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SPANISH PROPERTY AUCTIONS - BUY YOUR PROPERTY IN SPAIN AT BELOW MARKET VALUE
By Spanish Property / 2011-10-16 16:12:06
If you are one of those savvy investors looking for GREAT Spanish property bargains, then you may want to consider the possibility of visiting one of the many Spanish property auctions which take place throughout Spain.
Properties which are listed for sale at a Spanish property auction are generally owned by individuals who need a quick sale. This could be personal or financial reasons. Many of the properties which are listed for financial reasons have either been repossessed by the Banks or are on the verge of being repossessed by the Banks as the owner can no longer afford the mortgage repayments. Between 2000 and 2008, many Spanish property investors purchased off-plan with a view to either renting the property out or flipping the property before completion, thereby capitalising on price increases and avoiding any need to pay sales tax (IVA) on the purcahse. This has forced the Banks to repossess the properties and sell them - either direct or through approved agencies.
This has resulted in some excellent opportunities to invest in Spanish property at prices well below their current market value. And one of the main advantages of buying a bank repossession through a Spanish property auction is that they generally come with a 90% mortgage subject to the buyers status. All of this can be arranged when the terms of the property sale are finalised.
So, if you are interested in getting on the Spanish property ladder, there is no better time than now with some excellent opportunities available - from studio apartments to luxury detached villas with a swimming pool and ample land for a beautiful garden to relax in!
Tags: Propertyportal, Spanishproperty