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The Overseas Property Consultants specialise in sourcing properties where the original buyers are unable or unwilling to complete. All these properties have had their legal due diligence carried out, to give all our clients peace of mind when purchasing. These are known as Distressed and Repossessed properties and this has become a growth market in Southern Spain in the last few years.
Distressed Sales
In the closing weeks prior to completion, some property owners are unable to complete on their purchase due to changes in their circumstances or they could not raise sufficient finance. They are forced to make a decision to sell for far less than the market value (Distressed Sale). The owners wish to dispose of them quickly and at a significant saving to the new buyer. These properties can value sufficiently so clients have the opportunity to purchase with little or no cash input.
Repossessed Sales
If the owner is unable to sell the property by way of a Distressed sale then the developer has no alternative other than to foreclose on uncompleted sales. The developer will not give back the 30% deposit as they have not failed in any part of their contract. The developer will let us sell these properties at the original price which can be from 2-3 years ago. This results in the property being approximately 10-30% under the current market value. We have been arranging up to 100% finance for investor clients on these properties (subject to status and valuation).
A distressed and repossessed sale does not mean a problem with the property, simply that the current purchaser is struggling to raise finance to complete the purchase.
An Example:
Property Price 200,000 Euros
Developer Price 299,000 Euros
Bank Valuation 310,000 Euros
For a complete list of our current Distressed and Repossessed properties, contact us today - simply click here and complete the form. |
