Algarve bank repossessions for sale.
Bank Repos in Portugal are extremely difficult to find. Yet, everyone wants to buy a bargain and bank repossessions are certainly a way to get a bargain property.
Despite the fact that you could buy a cheap property in the Algarve, the greatest advantage is something that most people don’t think of, until they have to…. Most of these repossessed properties come with a Portuguese bank mortgage.
Getting a mortgage in Portugal is currently more difficult than finding teeth in a hens beak! The banks are effectively in survival mode and are unwilling to make new loans. But these are essentially old loans that have gone wrong and they are very keen to get the loans paying for themselves again.
An established ( English speaking) estate agent in Portugal now has access to very many repossessions that are usually kept for the local market. Their list includes, repossessed villas, apartments, town houses and even luxury estates.
Have a look at their site here. Buying a repo in the Algarve isn’t an ordinary house buying experience, but it’s almost certainly the only way to get a mortgage there at the moment. With such a large choice through this estate agent, you can’t fail to find something that you like.
Good luck.
