22 Feb 2018 11:31 AM:
HI, hoping someone is in the know!
I have 'heard on the grapevine' recently regarding buying an empty property... (hopefully at a reduced price becuase of the 'issues!)
'If a property owner owes a large amount of community fees, the community are legally able to embargo the
property and SELL IT at auction. I.e to any member of the public that so wishes to buy it (from the new owners - the community.) '
I have heard of this where a Town Hall embargo a property and sell it at (public?) auction when they need to recoup unpaid IBI etc.
Any tips or advice on this matter welcome.
(Also.. does anyone know for sure that the property has to be put on the 'open market' and listed for 'public auction' for the month that I was told about. I have been advised that in this case there are professional investors whose job it is daily to look at the Boletins/public auction sites and it is unlikely that I would be able to achieve my aim of buying a cheap property as they have 'inside knowledge?' or the cash to just keep going higher.)
There was a rule of thumb apparently that if the debt owed (to the community) was 40% at least of the past 10 years bills owed, then this is when the comminity could invoke the embargo and sell without the owners permission to recoup fees owed.
Thanks for any input!
(PS I am avoiding bidding on any properties that have illegal tenants in as I understand if they are paying the elec etc then it is considered their home by law and any owner present and future cannot get them out!!!)
NB We are just looking for a good priced property for ourselves. We are not investors/dealers.
BTW very useful reply here from your team on a similar matter!
https://www.eyeonspain.com/forums/posts-long-19263.aspx
Thread:
Embargo/Sale of uninhabited property if owner owes high Community Fees...
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