The Tacoronte property market continues to be one of the strongest across Spain Europe with both Tacoronte locals and expats buying villas, apartments and villas.
Unfortunately, not all property owners in Tacoronte are able to make their mortgage payments which has led to a dramatic increase in bank repossessions for sale inTacoronte and the surrounding areas. If you are searching for bargain property in Tacoronte you’ll be sure to find something to both your taste and budget. However, before you start looking for bank repossessions for sale in Tacoronte there are some things to consider.
Bank Repossessions for Sale in Tacoronte
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What is a repossessed property for sale in Tacoronte?
A property sold in Tacoronte in distress is also known as a distressed sale. The situation occurs when a property must be sold quickly. A distressed sale in Tacoronte typically results in a monetary loss to the seller. The property is put up for sale due to economic issues incurred by the owner and the property must be sold for a lower price. The money made from the sale is often used to pay off debts.
If you want to purchase a repossessed property for sale in Tacoronte, you should note that the property may be in a poor state of repair.
How does repossessed property for sale in Tacoronte work?
Property owners in Tacoronte who can no longer pay off their mortgage may choose to sell their home, apartment, or commercial property. A distressed property sale in Tacoronte often occurs due to foreclosures, divorces, or relocations. By selling the property, the owner is able to pay off their mortgage.
If you plan to purchase a distressed property in Tacoronte, you are likely to buy itat a significant discount to the current market value. However, if the sale was done on short notice or in a hurry, repairs to the Tacoronte property may not have been completed.
Bargain Real Estate in Tacoronte
Tacoronte is a city and municipality of Tenerife, Canary Islands, Spain. It is located in the north-east of the island. Mostly rural, the municipality stretches for 30 square kilometers from the volcanic peaks that rise in the center of the island to the Atlantic shore. The municipality seat, also called Tacoronte, lies about 16 km west of the capital, Santa Cruz de Tenerife. Old manorial houses and farms are situated here, as well as vineyards that produce the wine known as Tacoronte-Acentejo.
The TF-5 motorway passes through the municipality. The Tenerife North Airport is 4 km to the east.
Tacoronte is a toponym of Guanche origin, believed to be derived from Tagoror, meaning “place where the Council of Elders meets”. Its territory constituted an ancient menceyato, as the Guanche kingdoms were known, ruled by the mencey Acaymo. After the Spanish conquest of Tenerife, the area was settled by the Portuguese Sebastián Machado, who founded the town of Tacoronte around the hermitage of Santa Catalina that he had built. The town grew during succeeding centuries and in 1911, Alfonso XIII of Spain granted the town the status of municipio.
Finding Repossessed Property for Sale in Tacoronte
Many local banks in Tacoronte have a significant number of bargain properties for sale, in various states of repair and at all price ranges. The Spanish banks in Tacoronte don’t tend to do anything to maintain the properties on their books,. Some will be dilapidated and many have had no occupants for years.
When looking for repossessed property for sale in Tacoronte for cheap properties it’s important to be fully advised. In the bank repossessions market forewarned is forearmed. It’s a case of finding the diamond in the rough… that property in Tacoronte that hots the sweet spot between renovation expenses and future value in a rapidly rising market.
Banks that repossess Tacoronte properties typically use a realtor to sell the property who will receive around 2% for selling the property. This commission is significantly less than many real estate agents receive for selling other properties in Tacoronte and many potential investors find they don’t even get shown the huge amount of repossessed property for sale in Tacoronte.
Repossessed Property for Sale in Tacoronte
Physis Realty in Tacoronte have access to on and off market bank repossessions. They tend to operate at the mind to higher level of the market so have already done extensive due diligence on their distressed property portfolio.
Physis Realty also represents clients at the $million+ level find bank repossessed properties for sale in Tacoronte. These properties are usually kept off market for reasons of discretion and speed of sale. Ultimately, the listing of these exclusive Tacoronte properties may downgrade an entire real estate area so the preferred method is by discreet and off market promotion.
Repossessed property for sale in Tacoronte can also occasionally be sourced directly from the bank, although do be sure to engage the services of a local translator if you are not proficient in Spanish.
Physis Realty has access to the best bank repossessions for sale in Tacoronte
Repossessed Property for Sale in Tacoronte