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Bidding scheme information

PROPERTY AUCTIONS:
Property auctions are rare in Spain and if exist are normally just auctions set up by entrepreneurial Estate Agents. As we have direct collaboration contracts with Spanish banks you can access the equivalent to an Spanish auction through a special bidding scheme.

AUCTION STYLE BIDDING:
 
1. Deposit a €3,000 deposit (with the bank).
 
2. Make your best offer on the property.
 
3. Your offer is considered by a special bank board.
 
4. If your offer is accepted by the board they then the bank offers the property to other worldwide investors (without revealing your offer) and invite offers on the property.
 
5. If your offer is the HIGHEST received, the property is yours (and your deposit is deducted from the price).
 
If your offer is NOT successful your deposit is returned by the bank in full.

REPOSSESSION PROPERTY MORTGAGES:
As the banks know that these properties are well below value, they are prepared to offer good mortgage deals on them.
 
At the moment the Spanish banks are only offering mortgages with 40% deposits (60% mortgage). However, because repossession properties are below the bank valuations then we can arrange a mortgage with just a 10% deposit (90% mortgage) for EU residents, or 20% (80% mortgage) for non-EU residents, and sometimes NO DEPOSIT (100% mortgage).

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