Elviria

Author:

Nicholas J Stuart

Most considered professional opinion is that the best time to buy distressed Sales in Spain was back in 2009 especially in prime location areas. This was when you could buy a 20 million Euro Spanish villa for sale on the beach for 12 million but not today. So do distressed sale still exist as we enter the second half of 2011

Well like any property market the obvious answer is yes but you have to look harder for them and they are much harder to find in prime locations areas but if you can work with agents in the right locations and are in a position to move distressed sales in Spain can still be found.

Like any property recession those people most distressed tend to be at the beginning of the recession and as time goes by some people manage to work their way through the recession some don’t and some have managed to hold on but are very close to the edge. This is the seller you should be aiming at but not surprisingly there aren’t as many of these type of sellers that there used to be.

What I have noticed is that the best deals out there actually are coming from distressed developers rather than individual property owners. This is because the bank is about to foreclose if he doesn’t work with  bank to sell the properties at the outstanding debt and the bank is looking to turn bad debt into good debt and lend up to 100of the purchase price. The other attraction to the property buyer is these key ready properties are nearly new and have never been lived in and the overall package of price, quality and mortgage is hard to beat. These distressed sales in Spain are also much easier to find from a buyers perspective as it’s impossible to know which private vendor is distressed and which ones are not. However it’s my view that the best value will be gone by the end of the year.

Another area where good distressed deals can be found are villas in secondary locations where owners are desperate to sell and in these cases it is possible to buy these homes at below replacement value. With these particular transactions its pays to be with an agent who is part of a multi listing system so you don’t miss a trick.

So in conclusion there are still great deals to be had but the very best deals will probably only be around for another six months or so.

Article Source: http://www.articlesbase.com/real-estate-articles/distressed-sales-in-spain-do-they-still-exist-in-july-2011-5029249.html

About the Author

Spanish Hot Properties is the leading Spanish internet real estate agency but is also a leading agent on the ground connecting the virtual world with real world. They specialize distressed sales in Spain,property in Costa del Sol and Marbella but more recently have started to specialize in Costa de la luz Villas, Spain as it used to be