Cranes back in the Skyline...I was amazed

Tamaraessex - well said.

And you too Graeme13 for telling those folk to go and buy something you couldn't offer.

We did exactly the same 10 years ago i.e. bought a village property that needed a LOT of TLC and have never regretted it. This is where we live and we love it. Our off-plan purchase was bought as an investment - and that has been the worst decision we ever made! Ah well - you live and learn.

"pommers"....believe it or not....had another client in September...had seen a bank repo they day before with different agent...

basically said to her...make an offer....she was a tad suprised....but in the end...she now owns the property....some "tlc" also needed but she has got something 40/50K cheaper than similar properties on the market...

Hopefully my boss does not read this...at this rate i wont make any more sales...lol

Hi Graeme 13

Interesting posts you have made especially concerning bank property and you are obviously in the know as far as property is concerned, so I wonder if you would let us have your own views on the bank’s involvement in the property market.

I have looked at some of the banks websites out of interest and notice that the ‘discounts’ are extremely varied and most properties on offer are apartments and many run-down town houses, have you any idea why fincas, villas, or quality townhouses  rarely appear?

Is it normal to make an offer for any of these properties even they are allegedly ‘hugely discounted’ already, or is the advertised price, in many cases cast in stone ?

How do you think the new Bad Bank will affect property prices generally and lastly, how will it’s activities affect established Estate Agents do you think?

Look forward to your views.

Regards to all Woodbug.

Hi Woodbug,

1st question, country properties are in the minority, so in effect, bank repos of this type of property will be in the minority. Even so, if there are any with a bank, they will be open to offers. Does not mean they will accept any offer. We made a offer on "finca" 2 months ago to the bank, still not heard anything.

2nd question, i would make an offer anyway. Bank wants to get rid of the property but i suppose even they have a minimum figure.

3rd question, (a) i dont feel they will affect prices in general, it just means confident buyers get an opportunity and sellers may lose out in the short term. It is really a case of cheapest option is sold.

3rd question,(b), it has not affected us, most of the agents that set up 5/6 years ago or long gone. I was present at a Notary opening about 4 years ago. There were prominent folk from town and pretty much all the bank managers and in a conversation they were saying many estate agents will close and the serious and proper ones will be left in business. I couldnt see the sense in what he is saying but looking back now it seems they were correct.

As an established estate agent we can only carry on doing what we have always done, selling legal properties and getting the best deal for both buyer and seller.

To mention, anyone considering a bank repo should expect as a norm, work will need to be done.

As requested, my opinion.

Cheers

Graeme

On our development at Roda Golf in Murcia, many owners have defaulted on mortgages or merely handed back keys as they can no longer afford to keep the property. Many are with Banco de Valencia in San Javier and they now have a lot of good, new modern properties that are on the market.

I know of 2 garden flats - both 2-bedroom 2-bathroom - that are on the market at half the original purchase price. These were built in 2007 to a high spec so although still more expensive than say a village property or apartment in somewhere like the urban sprawl at Torrevieja they are still cheap for what they are.

So you will be able to get some new properties not needing TLC on bank repos.

 I agree re Roda Golf - I know it well and I think the properties are currently really good value for what they are.   But a) you have to want to be on a golf course (I don't), and b) the community fees are pretty high and rising (partly due to the defaults, but also due to gated, manned entry points, etc etc).