Bank floors

THE GREAT OPPORTUNITY

The bursting of the real estate bubble in 2008 accumulated a large number of homes as a result of the foreclosures executed in the period that generated a great economic crisis. Despite the time elapsed in 2021, they remain a viable investment attraction, mainly motivated by the advantageous conditions that banks offer to potential buyers with the intention of reducing the number of homes that are held by the banks.

As all that glitters is gold to us, buying a property from a bank has its advantages and disadvantages, being very important to have all the information before making a decision.

How to buy repossessed floors from the bank?

In the search process through the multiple internet channels it is very important to know if a property belongs to a bank or not. The big question, how to know if a flat belongs to a bank.

Many banks have their own bank real estate, known in the real estate world, we would highlight Solvia, Banco Santander, BBVA Housing, Servihabitat, etc. It is often a quick option to ask directly at our trusted office or at a branch of these entities where we are interested in acquiring a bank property.

The reality is that the current banking offer is very heterogeneous. There is no common denominator or pattern in bank floors, we can find bank floors from the oldest to recently built homes and from one bedroom to three bathrooms, although statistically there are more bank floors in classy neighborhoods. worker than in areas with high purchasing power.

Are Bank Floors Really Cheaper?

Normally there is not usually a great difference between bank floors and those sold through the usual channels of real estate agencies, although like everything, there are exceptions where the differential is important and the opportunists of this type of operations are always attentive to obtain the best opportunities for bank floors.

Although in general terms the price is usually more or less the same, what makes this type of operation attractive are the facilities offered by banks to get the bank loan if you buy a home in their portfolio.

The usual rule currently used by the vast majority of banks when granting a mortgage is that the mortgage loan does not exceed 80% of the value of the home, a very different situation is if you want to acquire a bank apartment, with banks being more flexible in this type of operations where financing can reach 100% of the home value with very advantageous conditions.

What steps should we follow before buying a bank apartment?

If we start from the basis that the vast majority of bank floors have been part of a judicial process with embargo, we must take into account the possible deterioration caused by the previous owners. It is very important to check the conditions of the property, both in the face-to-face visit that we request from the bank or the real estate agency that manages its sale, as well as all kinds of information that we can obtain from neighbors of the property, all these measures and a better Knowledge of the home can help us at the time of negotiation with the bank that in many cases the bank agrees to a reduction in the price of the home.

Last but not least, we must ensure that the financing offered by the bank is the most advantageous possible.

Advantages and disadvantages of bank floors

Advantages

  • Generally more advantageous financing.
  • Quick and easy operation throughout the process.
  • In almost all operations, 100% financing.
  • No appraisal cost.
  • The amortization offered is usually longer.

Drawbacks

  • The most limited supply of properties in some specific areas.
  • Normally bank floors need a comprehensive reform, being an extra expense.

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