raymundo http://belegal.com/wordpress/pssst-do-you-want-cheap-spanish-property/comment-page-1/#comment-2045 raymundo Tue, 09 Feb 2010 16:38:23 +0000 http://belegal.com/wordpress/?p=384#comment-2045 It's odd timing Platinum you should choose precisely today to write on this matter. Amusilingly enough I was just now reading a similar article written by Justin Aldridge published today Tuesday 9th of February on the EOS forum, which draws exactly the same conclusions as I had done in my post above in 2009: http://www.eyeonspain.com/spain-magazine/death-estate-agent.aspx Without any intention of stirring up controversy on the matter, it has now become self evident in 2010 how hard banks are vying for buyers to unload their property portfolios. To put an example, in the building where we are located, banks closed down branches only to reopen bank-owned real estate outlets (!) such as Aliseda, which belongs to Grupo Popular. They are now advertising properties with huge photographs. As I wrote above, banks will be hard pressed against seasoned estate agents and agencies as the latter will be very professional and service-driven. Whereas banks are using their own employees to show around properties at often overvalued prices with clunky websites. Besides, they are targeting mostly Spaniards, not ex-pats. The one point in which agents do not stand a chance competing is in providing finance. And nowadays, with credit dried-up, everything hinges on this pivotal point. Which is why I concluded that banks were going to become awfully hard opponents from 2009 onwards, never mind other agents. Regarding bank repossessions, I’ve always said there was a lot of hype going on. You are much better off to look around or ask an agent for a decently priced bargain. Repossessions have been mistakenly overrated as the next-big-thing. Maybe I'm partly to blame for my article of 2008 that raised expectations on repos: http://www.marbella-lawyers.com/articles/showArticle/home-repossessions-in-spain-defaulting-on-mortgage Regards It’s odd timing Platinum you should choose precisely today to write on this matter.

Amusilingly enough I was just now reading a similar article written by Justin Aldridge published today Tuesday 9th of February on the EOS forum, which draws exactly the same conclusions as I had done in my post above in 2009:

http://www.eyeonspain.com/spain-magazine/death-estate-agent.aspx

Without any intention of stirring up controversy on the matter, it has now become self evident in 2010 how hard banks are vying for buyers to unload their property portfolios.

To put an example, in the building where we are located, banks closed down branches only to reopen bank-owned real estate outlets (!) such as Aliseda, which belongs to Grupo Popular. They are now advertising properties with huge photographs.

As I wrote above, banks will be hard pressed against seasoned estate agents and agencies as the latter will be very professional and service-driven. Whereas banks are using their own employees to show around properties at often overvalued prices with clunky websites. Besides, they are targeting mostly Spaniards, not ex-pats.

The one point in which agents do not stand a chance competing is in providing finance. And nowadays, with credit dried-up, everything hinges on this pivotal point. Which is why I concluded that banks were going to become awfully hard opponents from 2009 onwards, never mind other agents.

Regarding bank repossessions, I’ve always said there was a lot of hype going on. You are much better off to look around or ask an agent for a decently priced bargain. Repossessions have been mistakenly overrated as the next-big-thing. Maybe I’m partly to blame for my article of 2008 that raised expectations on repos:

http://www.marbella-lawyers.com/articles/showArticle/home-repossessions-in-spain-defaulting-on-mortgage

Regards

]]> By: Platinum http://belegal.com/wordpress/pssst-do-you-want-cheap-spanish-property/comment-page-1/#comment-2044 Platinum Tue, 09 Feb 2010 15:07:50 +0000 http://belegal.com/wordpress/?p=384#comment-2044 Most of the bank repossessions in Spain owe the bank far too much to actually be a bargain and no way are they cheap compared to the many distressed sales there are out there. You are much better off looking at a distressed property than go through the banks after their repossessions, 1) because of the money that the property still owes the bank (example - 120,000 euro property 2 years ago, todays value 80,000 euro - with the property still owing the bank 100K+)!, 2) All the very best repossessions get snapped up by bank employees, 3) Admin fees payable to the bank in question. Most of the bank repossessions in Spain owe the bank far too much to actually be a bargain and no way are they cheap compared to the many distressed sales there are out there. You are much better off looking at a distressed property than go through the banks after their repossessions, 1) because of the money that the property still owes the bank (example – 120,000 euro property 2 years ago, todays value 80,000 euro – with the property still owing the bank 100K+)!, 2) All the very best repossessions get snapped up by bank employees, 3) Admin fees payable to the bank in question.

]]> By: Chris http://belegal.com/wordpress/pssst-do-you-want-cheap-spanish-property/comment-page-1/#comment-1148 Chris Thu, 22 Oct 2009 11:05:04 +0000 http://belegal.com/wordpress/?p=384#comment-1148 We are based in the Canaries and are finding that we can be more competitive than the banks on price and service. Give us a try please We are based in the Canaries and are finding that we can be more competitive than the banks on price and service.

Give us a try please

]]> By: raymundo http://belegal.com/wordpress/pssst-do-you-want-cheap-spanish-property/comment-page-1/#comment-1140 raymundo Wed, 21 Oct 2009 07:10:32 +0000 http://belegal.com/wordpress/?p=384#comment-1140 Dear Steve, Estate Agencies can indeed be competitive holding their ground in many interesting ways other than securing finance. After all Spanish banks are not marketing their properties very actively. i.e. in the case of Altamira (Santander's real estate branch) they are only offering online 6 properties for the whole of the Province of Málaga. Not much to pick from really. And to top it off their prices do seem fairly steep for what they are offering. Regards, Dear Steve,

Estate Agencies can indeed be competitive holding their ground in many interesting ways other than securing finance.

After all Spanish banks are not marketing their properties very actively. i.e. in the case of Altamira (Santander’s real estate branch) they are only offering online 6 properties for the whole of the Province of Málaga. Not much to pick from really. And to top it off their prices do seem fairly steep for what they are offering.

Regards,

]]> By: Steve http://belegal.com/wordpress/pssst-do-you-want-cheap-spanish-property/comment-page-1/#comment-1063 Steve Fri, 09 Oct 2009 10:38:44 +0000 http://belegal.com/wordpress/?p=384#comment-1063 It may be true that real estate agents cannot compete in terms of providing finance, but I assure you that those of use specialised in property bargains can now offer much better deals than any bank will ever offer. It may be true that real estate agents cannot compete in terms of providing finance, but I assure you that those of use specialised in property bargains can now offer much better deals than any bank will ever offer.

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