The 2008 crisis and subsequent economic difficulties had countless consequences, including the fact that many individuals couldn't pay their mortgages and suffered foreclosures. Also, numerous developers with buildings already built went bankrupt.
All these homes passed into the hands of financial entities. Today many of them are in the hands of investment funds or Sareb (Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria), the Management Company of Assets from Bank Restructuring, in charge of bringing them back to the real estate market.
Buying a repossession house is a good option for those whowant to buy a property in attractive conditions or for those who want to invest in a safe-haven asset. Let's see the reasons.
Why choosing a bank repossession home
Buying a bank repossession has some benefits that we should consider:
• Price: Sareb's objective is to sell the properties as fast as possible. Therefore, the prices of these houses are generally below the market value. Additionally, they sometimes launch attractive offers.
• Financing: buying a house from the bank can mean having 100% financing and longer repayment terms, up to 40 years. In some cases, even some flexibility in payments is on the table.
• Savings: not only in the price. In some cases, it isn't necessary to face appraisals (generally, the bank has already taken care of them) or pay commissions.
Therefore, buying a home from the bank is a good alternative for those who don't have a good financial cushion. It's also a good ideafor the people who prefer to wait for an attractive offer or who are just looking for an advantageous way to invest.
What to look out for
Generally, a bank repossession flat is always a good opportunity, but it is advisable to assess some essential aspects before considering this option. The first of these is that the offer is usually limited, so you need to be open-minded towards the location.
On the other hand, although the prices are below the market, they are not very far from those of the market. Yes, you can find great deals, but you have to be very vigilant because these homes last very little on the market.
Finally, mind that in most cases, they are second-hand homes and may need improvement works. An aspect, however, that will not be inconvenient for those who intend to reform the house to their liking.
Where to find a property of this type?
Making the most of the advantages of buying a bank repossession property is very simple, as it is clicking on Spainhouses.net. In it, you'll find a section focused exclusively on this type of property. The rest will be as easy as entering your search criteria and choosing between all the possibilities you'll see.
Don't wait any longer and start looking for that investment opportunity, that second home you dreamed of or a new dwelling to live in. You are one click away from getting it.