Banking properties can usually be recognized by the fact that they are in really bad condition. Here you can see a picture of a bank property on Mallorca, which I took myself:
This junk property sits on a sea view lot. However, it really isn’t love at first sight when you look at bank properties in Mallorca. Many of these junk properties are inhabited by so-called Ocupas (Spanish: squatters). What you need to know if you are really interested in banking properties in Mallorca, you can read in this article:
Bank real estate is rarely advertised in real estate portals. The bank simply lacks the competence to show objects there. So you can only find the really interesting objects by talking directly to the bank. Because I am looking for real estate financing for many of our investors, I am in permanent contact with the largest and most powerful banks in Mallorca . And this is the only way to really find out where objects are, what they cost and what discount can be achieved.
In my opinion, the big advantage of a bank property is not the price. But the advantage that results from financing with the selling bank . I often achieve a financing level of 70% and financing of the conversion costs , which can be quite high.
It’s laborious. Actually not to create from Germany. Mallorquins don’t answer the phone if they don’t know the caller. And e-mails are not answered at all. The motto here is still: face to face. And preferably with a coffee. The disadvantage is that as a German investor you need a contact person here on the island. who will work for you.