Banks are selling off property cheap, but sight unseen

Reports in the Spanish press indicate a new real estate market – Bargains for real estate being sold as bank possessions where the bank concerned has still not got the key. El Mundo has labelled such properties as ‘invisible’.

The banks and savings banks are now reported to be selling off such property cheap, but ‘sight unseen’, with purchasers not being able to even inspect the property. That requirement is compensated for by even lower prices.

However purchasers under such circumstances may have problems, the previous owner could take more than a year to be evicted in some circumstances, and there is also the danger that the current occupant of the property has signed a rental agreement.

The banks, in desperate need for cash, are selling the flats which judicially belong to them, but for which they do not have the keys.