Tenerife Reposessions: The cheaper way to buy?

As the recession bites, increasing numbers of home owners in Tenerife are under pressure to pay their mortgages, and in some cases they are fighting a losing battle.  Many foreign buyers are waiting in the wings to snap up these bargain Tenerife reposessions after the banks have taken posession of them, but in the Spanish system it is often better to purchase just before repossession, before additional costs are added. 

The repossession process in Spain is extremely slow, generally taking well over a year to complete and in many cases much longer.  So repossessions that may be available today are those that started defaulting on their mortgage repayments some 18 months ago.  The process itself is horribly complex and the various costs need to be added to the price of the property. 

Because of the way the system works, the best bargains are often to be found in pre-repossession properties.  It has now become increasingly common for banks to hold off from repossessing until a property has undergone several price cuts on the open market.  Although it might seem a challenge for the bargain hunting buyer to locate these diamonds in the rough, their task is made easier if they choose the right agent.

Tenerife Property Shop works closely with banks and distressed vendors to provide a clearing house for properties before the repossession process starts, as well as helping to sell those who have already been repossessed.  The company is the favoured route to market not only because it is one of the very few Estate Agents protecting clients with Professional Indemnity Insurance and buyers with Title Deed Insurance, but because they have become the hub of the property market in the resort areas of the south.  Sustained marketing programmes continue to generate enquiries for properties, and this commitment is what buyers and institutions look for, especially when there is some urgency involved in the sale.