Wall Street Journal - Cheap Property in Spain

The Wall Street Journal ran an article yesterday about the current high price reduction properties available in the Costa Del Sol, Spain. The post explained how buses of interested parties view foreclosed (repossessed) properties, looking to bag a bargain.

I have seen a number of tours that seem to be promoting this type of inspection visit and worry about the credibilty of some of these operations. My philosophy has always been that if you develop a strong relationship with a handful of quality realtors you will get access to some genuine bargains. Several of these tours I have seen simply travel from one developer to another and are offered their excess stock. Whilst there is nothing wrong with this, because there are some good deals, I think that interested parties are only getting half of the picture on what is actually out there.

The best deals I have come across are from exposed individuals looking to realise their assets quickly and genuine bank auction lists. This is the only way to build a clear picture of both price and availibilty for the type of property you wish to acquire. Yes looking at what stock developers have is useful, but looking that little bit deeper into the market always pays dividends.

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