It’s what we’ve been saying for months. Just because there is a 100% mortgage, people have been buying at any price and not researching the market. And after they buy and want to sell again, they will have to recover the buying and selling costs to break even, which costs can easily total 20%. Oh yes, and because they cannot offer a 100% mortgage they will have to offer the property at a substantial discount to attract cash or max. 70% mortgage borrowers. That discount will have to be at least another 20%. So the instant they have bought from the bank they are in negative equity of 40% of the price they paid. Truly in these instances the buyer is a victim of a bank and not a customer!
Chartered Surveyors
Spanish Bank Repossession Properties cost 20% more than private sales
Recent News
- Reference Values and Expert Appraisals
- Current Market Value v. Mortgage Valuations
- Is the Market weakening?
- Spanish Property Market Report Part 2 – Oct 2022
- Property Market Report Part I – 1st October 2022
- Wealth Tax Has Finally Gone In Andalucia – Is Andalucia Now A Tax Haven?
- Are there little squatters boring through your house?
- Mortgages for Rustic and DAFO properties
- Buyers negotiating power reduced
- Water Costs in Spain
- Build Costs are Going through the Roof
- Special Market Report – April 2022
- The sun is providing energy at the same price as last week
- Property inheritance
- Clarification of Fissures and Cracks in Buildings.
- Solar panels provide long-term savings
- Property Market Report – January 2022 – Part 2
- Property Market Report – January 2022 – Part 1
- Spain’s New Housing Act in Andalusia
- NOW the Energy Rating is really important.