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 Given the current market conditions, we have got together with a number of long established Spanish estate Agents, who are specialists in finding the ‘distressed’, cheap properties and repossessed property, which come up for sale and sell very quickly.
DISTRESSED SALE doesn't mean a problem with the property,simply that the current purchaser is struggling to raise finance to complete the purchase, usually due to a change in their personal circumstances.
Some property investors have a desperate need to sell before completion or cannot afford to go ahead with the purchase and are forced to sell for far less than the market value, or they have the property repossessed by the Developer/bank and lose their 30% deposit. The developers simply want to move onto their next project and as they have already received about 30%, or so, of the purchase price from the previous buyer, they will often let the properties be sold at the original (2-3 years ago) price. This results in the property being approximately 20-40% under the current market value. Spanish banks are also doing the same, selling via registered companies who have been vetted and are offering huge discounts in order to retain cash flow.
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