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The Dangers of Gazumping in Spain

Written by Louise Reynolds of Spanish Property Agency Property Venture®

31st January 2014

An excerpt

'Interest in buying Spanish property has picked up since the turn of the year. One sector of the market is generating a lot of interest, Spanish Bank Repossession properties....but the picture changes weekly, if not daily. When a bank is successful at selling some of its property stock..

The full blog gives all the detail about what was quoted on Gazumping in Spain

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The dangers of gazumping in Spain

Written by Louise Reynolds

Friday 31st January 2014

By Louise Reynolds, Director of Spanish Property Agency Property Venture.

‘Interest in buying Spanish property has picked up since the turn of the year. One sector of the market is generating a lot of interest, Spanish Bank Repossession properties. It is worth having your wits about you when buying from the banks. A financial services consumer pressure group in Spain concludes that some banks charge a premium for the mortgage finance, associated with property on their books, as it is not always easy for property buyers to compare lending terms on the open market.
 
This might not necessarily be the case for overseas property buyers, as they tend to have higher deposits, or come as cash buyers, meaning banks have less pricing leverage. Having said that it is possible some banks may charge more for the property because a buyer is not taking a mortgage. That flies in the face of common sense in many respects, but the finance is where a bank makes its money.
 
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