Finding Bargain, Repossessed and 100% Mortgage Properties in Tenerife
I rented in Tenerife for 17 years. Although I often daydreamed over buying a finca and having a place of my own, financially that was always going to be pie-in-the-sky.
That was until rental prices in Tenerife went through the roof. Not only that but as an animal lover, finding longterm rental properties that permit dogs is getting more and more difficult. As prices got higher, it eventually became clear that I had two choices, get rid of my menagerie and move into a smaller apartment or get a place of my own. So make that one choice then.
By necessity, my new casa was going to have to be cheap and would have to have as close as possible to 100% mortgage. Of all the bargain properties available in Tenerife, the cheapest – at least to get the mortgage – is always going to be a repossessed property. You may find later on, as I did, that the previous tenants have left such a long list of damage that you have not won yourself a bargain but if like me, you really need to get your own place and money is tight, a repo with 100% mortgage may be your only option. After all, once it is yours, you can spend as long as you like doing it up, right?
So where do you find these repossession bargain property in Tenerife?
Well first, let me tell you that any repo in Tenerife is unlikely to be a des-res. Believe me, if it was, the employees of the bank that has it on the market would have snapped it up before it saw the light of day. I remember some years ago, a repossessed property in one of the nicest complexes in Costa Del Silencio was snapped up by a Spanish accountant at an incredibly low price. I was quite new to Tenerife then and I asked how he had found the property to buy. There never seemed to be any repossessions advertised in the local English language papers at that time.
I was told that the lists of those properties that had been taken over by the banks and were to be put up for sale at vastly reduced prices were only available to ‘those in the know’. In other words, if you were not related to the bank manager’s wife, forget it.
So, don’t think you will find a pretty little two-bed with sea views and close to the sea going for a song. No, the properties you are more likely to find will be sad, neglected and even, as in the case of my own repo, vandalised.
In my case, getting off the rental treadmill was worth looking into locations and at property, I would not otherwise have considered. I scoured property pages online and I had every Spanish property website sending me emails of their new listings on a daily basis. At the time, I was not actually looking for a repossessed property as I was under the impression that these were no longer available in Tenerife.
Well, I was wrong. There are plenty of them if you know where to look. You can start with these property listings. Each is related to a bank.
Building Center is the management platform and real estate subsidiary of Caixa Bank that handles defaulted property and it sells or rents properties through Servihabitat.
If you search Servihabitat for properties for sale, those that you see with the Building Center logo are repossessed property for sale through Caixa Bank.