Spanish Bank Repossessions

Guide to Buying Spanish Repossessions


1) If you are looking for a Spanish mortgage you must be pre qualified before we arrange a viewing.
This saves time in the long run when you come to Spain.

If paying by cash, then the banks will look for proof of where money has come from and that all taxes have been paid in the originating country, re the money laundering laws.

Once this has all been completed. we will then arrange a viewing of the properties with the Bank. The Banks require at least 5 working days notice.
The viewings are always accompanied by a representative of the Bank and one of our senior members of staff.
Viewings can only be made Monday - Friday 10:00 - 18:00 ( not weekends or public holidays ).

2) Making An Offer.

We sit with you in the Bank office and guide you on what offer to make, in some cases we are able to secure an offer below the asking price. As we will have pre qualified you, will we then be able to give bank the information, re cash buyers or documentation for mortgage.

4) Mortgage Application.

We assist you with the application process and again we negotiate the best deal we can for you,
Some banks are willing to offer 90% - 100%, however this is not always the case so be prepared
to pay a deposit of between 20% - 30% of the offer price plus the buying costs and our fees.
We are able to offer UK clients a equity release or Re-mortgage facility to meet these costs.

5) The Legal Process.

We introduce you to an independent lawyer who will carry out all checks on
the property and ensure all is legal, they also assist you in obtaining, the N.I.E
number you are required to have, opening of a bank account and
connection of utilities

6) Payments & Fees.

You will be required to pay a reservation fee to the bank once your offer has
been accepted, this is normally €6,000 which is paid to your appointed lawyer.
The balance of Deposits and Fees will be required by your lawyer before the
signing of the title deeds and a full breakdown is supplied. There are closing costs associated with Spanish
Property, they can vary from 10-20% dependent on purchase price, the lower the price the higher the % is

Unlike "Real Estate" Agents we are not paid commissions by the property seller so our brokerage fees
are also due at the day of signing the title deed and collection of the keys.

The Brokerage fees is only payable upon completion the property.

We charge a minimum fee of €7,500 for a property priced up to €199,999.
€15,000 for a property priced between €200,000 and €399,999.
€25,000 for a property priced between €400,000 and €599,999..
For properties priced over €600,000 our fee is 5% of the agreed purchase price.

As you the client are paying our fee we work for you and work in your best interest,
helping to secure you the best property at the best price.