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Bidding for a bank repossession property

Posted: Fri Mar 17, 2017 5:49pm
1 reply42 views2 members subscribed
Lynn2557

Posts: 4

1 helpful points

Location: Los Alcázares

Joined: 10 Mar 2017

Hello.

I'm looking to buy a property in Los Alcazares. There is a property that is a bank repossession advertised for a good price. I rang to enquire about purchasing the property only to be told it is going to bids next week. 

Does anyone have experience of this procedure, and if so is there any advise to be offered with regards to how much to offer over the asking price..? 

Thank you in advance.

crissywissy

Posted: Sat Mar 18, 2017 10:11am

crissywissy

Super helpful member

Posts: 2440

1614 helpful points

Location: Mar Menor

Joined: 26 Sep 2015

Posted: Sat Mar 18, 2017 10:11am

Don't offer more than you think its worth...don't forget to add another 12-15% for fees, tax etc and make sure your solicitor checks there are no outstanding debts on the property...there will also be other expenses for reconnection of utilities etc.  There are some bargains but be careful.

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