2.7. Buying distressed property
YOUR CHANCE TO PICK UP A BARGAIN PROPERTY IN MALLORCA
Distressed property in Mallorca offers a very unique window of opportunity, a chance to purchase prime real estate below its market value in a promising climate. In collaboration with local banks, your real estate agency can provide you with real bargains and the best property deals on the market.
PROPERTY REPAIRS AND COSTS
Buying a distressed home poses a whole different set of questions and potential challenges than a usual resale buy. You will often find that with property of this kind there is very little room for negotiation on the price and the house will be handed over as it is, with any repairs becoming the responsability of the buyer.
FINANCING A DISTRESSED PROPERTY PURCHASE
Find a real estate agent who works with banks that own distressed properties and get a pre approval from your bank or lender. Work out the financing first, and get a quote on possible repairs, refurbishment, etc before you put in an offer.