Bank Repossessions

Why should you buy a repossessed Property in Mallorca?

Purchasing a repossessed property in Spain enables you to acquire a property for a much lower average market price. If you’re a looking to make an investment on a great-value repossessed property at auction, at Mallorca-Property.co.uk it’s possible to find a bargain villa or apartment in the Balearic Island.

The normal process is through an online auction with a fixed date where you can bid online. You do not have to worry much because to buy any repossessed property for sale in Mallorca you never pay more than you’re prepared to spend on the online auction.

Bank Repossessions Mallorca : Here are the TOP 6 Spanish Banks with property stocks:

Repossessed property from Bankia Bank

Bankia was formed on 3 December 2010, as a result of the union of seven Spanish savings banks that had a major presence in their historical core regions. The merger of the seven banks, known as ‘cold fusion’, took only four months, with the integration contract being signed on 30 July 2010. Caja Madrid, which was itself owned by the government of the Community of Madrid, held controlling interest of the bank. Read More

Repossessed property from Santander Bank

Banco Santander, commercially known as Santander, is a Spanish bank chaired by Ana Patricia Botín, daughter and granddaughter of previous presidents, Emilio Botín and Emilio Botín-Sanz de Sautuola and López, respectively. It is one of the largest and most important financial entities in the world and its main markets are Spain, the United Kingdom, Portugal and Poland in Europe; and Brazil, Mexico, the United States, Uruguay, Argentina and Chile in America.

At December 30, 2019, Santander’s assets were 1,000,000 million euros, being the leading Spanish financial institution. On that same date, it had 13,217 branches, 202,713 employees and 144 million customers.2 As of December 31, 2018, it was the eighteenth bank in the world by volume of assets.

Santander UK is a large retail and commercial bank based in the UK and a wholly-owned subsidiary of the major global bank Banco Santander with over 14.4 million
active customers

Repossessed property from La Caixa Bank

La Caixa is a Spanish banking foundation. It is CaixaBank’s largest shareholder, with a 40% stake in its share capital (through Criteria Caixa). Its main mission, in addition to conducting financial business through this company, is the management of the social and cultural work inherited from the savings bank.

It has been headquartered in Palma de Mallorca since 2017. It is the result of the transformation in 2014 of the Savings and Pensions Fund of Barcelona into a banking foundation to comply with a new legislation on savings banks and banking foundations (Law 26/2013).

Repossessed property from SolBank

Solbank is the branch of Sabadell for the coastal offices in Mallorca and Ibiza. Solbank was a Spanish bank owned by Banco de Sabadell, which focussed on retail banking for Europeans living in the coastal areas of southern Spain. In 2014, it was fully integrated into the parent company.

Sources for Bank repossessions in Mallorca

Banks with the most repossessed property for sale:

Altamirainmuebles: Altamirainmuebles is the real estate website of Banco Santander, the largest bank in Spain.
Servihabitat: Servihabitat is the portal from “la Caixa Bank”. Servihabitat is the portal from “la Caixa Bank”. CaixaBank is the leading retail bank in Spain, with the largest customer base of the spanish banks
Sareb: The Society for the Management of Assets from Bank Restructuring (Sareb) was created in 2012 to help reorganize the Spanish financial system and, in addition, its constitution was one of the conditions for receiving financial assistance from Europe.

When buying a repossessed property in Mallorca the seller is always the bank.

Before entering into a repossession process for buying a property in Mallorca, at Mallorca Property we strongly advice to hire a local lawyer in Mallorca who knows the tricks and has the experience. You can find some bank repossessions in this website and we can introduce to some of the best local lawyers.

The complexity of this kind of property purchases, looking at the counterpart and to the legal complications that the repossessed property has, makes necessary to hire a lawyer specialized and experienced in property purchases from banks. If you decide to buy a bank repossession in Spain through us, we have agreements with some of the banks listed above, and we have access to a number of investments with recent valuations from 2020.

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