BANK-OWNED PROPERTIES
made simple T
It’s a big subject involving thousands of homes in Spain, but we provide a few pointers on what’s available and how to go about buying one...
housands of Spanish properties are in the hands of Spanish banks, some of which have been pretty hopeless at marketing suitable places
to the overseas market. But is it possible to get a great deal on a decently located and good-quality property, and what are the issues to be aware of — and how do you get your hands on them? Banco Bilbao Vizcaya Argentaria (BBVA),
the second largest bank in Spain, is selling more than 60,000 homes from €30,000 to €2 million (£25,700 to £1,710,300). T ey are developers as well as agents, through their real estate division, Anida. T eir real estate listings can be found at
bbvavivienda.com, and examples selected for the UK market are shown right. Banco Sabadell is the fourth largest bank
in Spain, and its real estate arm, Solvia (
solviarealestate.com), recently successfully exhibited at A Place in the Sun Live! at
London Olympia, and have sold 5,946 homes since March (UK buyers lead the way, at 28 per cent of this total; Russians are next at 15 per cent). T eir director Alfredo Milla is keen to pass on some advice. “Few banks have the infrastructure in
place for dealing with international buyers, and some agent websites off er repossessions when there is no contract with the bank,” he says. “Solvia has a sales network to deal with UK buyers, who can set up an alert to be updated of new entries in the property listings, and an aſt ersales service. We also off er discounts for cash buyers.” If you are considering a bank-owned
property, it is imperative that you research the property thoroughly, with the help of an independent lawyer, and go to see the home(s) yourself. A quick look at internet forums on bank-
owned properties reveals some issues with squatters so it is essential that you check out who is occupying complexes and how they are being managed.§
Spanish bank properties
Tips from Alfredo Milla and his team at Banco Sabadell:
Property search • Research the market and be sure of prices (not just of repossessions)
• Think about the location and property type: A repossession is only a bargain if it has the characteristics that you want
• Most repossessions will need work. Key-ready new builds will need less attention, and a standalone villa will need more work than an apartment maintained by a community
• Think about the costs of refurb and admin (permits, licences, etc)
• Consider the eff ect of exchange rates, not only on the purchase payment but also on monthly mortgage repayments
Purchase • Be ready to act quickly — the better properties go quickly, particularly when banks have a sales campaign (see left)
• Be prepared for the property to sell prior to your visit: there is plenty of demand from overseas buyers right now
• Always use the services of a reputable lawyer — repossessions are cheap, but can be a little more complex (see legal issues, right)
• Contract a specialist in utility connections • Bear in mind that bank properties are “sold as seen”
Completion • Make the most of bank aftersales services for fi nding companies specialising in furniture, insurance, removals, etc
• Change the locks! • If you are hoping to buy to let, study closely the law and tax implications of renting out a property in Spain.
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