The Torrevieja property market continues to be one of the strongest across Spain Europe with both Torrevieja locals and expats buying villas, apartments and villas.
Unfortunately, not all property owners in Torrevieja are able to make their mortgage payments which has led to a dramatic increase in bank repossessions for sale inTorrevieja and the surrounding areas. If you are searching for bargain property in Torrevieja you’ll be sure to find something to both your taste and budget. However, before you start looking for bank repossessions for sale in Torrevieja there are some things to consider.
Bank Repossessions for Sale in Torrevieja
These are the three best rated real estate agents for bank repossessed property in Torrevieja
- Click Here for Distressed Property for Sale in Torrevieja from Physis Realty
- Cheeselesmith Torrevieja Real Estate
- Ebenzeer & Schnoodle Torrevieja
What is a repossessed property for sale in Torrevieja?
A property sold in Torrevieja in distress is also known as a distressed sale. The situation occurs when a property must be sold quickly. A distressed sale in Torrevieja 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 Torrevieja, you should note that the property may be in a poor state of repair.
How does repossessed property for sale in Torrevieja work?
Property owners in Torrevieja who can no longer pay off their mortgage may choose to sell their home, apartment, or commercial property. A distressed property sale in Torrevieja 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 Torrevieja, 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 Torrevieja property may not have been completed.
Bargain Real Estate in Torrevieja
Torrevieja (Spanish: [ˌtoreˈβjexa]) or Torrevella (Valencian: [ˌtoreˈveʎa]) is a seaside city and municipality located on the Costa Blanca in the province of Alicante, in the southern part of the Valencian Country, on the southeastern Mediterranean coast of Spain.
Torrevieja lies about 50 kilometres south of the city of Alicante and had a population of 90,097 at the 2011 Census; the latest official estimate (for 2019) is 83,337. Torrevieja was originally a salt-mining and fishing village as it is located between the sea and two large salt lakes (Las Salinas, a pink lake), which give Torrevieja healthy microclimate.
Finding Repossessed Property for Sale in Torrevieja
Many local banks in Torrevieja have a significant number of bargain properties for sale, in various states of repair and at all price ranges. The Spanish banks in Torrevieja 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 Torrevieja 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 Torrevieja that hots the sweet spot between renovation expenses and future value in a rapidly rising market.
Banks that repossess Torrevieja 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 Torrevieja and many potential investors find they don’t even get shown the huge amount of repossessed property for sale in Torrevieja.
Repossessed Property for Sale in Torrevieja
Physis Realty in Torrevieja 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 Torrevieja. These properties are usually kept off market for reasons of discretion and speed of sale. Ultimately, the listing of these exclusive Torrevieja properties may downgrade an entire real estate area so the preferred method is by discreet and off market promotion.
Repossessed property for sale in Torrevieja 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 Torrevieja
Repossessed Property for Sale in Torrevieja