Spain and Tenerife Property Repossessions
Distressed sales and repossessed properties with up to 95% mortgages in Tenerife
Given our close ties with many Spanish banks, we have access to distressed sales and repossessions in Tenerife and the Canary Islands, including Tenerife. Due to the nature of repossessions, buyers need to be able to move quickly so the advantage can be with cash buyers.
However, we have negotiated mortgages with many of the banks selling these repossessed properties in Tenerife and can now offer mortgages of 80% to 95% in some cases once potential purchasers have been pre-qualified.
We have seen discounts of over 50% of the original valuations so there are opportunities to purchase properties for less than half of their original cost with almost a 100% Tenerife mortgage.
Distressed and repossession property sales in Tenerife with 70% to 80% mortgages
Repossessed/Distressed holiday apartment in Los Cristianos Tenerife:
Valuation: 90,000€
Purchase Price: 67,000€
Mortgage available: 51,000€
Cash required (inc costs) approx: 24,000€
Repossessed/Distressed 1 bed apartment in Chayofa, Tenerife
Valuation: 140,000€
Purchase Price: 100,000€
Mortgage available: 78,000€
Cash required (inc costs) approx 33,000€
Repossessed/Distressed studio sale in Parque Santiago Tenerife
Valuation: 146,000€
Purchase Price: 97,000€
Mortgage available: 75,000€
Cash required (inc costs) approx 32,000€
Repossessed/Distressed 1 bed apartment sale in Playa Fanabe, Tenerife
Valuation: 126,000€
Purchase Price: 93,000€
Mortgage available: 72,000€
Cash required (inc costs) approx 30,000€
Repossessed/Distressed 4 bedroom townhouse in San Eugenio, Tenerife
Valuation: 249,000€
Purchase Price: 175,000€
Mortgage available: 136,000€
Cash required (inc costs) approx 58,000€
Distressed sales in Tenerife
We also regularly receive very good discounted properties from our network of estate agents which you are welcome to opt in for. These are usually where a buyer is having to sell at a loss and exit the market and are known as “distressed sales.”
Timescale
Repossession purchases take place very quickly (without viewings in many cases) so the advantage is with cash buyers but opportunities do exist for those who need a mortgage. Because of this we need to ensure that if you require a mortgage – that you actually qualify for it so will go through a “pre-qualification” process with you once you have registered an interest.
Pre-Qualification
If you are interested in receiving more information about distressed sales and repossessions in Tenerife and mainland Spain, please fill in the form below. If you require a mortgage, we will call to pre-qualify you. For all potential purchasers, we need to know how much cash you have available today to purchase.
90% – 100% Spanish mortgages
In some cases on specific properties, we are able to secure mortgages in excess of 90%. We are currently in negotiations with a lender who wishes to liquidate some of their repossessions and are willing to subrogate mortgages at up to 100% of the purchase price. In these cases, you will need to pay approximately 14% of the purchase price to complete – so you still need to have some cash available.
Fill out the contact form correctly!
Please provide a home telephone number and time to call. If you do not fill out all of the fields in the form, you will not be contacted.
Serious buyers only please
Translator
By N2H