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Bank Properties Q&A
The following information may answer some of your questions on buying bank repossessed property at Polaris World. Call 0207 060 1475 for any further clarification or information.
Follow this link for our full Polaris World Bank Repossession Property Listing.
Why are the prices so low?
In many cases the bank needs to recover its debt which may not be the full market value of the property. In cases where they have been valued the valuation will always be higher. This is because the bank is realistic about pricing the properties to sell very quickly.
Are the Prices Negotiable?
In some cases it is possible to make offers. Call 0207 060 1475 for more information on individual properties.
are mortgages available?
The bank has made mortgages freely available on its property repossessions in order to sell the properties quickly. Hence 100% is offered to Spanish residents and 90% to non-residents for holiday homes. This is way above the 60%-70% that is now on offer in Spain.
will they sell fast?
Most likely. Anything at the lowest prices are already getting snapped up on the Polaris World resorts. This batch of repossessions has taken us to a new level! Over 20,000 people on our database have received this information and interest is extremely high. Move quickly for the best bargains as ordinary owners simply can not sell as low as this and when the stock is sold then prices will not be so low. Jump on a £50 flight if you have to!
Are the Properties in Good Order?
In all cases we have seen they are in good order. Some decoration may be needed and the properties are sold as seen. Many properties are brand new and never lived in. No property is more than 2-4 years old. All properties are thoroughly cleaned throughout before they go on sale. Utilities (Gas, Water, Electricity) are usually disconnected and your solicitor can arrange connections on completion.
Do the Properties include Furniture?
Some do. Rubbish is cleared in the cleaning process but good furniture is left to be included in the price.
Are the Properties Free of Debt?
Absolutely. These properties have taken many months to come to market. They go through a strict legal process at the bank and in the courts until the bank is finally in a position to sell the property and recover its debt.
Will there be any more?
We have around thirty properties now but that represents the recession pipeline of the last two years. Interest rates are very low now making defaults less likely and economies are recovering. We still expect some more to come on the market, perhaps a further 20 or 30 in the coming year. Keep watching our website. They will all be published here: Polaris World Bank Property.
Why have these not appeared before?
We are the first agency to bring you consumer bank repossessions on the Polaris World resorts. And the first to bring Polaris World repossessions to the international market. It has taken time in the recession for the properties to work their way through the legal process. However bank property offers are already huge in the Spanish property market. Spanish customers are clambouring to buy throughout Spain at previously unheard of prices with 100% mortgages. Demand is high.
can i register to receive information on further releases?
Yes. Follow this link and leave us details in the further information box of what you are looking for, resort, price etc. We will contact you as soon as it becomes available.
Do you have repossessed property elsewhere?
Yes. On other resorts in Murcia and in areas throughout Spain. Just tell us what you are looking for and we will source it for you. Call 0207 060 1475 or leave details here.
where can i see the full Polaris world bank repossession listing?
CAN I BID ON A PROPERTY?
In certain circumstances it is possible to make an offer below the website price. However this then opens the property to a nationwide auction (Spain) so you risk alerting other buyers and investors to the opportunity. Most properties are at tremendous bargain prices anyway so you must weigh up whether it is worth going down this route.
IF I BID WHAT IS THE PROCEDURE?
If you make a bid below the website price the property goes to the bank auction website for 10 days where you can monitor any bidding online. To enter a bid requires a 3000 Euro deposit (sterling payment can be arranged). This deposit is fully refundable if somebody outbids you. If not, then after 10 days the property is yours and a 10% deposit is payable. In the meantime the bank will process your application for a mortgage.
can i hold a property while i arrange to visit?
We can hold any property on a 300 Euro refundable deposit for 10 days while you arrange to come and view the property. We can of course make accommodation arrangements for you. Please call our UK office on +44 207 060 1475 or Spain on +34 610310370.
Contact us today
|
Freephone |
0800 011 2331 |
| UK | 0208 429 7115 |
| Spain | +34 610 310 370 |
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