Repossessed houses for sale in Marbella and the Costa del Sol
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Always dreamed of having a luxurious Spanish property, but not sure you can afford it? Or maybe you’re a shrewd property investor looking to expand your portfolio? Either way, bank repossessions in the Costa del Sol are a great way to make it happen and get your foot on the ladder.
Repossessed houses in the Costa del Sol certainly don’t compromise on style or luxury. Set in beautiful locations along the coastline, they have 5* amenities and facilities on their doorstep – offering everything you could possibly need to live a relaxed Spanish way of life. Yet, due to the circumstances of the sale, they’re heavily discounted and come with an affordable price tag.
National banks in Spain will only work with the most reputable estate agents. Which is why, here at Bromley Estates Marbella, we’re incredibly proud to collaborate with the banks – and offer a wide range of repossessed properties for sale in Marbella and the Costa del Sol.
What are bank repossessions in Spain?
These are properties which the bank has repossessed, in most cases, because the owner has failed to keep up with mortgage payments and is in arrears. In attempt to recoup their money, the bank will try to sell the property as quickly as possible – often at lower price than market value.
What are the benefits of buying a repossessed property?
At a time when demand is on the rise, buying a repossessed house in Marbella is a very prudent decision.
The main benefit is the reduced cost. Bank repossessions in Spain are typically priced below their genuine market value – so, there’s no need to worry about negative equity. You don’t have to negotiate with the owner (the price is fixed from the start) and the bank will retain all debts (e.g. mortgage payments, loans, community fees, taxes etc.) associated with the home.
There’s no chain; therefore, the purchase is usually very fast and straightforward. The bank wishes to sell quickly and are fully committed to making the sale go through successfully. Before putting the property onto the market, they will ensure all essential paperwork is present and correct and they typically offer favourable lending terms if you agree to arrange a mortgage directly with them. Mortgages can not only be offered at preferable rates, but often a 70-100% mortgage can also be arranged directly with the bank.
What’s more, there are a diverse range of repossessed properties to choose from across the Costa del Sol – including everything from small, contemporary apartments to expansive luxury villas. Despite their reduced cost, you’re bound to find a home that meets your needs and preferences.
Find your Marbella property repossession today
We’re currently experiencing an unprecedented volume of interest in repossessed properties in Marbella. So, why not browse our portfolio today? And if you see a property you like, act quickly, bank repossessions don’t sit around for very long. To arrange a viewing, you can either give us a call on +34 952 939 460 (+44 208 068 7606) or send an email to email@example.com and we’ll be in touch to schedule a time and date.