Friday, April 4, 2008

Its worse than we thought!

Bank Repo 2Bed 1Bath Own Pool Costa Blanca Spain

This property is a bank repossession and is being sold to recover the banks debt. The property is being sold for the money that is owed to the bank rather than for the value that it is worth. This is over €30000 cheaper than similar properties in this area.Serious bidders only because this property will be sold within the next few weeks.We have lots more bank repos so ring me on 01362 687910 with your requirements.Starting bid 0.99p No offers yet!!!!!!!! Make your bid.

Posted by cheekie charlie @ 10:11 PM (677 views)
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3 thoughts on “Its worse than we thought!

  • I like the cunning sales pitch. Buyers are being tempted into thinking that they are getting a bargain. The sales agent, however, is not an idiot and has decided to present this as a bank repo filesale. In fact, it’s just a falling knife in a horrific Spanish market. I’d be be very surpised if the property doesn’t lose €30000 due to natural market movements in a year or two anyway.

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  • I suspect a scam. The fact that the advert says that the property is being sold for the mortgage amount only, and not it’s true value is surely wrong. In this country if a bank were to do this then the dispossessed owner would be entitled to sue for the shortfall. The bank have to get best price and they usually have to have the property professionally valued by 2 independent valuers, although I agree they don’t always try that hard. One way to ‘substantiate’ best price IS to sell at auction, although we all know that at an auction the sale can be above or below the ‘normal’ value.

    I wonder if the rules in Spain are different.

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  • To bid on a property like this, without seeing the property – or any paperwork relating to the title – is just plain crazy.

    I know someone who is not a complete idiot, who bought a home in Spain several years ago. Everything seemed OK with the title and paperwork until the day after he moved in when the water supply failed – the pipe passed under the land of a neighbouring property, whose owner cut the supply and demanded a sizeable fee to re-connect.

    Scams like that are not, I gather, uncommon in that part of the world.

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