Tenerife Property – repossessions revealed!
The Tenerife Property market has been on the decline for three years now
with priced falling from their 2006/07 peak. Many potential buyers have
been put off by the thought that prices will continue to drop leaving them
wishing they had waited longer. For the most part this is true although the
local estate agents would say otherwise….
So what is a buyer to do? Well the Spanish Banks have come under
increasing pressure during 2010 from the growing number of mortgage
holders who can no longer meet their monthly liabilities. Add to this the
almost outright collapse of the Spanish construction industry and the glut
of new apartments and houses sitting empty and it has slowly dawned on
them that they have to start moving this stock on.
Dealing directly with Spanish Banks can be very daunting. Firstly, they are
simply not set up to sell or negotiate on property transactions. Some
Banks have lots of repossessions, others have very few. You also need to
be aware of which lenders have repossessions in the popular areas such as
Los Cristianos, Las Americas, Chayofa, Torviscas etc unless that is ‐ you are
happy to purchase a residential apartment in a depressed Spanish town in
the hills – no, thought not!
You could spend literally months and months trying to find a suitable
Tenerife property for sale that meets your criteria and is being offloaded
by a bank. But fortunately there is one specialised company that can do
this work for you. From initially screening all properties for vandalism,
wear and tear, value for money, right through to negotiating the price,
special mortgage conditions (up to 100% in some cases) arranging viewers
(exceptionally difficult) and drawing up purchase contracts – all the work
is done for you.
Whilst there aren’t thousands of desirable, beach front properties being
repossessed it would be foolish to ignore the potential savings to be made
should you find a repossession suitable for you. Many of these deals are
exclusively on offer through a very select number of estate agents and the
current leader when it comes to repossessed property in Tenerife is
http://TenerifeEstateAgents.net because when it comes to negotiating
with bank for mortgage and repossessions no‐one in Tenerife even comes
close. This has been our field of expertise for many years and in the
current market we are streets ahead of every other company – regularly
fielding calls from estate agents desperate to offer our property to their
clients!
So, before you commit to buying anything – shop around, make sure you
really are getting the best price. Work out the price per sq m2 (Price /
total area) and use this to benchmark the areas you are interested in. Feel
free to contact us for our expert opinion on whether you are overpaying
because chances are we will be able to offer you a better price.
Information kindly provided by http://TenerifeEstateAgents.net –
Tenerife’s number 1 estate agent for bank repossessions and distressed
property sales.