Ways to find good property in Spain

Spain is a buyers market at the moment and foreigners wanting to either move there or buy a second home can take advantage of the necessity of many having to sell up, to buy at a discounted price. The Spanish property market is full of both repossessed and distressed properties for sale, but bear in mind that the asking prices may still be over inflated even if already on sale at a high discount.
Repossessions are available directly from Spanish banks, and you can find details of properties from either asking the banks or courts directly for details of repossessed properties. There are also hosts of estate agents advertising repossessions on line and in offices in Spain. There are brand new properties available which investors bought off plan with a deposit and then failed to pay the balance on completion.

The deposits are then kept by the developers who are still prepared to sell the properties on at the original off plan prices even though the developments are now complete. In addition of course there are the properties which the banks foreclosed on as the owners could no longer pay the mortgages. However not every bank repossession represents a good buy as the property may well have had negative equity when repossessed.

Sales of distressed properties are on the rise and these represent good buys. Often the owners are stalling the banks from foreclosing and are prepared to sell at a loss rather than lose out completely. Many properties were purchased in the boom years and sit with negative equity which means that advertised prices by agents are probably open to much more downward negotiation.

The best way to find the property you want in Spain is to research the area well first and be certain that you are well away from any of the black spots which have been subject to compulsory purchase orders or demolition threats. Whilst Spain may now be trying to clean up its act the legacy still remains of corrupt local officials accepting bribes for selling illegal planning permits which has resulted in people who bought in good faith being duped out of their homes.

Always ensure that an independent reputable lawyer is retained and check and double check every last regulation pertaining to planning law, rights of dwelling law, and legality of all documentation. The illegally purchased homes which have been, or are, subject to demolition laws, were bought in good faith by many ex pats who found that Spanish law did not protect them even though it was the developers, lawyers, and planners who were engaged in the corruption.

The Spanish housing market is predicted to rise again as it will always remain a popular choice for foreign investors and those wishing to move to their place in the sun. With careful homework researching prices the buyer should be able to find a distressed property which still has further discount potential or a repossession which could be snapped up at auction.