Bank repossession on Mar Menor

Hi Does anyone understand the pricing on Bank Reposessions - I have seen a property on Kyero on the Mar Menor golf resort - one company has it on for 105,740 and another at 109,500. I spoke to the company with the cheaper one natrually and she said that it was the correct bank price. I also asked about he 95% finance offered by the other company and she said it was highly unlikely as most banks want a 30% - 40% deposit. Has anyone else had any experience of this out of interst -

Hi I think you are talking about the same property as I put a bid on to the bank yesterday you are wasting you time, I offered them 105k cash they now want 130k they will take a offer, which is very nice of them, they will take 120k, Not from me they won't. Good Luck you will need it dealing with these people.Some agents have put the price back up to 130.600k some haven't.

What many people do not realise is that if the bank lists a property and there is multiple interested parties, regradless if they offer the asking price, the bank will them go to a sealed bid process

From experience the banks don't normally take silly offers, sometimes the agents don't even present the offers

It is often easier finding out which bank is actually listing the property first and the actual price should be shown, agents are often not allowed to load the price and decide to charge a finder fee on top

Some banks do offer special finance deals but typically increase their margins by insisting that you take their insurances

I have got to the bottom of this now - the correct price is the 135,600. It seems the wrong price was given to the agents. It is open to offers but thanks for all of your replies

This is the selling bank, http://www.servihabitat.com/buying/house/murcia/campo-de-cartagena/torre-pacheco/73213837

for the last few weeks they had it advertised at 105.000k

I see you are looking for a 95% mortgage if you are intending to letting the property out to holiday makers to cover the repayments then I would think again their are thousands of empty apartments up for rent especially on the so called golf resorts if you do go-ahead with it realistically you are only looking at approximately 12 weeks out of 52 for rental income to make it work you will need a toristca license /liability insurance/pay tax on incom /a registered estate agent to get renters it's a real mind field .

Bang on never rely on rental income to fund a property, especially on the local courses as there are hundreds of peole to compete with and people forget the amount of the bills, especially standing charges and community fees

Thank you but I am not looking for a 95% mortgage nor am I looking to rent  but thanks for the info

I know the OP has said they aren't intending to rent - but it's worth pointing out in any case that it's currently not legal to rent out private properties in Murcia? Many seem to get away with it though!! But personally I wouldn't want to risk being the place they made an example of! 

Private rentals are not illegal that is misleading. They are now regulated and the property concerned has to be registered with the regional government.

Outgoing on a modest apartment on golf resorts will cost you an average €2k per annum. Thats before you use it. Utility connections €800. If you want a key holder even more. Here is a list of the required restrictions.

These new laws do not apply to long term residential letting.

Initial legal requirements on registration II. Rules on the running of the rental.

I. Initial legal requirements on registration If you have an Apartments, bungalow, villa or similar in Murcia region and you use publicity for the marketing. 

2. It is rented on two or more occasions during a period which exceeds one month a year. You need to both register yourself and the property before the corresponding authorities in Murcia. 

It is also necessary: -
- To have a distinctive sign with the classification of the apartment at the façade. 
- To include classification of the apartment in every piece of publicity used 
- To have the corresponding claims book available 
- To have an insurance to cover professional indemnity
Tenants will be included in a registry with specific mention of their personal identification data and dates of arrival and departure. Owners will provide to Tourism regional authorities information by answering a questionnaire which will be periodically sent to them.
Minimum services and supplies to be included in the price: 
a) Permanent cold and hot water. 
B) Gas and/or electricity 
c) Cleaning at the beginning of the stay. 
d) Weekly change of linen. 
e) TV.
f) Rubbish collection or containers according to local regulations

Fines are substantial: Infringement to these rules what is established in this Decree (Murcia Decree 75/2005, dated the 24th of June, on regulations of tourist apartments and holiday houses) will be fined according to Murcia Tourism Act 11/1997

Ah interesting, thank you. It does seem that there is a fair amount of confusion about private renting in Murcia - I've read several posts on other forums where opinion seems to differ. The recent ruling last year ('14?) seems to have triggered all Regions setting new standards/regulations and Murcia as yet hasn't announced anything I believe?

We are not considering renting our place at the moment, but it would be good to know it was an option should we ever wish to! If you have a link to any official information about this I'd be really interested to see it.

Thanks RP

Dear Rockpea:

Email me and I will send to you our legal guide on this

Kindest

María