Excellent Spain

A lot of time potential buyers talk about “distressed property” or “bargains”. Usually just to indicate that it concerns a property that has been lowered in asking price. Price is however just one side, the other one what is the real value of the property?

Just because the asking price has been lowered, it does not automaticly mean that it is good value for money. Something offered at lets say 50% of its actual value could be considered a distressed property and should go quickly, no matter how bad the market is. Most properties however are not the same and therefore it is more difficult to “calculate” the real value. However, the lower the price, more potential buyers are willing to adjust their property requirements for the financial benefit, creating more demand why in the end the property should sell.

Bank reposessions are to be considered good value for money, this can be the case but not necessary. There are new developments out there with a drop in price of over 60% and still they are not selling. Why, simple it still is no good value for the price you have to pay.

Sometimes banks offer a property, instead of buying the property however, you become the owner of the mortgage and you have to do the whole legal proces of reposession your self. This can take up to 2 years. How about you wanting to get a Spanish family out of their home because they don’t pay the mortgage and you can use it as a holiday home? How quickly will you be able to enjoy your holidays? What if they start paying you the mortgage and you can’t reposess anymore, will you get stuck with a mortgage that will be paid back in 20 years? Just some questions you need to ask yourself.

We at Excellent Spain search to get you the property you are looking for at the best possible price. Be it from collaborators, a bank reposession or developer. Just be aware that some deals are easier than others.

If you are looking for a real bargain you should be able to handel quickly. If it stays on the market for a year how much of a bargain is that?