A huge number of U.S. real estate seized for nonpayment. Several years ago, even before the global crisis on the foreign property market was booming.
Many people bought homes with a mortgage loan, not knowing what will the economic downturn and they can not pay. As a result, huge amount of property was confiscated for nonpayment.
Some banks were the owners of thousands of residential and commercial real estate, which is now ready to sell at bargain prices. For example, in Spain's lower prices as high as 60%. Therefore, if you plan to buy a home abroad, you should consider buying a home, seized by the bank. This can be a very good bargain.
To locate a suitable house or apartment, try contacting the bank or peruse websites about real estate. Some Internet resources fully dedicated to the sale of confiscated property. You can also contact real estate agencies. Many of them are engaged in such sales, although do not advertise it, to avoid negative associations. Another option - to draw attention to the real-estate auctions, where he can be such lots. But in this case, the high risk of paying more than necessary.
Do not expect that the confiscated property will be in perfect condition. As a minimum, the room will need general cleaning. If the former owners could not afford repairs, be prepared to detect dampness, leaking pipes, damaged drains or broken heating system.
It happens that the owner intends to sell the house, along with the current mortgage loan, but do not have time to do it until the last payment date. Then his property also seized for debts. If this is what happened to the real estate you plan to buy, then you need to figure out why the former owner wanted to get rid of it.
Surely at this is a good reason - for example, in the area constant traffic jams on the roads, or situated near a noisy bar. Perhaps the nearest public transport station is too far, or vice versa, right at the door.
Buying a property that has become property of the bank, requires careful and thoughtful approach. This acquisition can be very successful if you do not forget that the price - an important but not the only criterion in choosing housing.