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When looking for a house or apartment in Spain, you will often come across properties that are advertised under terms such as ‘bank repossession’, ‘bank foreclosure’, ‘forced sale’ or ‘bank repossessed’. These are properties that are sold under pressure from the bank, often because the previous owner was unable to meet their financial obligations. These forced sales can offer a unique opportunity for buyers looking for attractive property deals.
Bank repossession (embargo bancario), is a legal measure that is taken when a debtor fails to meet their payment obligations. In this case, the bank has the right to block or seize the debtor’s funds in a bank account.
There are several reasons why bank repossessions can be imposed. A common cause is unpaid mortgages, where the owner of a property can no longer pay their mortgage payments. In such cases, the bank may decide to seize and sell the property to cover the outstanding debt. As a result, bank repossessions can have a significant impact on the housing market and the ability of buyers to purchase real estate at attractive prices.
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+31 6 55 77 24 23 (NL) +34 6 74 46 07 65 (ES) info@favorable-real-estate.comBuying a (cheap) house in Spain through bank repossession offers several advantages. One of the biggest advantages is the lower price, homes under bank repossession are often offered below market value, giving you the chance to acquire real estate for a fraction of the normal price. In addition, buying a home through bank repossession offers unique investment opportunities. As an investor, you can see these homes as an opportunity to profit from high returns on resale or rental. After renovating the home or recovering the market, the value of the home can increase significantly, making it an attractive opportunity for real estate investors. Or would you rather live cheaply in Spain yourself?
In addition to the advantages, buying a property through bank repossession also entails some risks and challenges. An important aspect, for example, is that it is not possible to view and inspect a property in advance. This entails risks such as hidden defects or imperfections that only become apparent after the purchase.
In addition, legal complications can also arise, such as possible problems with property rights or unpaid charges that apply to the property. These issues can entail additional costs and time.
In addition, there is a risk that the property is still occupied, which can lead to lengthy eviction procedures and additional costs. Real estate auctions in Spain and buying through bank repossession may be new to you, fortunately Favorable Real Estate is there for you throughout the entire process. We ensure that you are well informed about these risks and offer expert assistance with legal issues. If necessary, we can also assist with evicting squatters or guiding the eviction process, so that you can move into your new home as smoothly as possible.
With Favorable Real Estate, you choose professional support when buying homes through bank repossession. We offer extensive expertise in this unique process and ensure that you are well prepared for the challenges and opportunities that this form of real estate purchase entails.
The purchase process for bank repossession has a few specific steps that differ from traditional home sales. You can find our range of bank repossession homes on our website. Once you have selected a home, we will help you submit an offer. View the full step-by-step plan for purchasing a home through bank repossession, via the button below.
