Repossessed Properties – Our guide for you
Find a Tenerife Bank Repossessed Property
We are working with most of the major Financial Institutions who are selling repossessed properties on the Island of Tenerife, some are in coastal areas but the majority are inland.
This website includes actual brand new products but for resale properties we include examples of current price ranges to give you an indication of current availability. If you want us to send you details of resale repossessed properties which are currently available please let us know what areas you would choose and give us a brief specification, eg, type, number of bedrooms, budget, location, etc. Please also let us know when you will be able to view properties. Please use our contact page, top right.
The best bank repossessed properties get sold very quickly, this is a busy market. We therefore encourage you to let us know what you are looking for, then we can contact you and advise you when a suitable Tenerife property comes to the market.
Another point to bear in mind is that sometimes the more desirable repossessed properties get sold within a few days you you need to be in a position to view quickly otherwise, in the current market you may be disappointed.
We have a specific “Repossessions” category if you are looking for bank real estate using our property search facility, right.
Please note we do not list resale repossessed properties because there are too many of them and they get sold very quickly. If you are interested in purchasing a resale repossessed property please let us have your specification including size of property, preferred location and budget.
If you want to buy a resale property in some of the village areas not far from the resorts, currently there are one bedroom apartments from around €55,000 and two bedroom units from around €70,000.
Guidance Notes for Repossessed Properties
The prices on this website are the lowest offered by the bank, often the bank will run special offers and then increase the price back to what it was before the special offer expired. Due to time lag we sometimes leave the price as it was but that means we cannot guarantee a property can be purchased at our published price, so check with us and we will advise you.
We do not recommend that you consider buying any of these Bank repossessed properties without viewing them first.
100% mortgages may be available for residents on some properties, subject to status. However non residents will rarely be offered more than 50% loan to value on price.
In order to purchase a property you will need to have available 10% of value to cover Purchase Taxes, Notary Fees and Registration of the property.
Finding quality Tenerife Bank repossession property is not easy, many of the properties which find their way onto the market via the banks are substandard and in some cases, they have been neglected or have even suffered damage. We try to market the ones in popular areas which have the best investment potential.
The information we get from the banks is what they send us, if we have inspected a property we will more than likely display the level of information you would expect to see. However we do not have time to inspect all these properties so our web site may be lacking in information for some properties. We will try and answer your queries so please do not hesitate to ask.
All you need to do is tell us which repossessed properties you wish to see and when. We will then arrange viewings for you to inspect the properties.
We do not guarantee the accuracy of information supplied by third parties in connection with bank repossessed properties on this website.
Buying a Bargain Property for investment
We do also have Tenerife bargain property which is not being offered through the financial institutions, property owners sometimes have to sell properties in distressed circumstances and many of those properties are being offered below market value.
If you are buying a property for investment remember that there is a wide range of cheap property available outside of that being offered by the Financial Institutions. You will find that most of the Tenerife repossession properties are apartments, villas are much rarer.
If you need investment advice we are pleased offer our help but please do some research first and ask specific questions. We are not investment advisers but we do have a sound knowledge of the current Tenerife property market. We are more than happy to offer you the benefit of our experience.
At the moment most people are looking to buy holiday studios because they provide the best rental return but you need to check that a property is on a complex which has a Touristic Letting Licence. Those complexes tend to have higher community fees so be careful to check the numbers before you buy.