Buying a bank owned property in Spain
Interested in buying a property in Spain? Whether you’re looking for a permanent home now or perhaps a holiday home for a future permanent residence or an investment property, there is certainly still a huge range of properties available.
Have you considered buying a bank repossession? Many people think twice about buying bank owned properties as they have heard lots of stories about buying the debt, squatters and so on. The larger banks all have separate departments selling their real estate and there are properties to suit all pockets from apartments to large villas and even commercial premises.
Some of the banks use established estate agents as their Commercial Agents. This means that although the banks may have a website showing their properties, they do not do the viewings themselves but these are done by the agents. You will need to register your details with the agent, telling them what you are looking for and they will help you to search as well as doing any viewings with you and helping you with your offer.
Some bank properties go to auction. These usually take the format of a sealed auction and you only have one chance to bid extra if more than one other bidder is involved. You can participate in these from the UK and you do not need your NIE number to do so, you can simply use your passport.
When making an offer to the bank for one of their properties, your agent will complete the paperwork for you. Generally at this stage, a reservation fee is payable (refundable if you lose the auction) followed by the payment of a 10% deposit when the contract is issued. At this point you need to apply for your NIE number and this is something niein1day can help you with. Our contact details are at the bottom of the page. Please don’t hesitate to contact us at www.niein1day.co.uk if you have any queries about your NIE application.
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