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Buying a repossessed property of the Costa del Sol

(8 Posts)
MrsUltracrepidarian Thu 30-Jul-15 18:34:31

We have seen a property we are thinking of buying - anyone else done this?

AgentProvocateur Thu 30-Jul-15 18:44:51

No, but watching with interest. I was looking at Spanish property at the weekend.

Pagwatch Thu 30-Jul-15 18:46:09

I've got a place in Spain but I wouldn't knowingly buy a repossession property.

MrsUltracrepidarian Thu 30-Jul-15 18:55:46

Pagwatch - why?

Pagwatch Thu 30-Jul-15 18:58:04

It's a personal thing. We were evicted when I was young. It would feel like profiting from someone else's misery.

It is just my view - not telling anyone else what to think. I just couldn't do it.

Costacoffeeplease Thu 30-Jul-15 19:01:32

I would do a lot of research, it might be fine, but is it part of a block of apartments/townhouses or a detached villa? Is it on a complex? If so, is it solvent? You don't want to be one of a few bought properties on an otherwise abandoned development

MrsUltracrepidarian Thu 30-Jul-15 19:23:55

Costa - no - is detached villa
Interested in the legalities - our lawyer has said is more straightforward dealing with the bank than with a vendor. We have seen a property where the bank has foreclosed and is waiting for possession - hence question re practicalities.

Costacoffeeplease Thu 30-Jul-15 19:26:04

Yes it probably is. In that case I think it would be ok

I live in the algarve and there have been distress sales here too in the past few years, hence the questions! Good luck!

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