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Buying a house foreclosed on the bank — idealista/news

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To buy a house involves a thorough search of existing properties on the market. We analyze by typology, areas and prices. when we intend to buy a house for a most affordable price, There are several hypotheses, including the pawned houses. These can be purchased from public and private entities.

Purchase of pledged houses from public persons

within the public entities we have several alternatives for buy cheap houses. Some of these organizations involve bureaucratic procedures, which must be studied beforehand before proceeding with this type of purchase. Some of the public entities where we can buy pawned houses are:

Private entities: banking houses

buy bank houses

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You bank real estate are assets that have been pledged after requesting a Mortgages. When an owner is no longer able to pay the monthly installment to the bank, the latter can pledge property concerned and put it on sale. Usually the bank houses can be viewed on the pages of the banks themselves or in real estate agencies. We give some examples of private entities where you can consult real estate pledged:

  • Has been;
  • Remax;
  • General cash deposits;
  • Millenium BCP;
  • BPI.
  • Santander;
  • Montepio;
  • agricultural credit;
  • Whitestar properties.

Advantages of buying houses from the bank

There are many advantages for buy houses foreclosed on the bankamong which we highlight the attractive value of property and advantageous conditions which we can get by asking for a bank credit. Other advantages are:

  • Possibility of obtaining 100% financing;
  • Obtain a bank loan easier.

According to Miguel Cabrita, responsible for the idealistic/credit housing in Portugal, “although banks can finance up to 100% of the properties they have in their portfolio, this does not always happen”.

Disadvantages of buying real estate from the bank

Although there are many advantages for the buy a house from the bankWe can also find some brakes in this type of business:

  • The property can be poor state of conservation;
  • Some may be associated with the house. debts;
  • The previous owners may not agree to leave the house, which delays the whole process of buy and sell.

Tips before buying a house from the bank

buy cheap bank houses

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“Notwithstanding the motionless being from an institution, it is always recommended to compare several offers to make sure you get a good deal on the Mortgages, both in terms of price and commitment”, emphasizes Miguel Cabrita. Besides the property valuationis important:

  • Find out if the entire property is for sale or just part of it;
  • Make accounts for all expenses that you will get with the purchase of a house in pledgesuch as taxespossible construction, charges with the entire purchasing process;
  • Find out if the property has tenants, as they have preference in buying the property;
  • consult the content certificate of the House;
  • Find out if there is a possibility to exercise the redemption right by a family member.

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